Quote:
Originally Posted by officedweller
Yeah, the 301 Broadway site is odd because there are 2 parcels across the lane before you hit 8th Ave, and a built loft condo building fairly close to the corner.
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It's possible to imagine a 5.5 FSR strata building with almost no parking on the lot.
In Gastown on East Cordova was over 7 FSR, zero lot line, 120 feet x 50 feet (onto a lane). Turned through 90 degrees it would be possible to build something that sets back the residential floors slightly from Broadway, but it's not an ideal location and the shallow depth makes designing apartments tough. They wouldn't sell at a premium, and the site wouldn't be worth close to $38m for a developer to risk trying to make it work (or to sell the units).
It might be better as rental, and then the development could potentially get a higher FSR too. But I suspect the site value would be nowhere near $38m for a rental building either. 950 W Broadway is over 3 times bigger, is assessed at $43m and sold for $46m (and is easy to redevelop compared to this), so that would suggest this site might be worth in the ballpark of its assessed value - around $12m.
It would make a good site for a budget hotel with no parking. Central loaded corridor and 18 to 20 feet of depth on either side for the rooms. But not at $38m! The lot for
901 W Broadway is nearly twice the size and sold
for a hotel for $22.5m. That would suggest this site might be worth about the same as it's assessed value for a hotel too, closer to $12m.