A prime development site in downtown Vancouver has sold for more than $600 per square foot.
The seller, White Spot owner Shato Holdings, previously planned to develop 39- and 33-storey towers at this location.
The one-storey restaurant is in the middle of one of the city's most active development zones.
Earlier this year, Anthem Properties bought the Chevron gas station to the west for $72 million.
In the 1500 block of West Georgia Street, Bosa Properties and Kingswood Properties hope to develop a 42-storey tower.
Designed by German architect Ole Scheeren, it was originally going to be 50 storeys with cantilevers extending outward in different directions.
This approach was pioneered in the downtown core by Westbank at the Telus Garden building on West Georgia Street between Richards and Seymour streets.
A revised application was submitted earlier this year for a 42-story residential building with 220 market housing units.
Meanwhile, Arpeg Holdings obtained council's approval in July for a 26-storey mixed-use development in the 1500 block of West Georgia.
It will include 184 residential units, three floors of office space, and ground-level commercial space. The street address of this project has been changed from 1575 West Georgia to 620 Cardero Street.
In the same neighbourhood, Westbank Corporation is developing the 43-storey Alberni by Kuma at 1550 Alberni Street.
Further east at the former Buschlen Mowatt gallery site, the China-based Brilliant Circle Group has proposed a 46-storey tower.
The James Cheng-designed project will be on the triangle-shaped land where West Georgia intersects with West Pender Street.
There will be a public hearing at Vancouver City Hall on January 16 regarding this development application as well as for the Ole Scheeren-designed project to the west.More