Last December, development consultant Michael Geller related how “everything goes round and round” in a development hot spot in Vancouver.
That’s the corridor along and around Cambie Street.
This area has seen a massive transformation following the arrival of the Canada Line and the 2010 Winter Olympics.
As Geller noted in a phone interview with the Straight, detached homes are bought, consolidated, and rezoned by the City of Vancouver for higher density, thereby “significantly increasing the value” of these properties.
And then these same properties are resold for a big profit.
As Geller said, “that’s been happening all along that corridor”.
Geller knows this because one of his clients, Aria Pacific GP Inc., bought a development site on Cambie Street with a pending rezoning application for “around $27 million”.
Here’s another example of what’s going on along the Cambie Corridor.
Two detached homes at 7969-7989 Cambie Street have come on the market for $12,880,000.
What’s interesting is that a rezoning application was filed before the City of Vancouver in June 2021 to develop the Marpole site into a condo building.
The proposal involves a six-storey residence with 27 strata-titled units at the northwest corner of Cambie Street and West 64th Avenue.
A virtual open house for the rezoning application was held from September 27 to October 17 last year.
“Excellent Cambie corridor development site (2 Lots total 10,000 sq ft) for sale with great potential to zone for mid or high rise in the future with the whole block develop together,” the listing stated.
The text noted that the site “can built 30 units, another 6 month to development permit”.
“Drawing is available. Excellent property to hold on or continue the development,” the listing also said.
The two detached homes at 7969 and 7989 Cambie Street have individual 2022 assessments of more than $4 million each.
Specifically, the current combined valuation is $8,569,000.
If sold at the asking price of $12,880,000, the seller would make a 50.3 percent premium over the current valuation of the properties.