Cambie Corridor Updates

[Feathered Friend]

https://plposweb.vancouver.ca/Public/Default.aspx?PossePresentation=Guest&PosseObjectId=207231827


https://guidelines.vancouver.ca/policy-plan-cambie-corridor.pdf

Admittedly, we’re not sure how this proposed 14 floor strata building at Oak & W King Edward Ave complies with the Cambie Corridor Plan. Still, we doubt many people will miss this Esso gas station since there’s a Shell across the street.
https://plposweb.vancouver.ca/Public/Default.aspx?PossePresentation=Guest&PosseObjectId=207231827

[Lexus]

2024-01-28

Cambie@41st SE lot

Untitled by Lexus LX600, on Flickr

Untitled by Lexus LX600, on Flickr

Untitled by Lexus LX600, on Flickr


Cambie@41st NE lot

Untitled by Lexus LX600, on Flickr

6137 Cambie

Untitled by Lexus LX600, on Flickr

[vanman]

My pics taken on Tuesday, February 13th.

[giallo]

Great shots, vanman!

[CondoInvestor]

Any insights why the Cambie Gardens project failed badly? Failed as in the developer is now releasing remaining inventories at prices below presale prices.

[GenWhy?]

Originally Posted by CondoInvestor

Any insights why the Cambie Gardens project failed badly? Failed as in the developer is now releasing remaining inventories at prices below presale prices.

Are you implying they're running out of money?

[Changing City]

Originally Posted by CondoInvestor

Any insights why the Cambie Gardens project failed badly? Failed as in the developer is now releasing remaining inventories at prices below presale prices.

Is that unusual? Don't developers often sell off the final, unsold homes at less than they initially tried to get? (Especially if markets are less than buoyant). At $1,400+ per square foot, they're not exactly giving them away.

I think they were initially sold early in 2019, when a variable rate mortgage was 3.65%, so any purchasers would now have to pay almost double that rate on completion. It's quite possible that some won't have completed, so Onni still have them to sell (again), but they've already got to keep the initial deposit, so they're not out of pocket if they sell for less.

[CondoInvestor]

You guys are right. Some purchasers may not be able to complete in the end and forfeited their deposits, then the developer just sold them for cheap. Any losses, the developer can technically go after the original buyers.

[vanman]

Originally Posted by giallo

Great shots, vanman!

Thanks!

[jollyburger]

Foreclosed Coromandel Properties Site In Cambie Corridor Sold For $11.2M

According to Colliers, a total of 13 prospective buyers showed serious interest, with six of them progressing to the stage of signing confidentiality agreements.

Four offers were ultimately made. Those included an offer by Lotus Living Holdings Ltd. and Terra Blanka Development Corp. for $7M, an offer by ZJ Holdings Ltd. for $6.5M, an offer by 1452085 BC Ltd. for $11.2M, and an offer by S&J Capital Group for $8.3M.

In early-March, Gulf and Fraser, who merged with Interior Savings on January 1, 2024 to become Beem Credit Union, returned to the court seeking approval for the $11.2M offer made by 1452085 BC Ltd. The sale was approved by the court on March 25 and closed earlier this month on April 8.

https://storeys.com/coromandel-properties-ash-cambie-foreclosure/

[Changing City]

I'm wondering if this is a first? Wesgroup have submitted a Development Application for 357 rental units at Cambie and W 41st, but the public hearing for the rezoning isn't until next week. (This is the third proposal for the site - and the highest density. It will have twice as many units as the condo project the developer was proposing in 2021 on the site).

[VanK]

Originally Posted by Changing City

I'm wondering if this is a first? Wesgroup have submitted a Development Application for 357 rental units at Cambie and W 41st, but the public hearing for the rezoning isn't until next week. (This is the third proposal for the site - and the highest density. It will have twice as many units as the condo project the developer was proposing in 2021 on the site).

The above referenced Wesgroup rental is OAK and W. 41st (not Cambie) just to clarify.

[Changing City]

Originally Posted by VanK

The above referenced Wesgroup rental is OAK and W. 41st (not Cambie) just to clarify.

Yes, sorry. Cambie Corridor plan, but at Oak.

[seamusmcduff]

42 Avenue and Alberta St:




Cambie and 45ish Ave:







Ash and mcGuigan:








Cambie and 53ish Ave:

[seamusmcduff]

And some townhouse projects.

Ash and 53 ave:





Heather and 30 Ave:





Ash and 27th I think?:





Ash and 26 Ave:

[Feathered Friend]

https://www.shapeyourcity.ca/809-w-41-ave

$24,800,000Est.
809 W 41st Avenue

Designed for the development of an 18-storey mixed-use building with ground floor commercial retail space. The proposal includes: 131 secured residential rental units; Commercial retail space at grade; A floor space ratio (FSR) of 7.14; A gross floor area of 119,887 sf.; A building height of 194 ft. with additional height for a rooftop amenity space; 85 vehicle parking spaces and 254 bicycle parking spaces. Potentially an addition of 7 to 10 floors more if redesign. Selling much below the cost. Call for inquiry today. (id:32586)

https://www.rew.ca/properties/5767563/809-west-41st-avenue-vancouver-bc

This one was approved in 2022, includes a below-market rental housing component, and has been on the market for 47 days.

[whatnext]

Originally Posted by madog222

Yeah probably, bit off more than they could chew.

From what I can tell 1061 Marine Drive in North Van is all they have built so far, a four storey 41 unit strata finished in 2018.

They did just submit a DP application in January for 5589 Baillie, 120 market rental units in two 6 storey buildings also in Oakridge. https://www.shapeyourcity.ca/5589-baillie-st

Now that's belly-up:

Fourth Project From Align Properties Falls Into Foreclosure In Vancouver
​Align Properties was planning two six-storey rental buildings for 5589-5661 Baillie Street in Vancouver, a block away from W 41st Avenue.
Howard Chai
June 04, 2024

A fourth development project that was planned by Align Properties, formerly known as Vivagrand Developments, has now been put up for sale as part of ongoing foreclosure proceedings, according to filings in the Supreme Court of British Columbia.

The subject of this latest foreclosure is a land assembly that consists of 5589, 5611, 5637, and 5661 Baillie Street in Vancouver, which is two blocks east from Grosvenor's Mayfair West and one block northwest from Oakridge Park.

For the site, Align Properties was planning two six-storey rental buildings with a total of 120 rental units and a density of 2.50 FSR, according to a rezoning application that was received by the City in October 2021 and approved by Council in July 2022.

The property is beneficially owned by Align Properties — the North American arm of Chinese real estate developer Xiangli Group — and legally owned under Baillie 40 Street Ventures BT Ltd., both of which are listed as respondents in the foreclosure proceedings along with Zhong Liang, a director of the ownership entities and guarantor of the loan.....

https://storeys.com/align-properties-baillie-w41-foreclosure/

[Lexus]

2024, June 5


https://www.shapeyourcity.ca/325-341-w-42nd-ave

325-341 W 42nd Ave

Untitled by Lexus LX, on Flickr

[BaddieB]

Correct me if I'm wrong, but is that the first high-rise development in Vancouver recently developed on SFH, that was not on an artery?

[Lexus]

Originally Posted by BaddieB

Correct me if I'm wrong, but is that the first high-rise development in Vancouver recently developed on SFH, that was not on an artery?

As far as I know - yes. It already stands out in the area and feels “wrong” to be in the place where it is. But I surely welcome it!