- What A distressed apartment building in Vancouver’s West End is in court this week
- Why It is seeking approval of a $38.5m bid, or a higher offer from another bidder
- What next The campaign pitches the site as ripe for redevelopment
A $38.5m bid for a distressed apartment building in Vancouver’s West End could be approved this week, Green Street News can reveal.
Courts will convene on July 17 to decide on the offer from an unknown vendor to acquire the Align Properties-owned building at 1485 Davie Street. Additional bids are still being accepted until the court’s approval is granted.
The 26,000 sq ft building comprises 51 units, 27 of which are unoccupied. The property was previously slated for a 21-storey condominium project, according to a 2018 permit application filed with the City of Vancouver. Those plans were scuttled in March 2024 when a court ordered Align to put the land up for sale after missing payments on a $37m loan, the Vancouver Sun reported at the time.
Bancorp Financial is the lender that initiated foreclosure proceedings.
Avison Young had the marketing assignment for the building, initially listed with a pricing guidance of $42m.
The campaign pitched the property as an ideal site for developers, with an allowable floor space ratio of 7%. It notes rental prices in the neighbourhood surpass $6/sq ft and condominium prices reach $1,900/sq ft.
On bustling Davie Street, the building is close to Sunset Beach, Stanley Park and an abundance of entertainment and dining options.
Vancouver’s West End, on the edge of downtown, is one of the densest neighbourhoods in the country, famous for its tree-lined streets and ocean access. Rental properties are a significant portion of the neighbourhood’s housing.
Based in Vancouver, Align, formerly Vivagrand Developments, is the North American arm of Chinese real estate developer Xiangli Group. The firm has seen all four of its Vancouver properties fall into court-ordered sales.
The Vancouver area’s court-ordered listings are growing steadily this year, but sales have been slow. The most recent deals were the $21m sale of an industrial property sale in the suburb of Coquitlam on July 3 and the $17m purchase of another Align property – a multifamily site in Vancouver – in late May.
