An entire block in Kerrisdale is listed for sale with an astounding asking price of $28 million. There are five rental buildings on this site with a total of 44 rental units. The assembled block is located along West Boulevard, between 47th and 48th Avenue.
One of the “selling points” for this city block is that the rental units are not required to be replaced in the event the site is redeveloped. The rate of change policy does not apply to all parts of the city and to all zoning. The City would allow all of the rental units to be demolished and redeveloped into condominiums and commercial space. The site has 14 one-bedroom and 30 two-bedroom rental apartments.
The rate of change policy, if it were to apply, would require that each unit of rental be replaced 1:1 during redevelopment (the 1:1 replacement formula applies to the number of units and not the total area of the units; the new units can be smaller). Should the City examine expanding the rate of change policy for the entire city? Could this be an election issue? Kerrisdale has a good base of mature affordable rental properties, and some of these rentals may be demolished because of redevelopment.
Offers for the C-2 zoned, 31,322 sq ft (2911 m2) site will be accepted until October 15, 2014. The C-2 zoning would allow up to 2.5 FSR development on the site (78,330 sq ft or 7,277 m2 buildable area) with mixed commercial and residential uses, in a 4-storey form.
A tweet from mtnbvan alerted us to this sale:
More loss for affordable rentals? “FOR SALE: Entire City Block in #Vancouver‘s #Westside“http://t.co/EPc1x4uizd v.@goodmanreport #Kerrisdale
— mtnbvan (@mtnbvan) September 27, 2014
It is uncertain whether a sale will net $28 million. According to BC Assessment, the three parcels of land have a total assessed of $15,867,500. The lots have the following assessed values:
- 2108 West 47th Avenue: $2,985,900
- 6347 West Boulevard: $9,871,700
- 2109 West 48th Avenue: $3,009,900
Almost all of these units were lived in by their owners (as 99 year leases) with very few of them being rentals as far as I am aware. My sister recently sold her unit together with the other 10 in her building as part of a lump deal (for which they were paid above market value because the purchaser was able to buy the entire property). These units offered first for rental to the original owners to allow them time to locate a new property. Many of the previous owners have now moved out after finding somewhere else to live. When that happens the owner is renting the unit out to someone not originally in the building. They will do this until they demolish the buildings and begin construction on a new development. My sister is currently renting the apartment she previously owned while her new apartment (which happens to be nearby) is renovated.
This was a co op once. So did the current owner buy up all the co op units, renting them temporarily? & is now selling the entire building & land along with the buildings on 47th & 48th?