Vacant lot rezoned by Vancouver city council for rental project flipped for $5 million

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      On July 10, 2018, Vancouver city council approved a rezoning application for a vacant lot on the west side of town.

      After public hearing, councillors endorsed the plan to build a three-storey market rental building at 2109 West 35th Avenue.

      As a staff report to council related, b Squared Architecture Inc. applied for a rezoning on behalf of Tamanna Concept LTD.

      “If approved, this application would contribute to City-wide goals for the achievement of key affordable housing goals of the City,” the report stated.

      And so, the application got approved.

      However, the rental building with 12 planned units has yet to be built.

      And now, the lot has been sold for $5 million.

      The sale price is more than double the lot’s 2021 assessed value of $2,117,000.

      The Quilchena property was listed on November 5, 2020 for an even higher price of $6,388,000.

      Based on tracking by real-estate site, the $5 million sale happened on June 20 this year, but was reported only on October 13.

      The listing for 2109 West 35th Avenue highlighted the “development potential” of the property.

      It mentioned the approved rezoning application, and that it was “close to get development and building permit”.