- What Just over an acre of land in South Vancouver has hit the market
- Why The property has already been approved for a 190-unit mixed-use development
- What next Goodman Commercial has the marketing assignment
A 1-acre parcel of land in Vancouver already approved for a two-building, mixed-use project has hit the market with an asking price of $30m.
Goodman Commercial has the marketing assignment on behalf of Tria Homes, a Vancouver-based developer of condominiums and rental properties.
At 975 West 57th Avenue on the city’s south side, the land was previously approved for a development comprising 47 rental units, 143 condominiums and a day care center large enough for nearly 40 children. Tria’s plans have the development spanning two buildings: a 19-storey tower and six-storey building.
The campaign touts the lot’s 170,000 sq ft of buildable area at $177/sq ft, with a floor space ratio of 3.14%.
The site is near Sir Winston Churchill Secondary School and next to the Temple Sholom Synagogue. It is 6km from downtown Vancouver.
Recently several multifamily properties have hit the Vancouver market in the $30m vicinity, setting the stage for a shift from last year when just two apartments in that price area were sold, according to Green Street’s Sales Comps Database.
One notable sale last year was the $26m trade of a high-rise residential development property at 2175 West Seventh Avenue to Gracorp Properties. Gracorp is planning a 20-storey purpose-built rental tower on the site.
