The City of Vancouver has a desire to redevelop the Cambie Corridor and launched the three-phase planning program in 2009 with the purpose of guiding long-term, transit-oriented growth. The Cambie Corridor is located in central south Vancouver and encompasses approximately 2,471 acres. This area extends 6km from West 16th Avenue to the Fraser River and is bordered by Oak Street and Ontario Street. The Cambie Corridor has roughly the same population as the West End, but five times the land area. 4 out of the 9 Canada Line stations are within the Cambie Corridor. Map view can be found below.

Source: City of Vancouver, Cambie Corridor Phase 3 Community Profile

Currently, Phase 3 is underway by building on the plan, focusing on land use and new housing opportunities while remaining within close proximity to the Canada Line stations. On June 12, 2017, the City announced that there are 11,500 new homes planned for the Cambie Corridor, of which more than 4,000 are intended to be "affordable" homes, including social and rental units that are linked to residents' incomes.

“The third phase of the Cambie Corridor Plan is the first of many exciting steps that puts the City’s Housing Strategy into action with vision for the neighbourhood that delivers a housing mix that meets peoples’ needs,” said Vancouver Mayor Gregor Robertson. “I’ve heard loud and clear that people want a mix of housing – rental, townhomes and row houses – near schools, parks and transit in Vancouver’s low-density neighbourhoods. This plan for the Cambie Corridor provides that and more.”

According to the City, the new interim 10-year housing targets will create housing that is "based on what people can afford, in new locations, and in housing forms that will meet the needs of our diverse population". These housing targets will be refined throughout the fall and will form part of the final Housing Vancouver Strategy.

For all your real estate needs, contact Amalia Liapis at 604-618-7000 or alternatively at amalia@wesellvancouver.ca.

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FOR SALE -- Corner two-bedroom and den unit at Kensington Gardens by Westbank for $660,000. This space includes a spacious balcony, Miele/Blomberg appliances, Corian countertops, wide-plank hardwood floors, Grohe fixtures and expansive windows with North/West views. This development features five star amenities which include an elevated courtyard with BBQ area and outdoor fireplaces, lounge, swimming pool, fitness centre, sauna/steam and hot tub!

More Details - Kensington Gardens Unit For Sale

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Looking for major developmental projects happening in the Lower Mainland? Look no further! The BC Major Projects Inventory (MPI) gives details on projects within BC with a capital cost value of $15M or $20M within the Lower Mainland area. Take a look below for a snapshot of some private and public sector construction projects.

 
 

For a more comprehensive look at the projects, click hereFor all your real estate needs, contact us at info@wesellvancouver.ca or alternatively at 604-801-6654.

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Southeast Vancouver's River District, which encompasses Boundary Road, Marine Way, Kerr Street and the Fraser River, will be seeing major improvements in the way of residential developments. This riverfront community covering 120-acres is in the midst of seeing 1,250 homes underway with thousands more anticipated. There will be approximately 7,000 homes in this area which will be able to house up to 17,000 residents. Marine Way has already seen improvements earlier this year in terms of aesthetics such as shrubbery and in road improvements such as including new traffic signals.

RD2, our unofficial name for this development, is Vancouver's last waterfront community. According to Beau Jarvis, Wesgroup senior VP, "[t]his site was one of the largest, if not the largest, rezoning since the Expo lands". This project has been in the works for quite some time as "it took about 10 years to obtain the zoning and get an official development plan with the City of Vancouver while working with the community", stated Jarvis. Back in 2010, Polygon Homes bought approximately 15 acres of the site and expects to finish building another 156 pre-sold homes by the summer time. In addition, they are working on a development called "Rhythm" which is expected to break ground this spring.

The site's overall master developer, Wesgroup, has even more grandiose plans. Their near-term plans include the development of 700 homes in two towers - a mid-rise and one that is slated to be 18 storeys. Development permits have yet to be received, however, Jarvis expects "prior-to" letters from the City relatively soon. Upon receipt of the required documents, Wesgroup will then be able to launch its project and start with the marketing of this River District development project.

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Three former government sites are now equally owned by the Canada Lands Company (CLC) and three local First Nations following a $307M deal in a historic joint venture partnership. The three local First Nations, Musqueam, Squamish and Tsleil-Waututh Nations, will develop the three sites as partners along with the CLC. As of late, there are no predetermined plans set out for the sites.  

The three former government sites are the following:
1 - Jericho Garrison Lands
     - Located in Vancouver's West Point Grey neighbourhood
    - Formerly owned by the Department of National Defence
   - 52 acres (21 hectares)
   - Value: $237 Million

2 - Heather Street Lands
     - Located on Heather Street between West 33 and West 37th Avenues
    - Former RCMP E Division Headquarters
    - 21 acres (8.5 hectares)
    - Value: $59.2 Million

3 - 4165 Marine Drive
     - 
Located near Burkehill Road in West Vancouver
    - Former Department of Fisheries and Oceans Property
    - 5 acres (2 hectares)
    - Value: $11 Million

There will be an extensive consultation this year between the City of Vancouver and the District of West Vancouver with plans being pre-approved by the local municipality. The usage of the land must comply with all local bylaws which include zoning, building codes and environmental regulations. Potential benefits coming from this is that the land will used for significant new residential and industrial development

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We looked at construction projects in the Downtown core in our previous blog. In today's blog, we'll be moving away from the Downtown core and looking at a few major office development projects in the suburbs.

 [1] Marine Gateway, located at Cambie and Marine Drive, is an upcoming PCI project designed to become one of Vancouver's newest suburban mixed-use complex.  With 820,000ft2 in residential condos, rental housing, office, retail and public space, this development project will create a neighbourhood booming with new tenants and with a wide array of shopping and services. This convenient location is easily accessible to two major transit hubs and will create a commonplace for local residents.

[2] Situated at 2025 Willingdon Avenue, the SOLO District Office, has a target completion date of Summer 2015. This project is another mixed-use complex featuring a residential component with 1,400 units in four towers, a retail component with over 100,000ft2 including Whole Foods Market and an office component with 230,000ft2 over 12 floors. This urban community will transform the North Burnaby area by developing a commonplace for locals to work, live and shop. 

 [3] The Renfrew Business Centre is still underway with a completion date in 2016. Located at 2665 Renfrew Street, this upcoming development enjoys immediate access to rapid transit and is situated in fast reach of Downtown Vancouver. This office building fits perfectly with the vision of Translink's Transport 2040 Plan and the GVRD's Livable Region Strategic Plan in that this suburban complex has easy access to the Downtown Core through city transit.

 [4] King George Station is the last of the development projects in the suburbs at 9875 King George Boulevard. Perfectly situated mere steps from the King George Skytrain Station, this mixed-use development will provide over 760,000ft2 of office and retail space with plans to house 1.2M ft2 of residential space in a later phase. The main attraction is the Coast Capital Saving Union's Help Headquarters in which the traditional work space is thrown out the window and Coast Capital employees will experience a new concept work environment. This project will be another step towards transforming the rapidly evolving Surrey Downtown core.

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Within the downtown core, there are multiple major office development projects underway which are detailed below:

[1] Telus Gardens is perfectly situated in the most central location in the city for a business address. This development project will radically transform the corner of Richards and Robson. 777 Richards Street is a prime location for commerce as it is in close proximity to central banks, key corporations and businesses and the courthouse district. Telus Gardens is the only new AAA office space that is conveniently located by two major rapid transit lines, the Expo Line and the Canada Line. The development will create 480,000ft2 of much-needed office space and 424 new residential units. This 22-storey office tower and 47-storey residential tower will feature green roofs, providing organic produce for local restaurants, and two elevated roof forests for environmental sustainability.

[2] 745 Thurlow is situated at the corner of Thurlow and Alberni and has leasable space totalling approximately 400,000ft2. Of the 23 storeys, the first three storeys are designed for retail/restaurant and amenity space with the remaining 20 storeys being utilized for office space. The Sustainable LEED Gold Design, architectural design and core service areas make this a prime location for office space. This development project is estimated to be ready for occupancy by 2015.

[3] The Pacific Centre Redevelopment will combine modern office space with fashionable retail space. This redevelopment project located at 725 Granville Street will feature 290,000ft2 of AAA class office space and 45,000ft2 of space for fresh and new retailers. This exciting project will strengthen Pacific Center's position and reputation in the marketplace as Vancouver's paramount mixed-use complex. 

[4] Another major development in the downtown core is 980 Howe. This modern 269,000ft2, 16 storey office tower features the utmost attention to quality throughout the building, a visually appealing layout and an innovative design that allows for a collaborative workspace. It is strategically situated in an area booming with retail outlets, amenities, hotels and transit systems all in close proximity. 

[5] The West Tower, as it is tentatively named, is a development project located at the southwestern end of Rogers Arena. This project is the first of three towers to be constructed around the Arena, with the second tower recently breaking ground earlier this year. This mixed-use complex combines office and residential space and mingles the urban culture prominent in this area with the environmental sustainability that Vancouver has been striving for. Upon completion, this tower will be available to Canucks fans and concert goers and will provide them with new amenities and experiences.

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[1] A new mixed-use complex mingles modern office space with fashionable retail space by expanding the existing Pacific Center complex by 565,000ft2. The redevelopment project also features 290,000ft2 of AAA class office space and 45,000ft2 of space for fresh and new retailers. This project, located at 725 Granville Street, will be home to Microsoft, Sony Pictures Imageworks and Miller Thomson LLP.

One of the headliner retail spaces in this redevelopment project is the construction of the 230,000ft2 flagship Nordstrom Department Store. News regarding the development of Nordstrom in the pre-existing Sears space, however, has been released for quite some time. On the other hand, the major lease transactions for the two technology giants and the national law firm have been the most recent lease transaction. This exciting project will strengthen Pacific Center's position and reputation in the marketplace as Vancouver's paramount mixed-use complex. 

 [2] A recent lease renewal has been made for Allstream, located at 175 West Cordova Street. They are a Canadian-owned national communications provider for voice, data and Internet services. They have helped their clients transition from traditional telephone services to IP-based solution as a way to reduce costs, simplify IT operations and connect their businesses more effectively. 

 [3] Tetra Tech, a leading provider of consulting, engineering, and technical services worldwide, has recently gone into a lease agreement for 885 Dunsmuir Street. They offer clear solutions made possible with sound science, understanding, innovation and industry-leading approaches.

 [4] Odlum Brown Ltd., is a full-service investment management firm that prides itself on providing superior investment advice and service. The lease renewal is for PWC Place, located at 250 Howe Street. This office tower by Waterfront Properties was originally built a little over a decade ago in 2002 and features an impressive grand lobby which exhibits a sleek design that is manifested throughout the building. This building is named after PricewaterhouseCoopers, a prestigious, multinational accounting services firm.

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The City of Vancouver has implemented a neighbourhood planning project entitled the "West End Community Plan (WECP)". The West End is home to a mosaic of unique people and places. A community plan has been prepared to meet the needs of the community in regards to new developments and future growth. The City has approved the plan to accommodate for an additional 10,000 people in the West End over a period of 30 years.

With an allowance for higher density, property prices have increased along major thoroughfares and significant real estate transactions have popped up. The former Crown Life building located at 1500 West Georgia Street has been acquired by Bosa Properties and Kingswood Properties for a whopping $120 million. This plan allows for the opportunity to develop a 400-foot tower atop a pre-existing 6,500ft2 courtyard.

The estimated hike in density made the property that much more valuable and was a key factor in closing the deal. Lorne Segal, Kingswood president, stated, "[c]learly, you couldn't justify the purchase price for the building itself. The bonus was that at some point there would be an opportunity to develop something that would complement the building". 

The implementation of the WECP has affected a third site that has recently been acquired by an unnamed buyer. Back in June, the Best Western Sands Hotel on Davie Street was a transaction that was ranked as being one of the most expensive per unit in B.C. history with a transaction price of $31M. Avison Young principal, Bob Levine, stated, "[a]t the Stands site, [the city] will limit you to have 20% social housing or if you don't do condominiums you could do market rental". Overall, the WECP has shed light on the value and growth potential in the downtown core where land is hard to come by

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