for sale 855 kingsway€¦ · bells and whistles biltmore cabaret portland craft osteria savio...

FOR SALE

855 KingswayVancouver, BC

Rob Greer*, Principal 604.647.5084 robert.greer@avisonyoung.com *Robert Greer Personal Real Estate Corporation

Winnie Ng, Senior Analyst 604.647.5065 winnie.ng@avisonyoung.com

Carey Buntain, Vice President 604.647.1352 carey.buntain@avisonyoung.com

Chris Wieser, Principal 604.647.5089 chris.wieser@avisonyoung.com

Rare opportunity to acquire a fully-rezoned, purpose-built rental development site on Kingsway

Partnership. Performance.

OPPORTUNITYAvison Young is pleased to market for sale a 12,088

square foot development site located at 855 Kingsway in

Vancouver, BC (the “Site”). This is an exclusive opportunity to

acquire a fully-rezoned, purpose-built rental development

site with approval to build a 6-storey apartment building

under the Rental 100 program. Furthermore, the City of

Vancouver has provided a prior-to permit issuance letter in

response to the development application submitted earlier

this year.

SITE DESCRIPTION Municipal Address 855 Kingsway

PIDS 004-994-281; 004-994-183

Legal Description

LOT 13 BLOCK 90 DISTRICT LOT 301 PLAN 187;

LOT 14 BLOCK 90 DISTRICT LOT 301 PLAN 187

Site Area 12,088 sf

Zoning CD-1 (rezoned from C-2, Commercial)

Density 3.4 FSR (previously, 2.5 FSR allowable)

Gross Buildable Area

40,583 sf(after setbacks)

Asking Price Contact listing agents

WALK SCOREWalker’s Paradise Daily errands do not require a car.

94

TRANSIT SCOREExcellent Transit Transit is convenient for most trips.

73

Source: WalkScore.com

DEVELOPMENT POTENTIAL The City of Vancouver approved the rezoning application for the Site in June

of 2018, allowing for purpose-built rental development up to 3.4 FSR in the

form of a 6-storey apartment building. The approved application provides

for 50 market rental housing units and commercial at grade. All residential

units will be 100% secured market rental under the Secured Market Housing

(Rental 100) Policy. A development application was submitted concurrently

with the rezoning application earlier this year, and a prior-to permit issuance

letter has been issued in response to the development permit application.

Most conditions to receiving a development permit have been addressed and

satisfied. The table to the right

summarizes the City-approved

rezoning scenario.

PROJECT STATISTICSINVESTMENT HIGHLIGHTS f Full rezoning approval for a 6-storey, purpose-built rental development

with commercial at grade f Prior-to permit issuance letter from the City of Vancouver for the proposed

development plan f Located along one of Metro Vancouver’s main public transit corridors f Held in a bare trust

Density 3.4 FSR

No. of Storeys 6

Parking 24 stalls

Unit Type Proposed Average Rents 2

Studio $1,385

1-bedroom $1,638

2-bedroom $2,459

3-bedroom $3,109

Unit Type No. of Units 1

Studio 20

1-bedroom 12

2-bedroom 8

3-bedroom 10

Total 50

1 Proposed unit mix for the project at 855 Kingsway.

2 Proposed starting rents for the project in order to be eligible for DCL waiver in 2018.

Source: 855 Kingsway Public Hearing (June 5, 2018) https://council.vancouver.ca/20180605/documents/phea5summary.pdf

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Avison Young #2900-1055 W. Georgia Street Box 11109 Royal Centre, Vancouver, BC V6E 3P3, Canada

© 2018 Avison Young. All rights reserved.

E. & O.E.: The information contained herein was obtained from sources which we deem reliable and, while thought to be correct, is not guaranteed by Avison Young Commercial Real Estate (B.C.) Inc.; DBA, Avison Young.

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Partnership. Performance.

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Portland Craft

Osteria Savio Volpe

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El Camino’s

49th Parallel Café & Lucky’s Doughnuts

MA

IN S

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BROADWAY

E 12TH AVE

The Duke Edgar Development

Fraserviews Low Tide Properties

Rob Greer*, Principal 604.647.5084 robert.greer@avisonyoung.com *Robert Greer Personal Real Estate Corporation

Winnie Ng, Senior Analyst 604.647.5065 winnie.ng@avisonyoung.com

Carey Buntain, Vice President 604.647.1352 carey.buntain@avisonyoung.com

Chris Wieser, Principal 604.647.5089 chris.wieser@avisonyoung.com

FRA

SER

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KINGSWAY