Laneway at 1477 West Broadway tower site sold for $3,795,000. CoV used an appraisal from another property with a Floor Space Ratio of 3 to inform sale price

Consolidated property at 1477 West Broadway includes a former CoV laneway

The City of Vancouver finally released the sale price and appraisal for a laneway that now forms an integral part of the tower site at 1477 West Broadway. The purchase price for the laneway was listed as $3,795,000 in the sales document and it was priced on the assumption that the land has a Floor Space Ratio of 3.0. The City did not commission a separate appraisal for the laneway, but rather staff used an appraisal for the properties at 1431 and 1441 West Broadway in a hypothetical redevelopment scenario under existing C-3A zoning (3.0 FSR). The rezoning application (now approved) for 1477 West Broadway has a Floor Space Ratio of 12.30. Did City staff knowingly end up selling public land for pennies on the dollar?

The records were released on May 19, 2022 in response to a FOI submitted on November 17, 2021. The PDF below includes the appraisal and the sales document:

Avid blogger Stanley Q. Woodvine wrote an article about blueprints for a big tower here that he discovered in a dumpster back in mid-2019. It appears that some notion of a possible tower development has been in the works since then:

Homeless in Vancouver: Dumpster-dived blueprints show Granville subway station in new West Broadway tower (Georgia Straight, by Stanley Q. Woodvine, June 30th, 2019)

Further information about this sale is included in the previous posts:

“I need to be able to defend the sale as market value“: CoV employee to developer on sale of laneway on 1477 W Broadway rezoning site. Did the City sell our public land for pennies on the dollar? (April 21, 2022)

“I need to be able to defend the sale as market value” (CoV employee to developer): City’s FOI department is stalling full release of crucial docs on sale of public land until AFTER Broadway Plan goes to Council (May 18, 2022)

Consolidated property at 1477 West Broadway includes a former CoV laneway

For convenience, we’d included the PDF documents that were previously released. The City of Vancouver withheld the sales document and appraisal release until May 19, 2022, which is a day after the start of the Broadway Plan item at City Council. The Broadway Plan item will continue to hear from speakers today (May 26) at 3pm, in a meeting that might last until 10pm (with a scheduled break from 5 to 6pm).

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