Mount Pleasant site rezoned by City of Vancouver for six-storey project on sale for $22.4 million

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      On December 11, 2019, Vancouver city council approved a rezoning application in Mount Pleasant.

      The application was filed by Formosis Architecture on behalf of a company affiliated with development firm PortLiving.

      The plan involved a six-storey, mixed-use building at 1940 Main Street.

      The proposal included retail on street level, a city-owned child care facility on the second floor, and 49 condo units that could also be converted into hotel uses.

      PortLiving has since been reported in media to have run into financial troubles.

      Now a brochure by Colliers indicates that 1940 Main Street is on sale via a court order.

      The property at the northeast corner of Main Street and East 4th Avenue is on the market for $22.4 million.

      The listing also states that a development permit for the six-storey project has been approved by the City of Vancouver.

      Also, the brochure notes that the permit allows for 59 condo units, or 10 more than the 49 approved during the rezoning.

      It adds that the offering presents buyers a “unique opportunity for hotel conversion”.

      The brochure states that all offers are subject to court approval.

      A 2020 report online by CityNews Vancouver noted that several creditors have filed suits against PortLiving.

      One of these was Formosis Architecture, which designed the project for 1940 Main Street.