The listing for the $28.8 million Vancouver development site makes one thing clear.
It’s that potential buyers of the Cambie Street property are not going to have to build affordable housing there.
“NO affordable housing unit (very important for developer).!!!” declares the listing for 4338-4362 Cambie Street.
The site was rezoned by Vancouver city council on February 25, 2020 for a six-storey condo building and townhouses.
Arno Matis Architecture filed the successful rezoning application on behalf of Cambie Terra Development Ltd., the registered owners.
The site is composed of two single-family-home lots.
A check with B.C. Assessment online shows that 4338 Cambie Street and 4362 Cambie Street have an even assessment of $7,933,000 each for 2021.
That’s a combined assessment of $15,866,000.
If this is accurate, this means that the selling price of $28.8 million for the site is 81.5 percent more than the assessment of the two lots.
As of this post, the listing for 4338-4362 Cambie Street has been on the realtor.ca portal for five days.
A city staff report to council about the rezoning indicated that the proposed development will involve 68 strata units, including six townhouses at the lane.
Staff told city councillors in the report that there were “some concerns about housing affordability for renters or owners” regarding the rezoning application.
In response, city planners indicated that the Cambie Corridor Plan “enables a significant number of new strata apartments that include family sized units”.
“This project achieves this objective by contributing to the diversity of the overall housing stock,” the report stated.
As for affordable housing, none is to be expected in connection with the project.
As the report noted, “The community amenity contributions generated from this development will be used to fund the Cambie Corridor Public Benefits Strategy, which includes provision for funding towards affordable housing options elsewhere in the Corridor.”