Vancouver home in Cambie Corridor plan for new condo towers listed 3 times assessment for $11 million

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      The Vancouver home is “livable and also tenanted”.

      But that’s not the main selling point of the listing for the detached residence at 481 West 40th Avenue.

      The property is covered by Phase 3 of the City of Vancouver’s Cambie Corridor Plan.

      Under the third and final phase of the plan, more areas devoted to single-family homes are to be redeveloped into denser housing neighbourhoods.

      And particularly for 471 West 40th Avenue, the residence is part of the so-called Oakridge Town Centre.

      The neighbourhood includes places along Cambie Street and around West 39th to West 48th Avenues.

      This is where the new Oakridge Centre is currently under construction.

      A staff report to city council in 2018 stated that the Oakridge Municipal Town Centre is “one of 17 regionally-designated MTCs in Metro Vancouver and is part of a Frequent Transit Development Area (FTDA)”.

      “MTCs are regionally-significant urban centres that serve as activity hubs for municipal populations, accommodating a range of job, retail, cultural, and public spaces, and a variety of housing options,” the document explained.

      Also, “As an FTDA and the ‘centre’ of the city and Canada Line, the Oakridge MTC is also a priority location for more concentrated growth in higher-density forms.”

      In addition, “Together with Marine Landing, this area represents the most significant concentration of urban uses and density in the Corridor.”

      Going back to 481 West 40th Avenue, the single-family home has a 2022 assessed value of $3,866,000.

      On January 13, the property was listed for sale as “Land Value only”.

      The listing explained the value as thus: “Cambie Corridor Phase 3. Possible for apartments 13+ Storeys. Possible Land assembly with 2 other adjacent properties.”

      The seller wants $11 million.

      That’s almost three times the assessed value, or 2.8 times to be exact.

      The property was last sold in July 2013 for $1,698,000.

      Phase 3 of the Cambie Corridor Plan designates the area where the property is located for new tower developments.

      These highrises can go up to 15 and 18 storeys.