CAN$4,550,000
2224 ALBERTA STREET, MOUNT PLEASANT, VANCOUVER
This property is a complicated Heritage Block with commercial building potential on the adjacent existing parking lot. Meetings with the City and knowledge of the Planning situation were critical in the successful sale to a developer wishing to restore and redevelop this unique property.
PROPERTY FEATURES AND HIGHLIGHTS
- High corner exposure at West 8th Avenue and Alberta Street
- Existing Heritage B, 12 unit Apartment Building
- Development potential with 3.0 FSR total
- Potential bonuses and relaxations through City agreement
PROPERTY INFORMATION
- Lot Size = 66’ x 122.36’ = 8075.76 sf
- Zoning = I-1 (light industrial)
- Actual Use = Rental Residential
Our Comments
This property required conceptual drawings, plans, and economic analysis to be produced, that would illustrate how the site could be redeveloped. Due to staff expertise and contacts, a full marketing strategy was put in place showing the potential of the property, resulting in an appropriate land value reflecting this potential being achieved.
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