Last year, Michael Geller talked what’s happening on Vancouver’s Cambie Corridor.

As the architect and development consultant put it in an interview with the Straight, “everything goes round and round” on this busy development strip.

Geller was referring to the practice of buying up single-family lots, consolidating the properties for denser strata development, filing of rezoning applications with the City of Vancouver, securing approval from city council, and then reselling the same for premium prices.

Geller should know.

One of his clients, Aria Pacific GP Inc., bought one of these development sites for “around $27 million”.

That was 4240-4262 Cambie Street, which is located between West 26th and 27th avenues.

Aria Pacific bought the development site prior to the Vancouver city council’s approval of a rezoning application.

The rezoning application was filed by Arno Matis Architecture on behalf of Create Properties Ltd.

Next door and mid-block between West 27^th and 28^th Avenues is 4338-4362 Cambie Street.

Last year, the Straight reported that this site, which has been approved for rezoning by the city, was on the market for $28.8 million.

Like at 4240-4262 Cambie Street, it was also Arno Matis Architecture that filed the successful rezoning application.

The client was Cambie Terra Development Ltd., the registered owners, when city council approved the application on February 25, 2020.

The plan is for a six-storey condo building, plus townhouses on the lane.

The December 1, 2021 listing for 4338-4362 Cambie Street asked $28.8 million.

At that time, the two detached homes at the site were each assessed $7,933,000, for a combined 2021 valuation of $15,866,000.

What happened to this listing?

Based on tracking by the real-estate digital information platform Zealty.ca, the listing expired on April 1, 2022.

That’s no problem.

Less than two weeks later on April 11, the development site at 4338-4362 Cambie Street returned to the market.

This time, the relisted property has a less ambitious price of $26.8 million.

It may be worthwhile to note as well that the valuation of the two detached homes have increased to $8,350,000 each in 2022 or a combined $16.7 million.

Simple math goes that selling price of $26.8 million is a $10.1 million premium over assessment.

The listing notes that a development permit has been approved by the city.

“True rare opportunity for immediately development in prestigious Westside!” the text declares.

The project involves 68 strata residential units: 42 one-bedroom units, 12 two-bedroom units, eight three-bedroom units, and six two-bedroom townhouses.

“Developer purchaser will save three years time and lots of financial cost,” the listing states.

Indeed, it’s a “Developer's Most Favorite Choice”.