The subject property represents a rare opportunity to purchase a ~13,000 SF development site just west of the Burrard Street Bridge in Vancouver’s coveted Sunset Beach seaside community. The land is situated in “Area-E” of the newly established 100% Secured Rental and Below-Market Housing as an Alternative to Condo/Inclusionary Social Housing in the Burrard Corridor of the West End Community Plan. The property can also be rezoned under Area-G of the Burrard Corridor area in the West End Plan which supports heights up to 300 ft in condo/social housing form, subject to other design guidelines.
While going through the design process, continue to operate a 30-suite revenue generating rental apartment building with redevelopment potential.
Creative deal structures can be considered. Please call Cynthia Jagger to discuss at 604-912-9018.
There are several options for buyers to consider:
- Develop under existing zoning: RM-5A allows for up to 2.42 FSR for lots wider than 66.27’. Given the site has 99′ of frontage, the subject qualifies for the additional density over the 2.20 FSR (2.0 FSR + 10% density purchase).
- Rezone under West End Plan: The site exists in Area-G of the Burrard Corridor which supports heights up to 300 ft in condo/social housing building form, subject to other design guidelines. This area is currently under review to allow for further flexibility in terms of building type and density (option for 100% Secured Rental and Below-Market Housing). Should this be approved, proposals can increase floor area to a “maximum of 20% additional floor area beyond what is enabled by the West End Community Plan and by the West End – Tower Form, Siting and Setbacks Administrative Bulletin”.
- Assemble and rezone with adjacent lots: Assemble adjacent properties in order
to increase site width and overall layout of future development under the West End Plan.
- Existing Use: Continue to operate a 30-suite revenue generating rental apartment building with redevelopment potential.
* Depends on assembly of neighbouring site and subject to City plans and policies. Buyer to confirm.
1065 Pacific Street is the quintessential Vancouver address. Located two blocks north of Sunset Beach, the subject property is a few minutes’ walk to the Stanley Park Seawall and English Bay, along with a wide variety of shops, hotels, nightlife and award-winning restaurants. Situated near the foot of Burrard Street bridge, the location provides quick and convenient access in and out of the downtown core.
|No. units||Average size||Average rent|
|Bachelor||No. units10||Average size 415 SF|
|1 bedroom||No. units18||Average size 601 SF|
|2 bedroom||No. units1||Average size 1,000 SF|
|2 bedroom PH||No. units1||Average size 1,000 SF|
|Financing||Treat as clear title.|
For additional information, please call Cynthia Jagger at 604.912.9018 or email email@example.com.
The information contained herein was obtained from sources which we deem reliable, and while thought to be correct, is not guaranteed by Goodman Commercial.