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West End redevelopment site to be rezoned for rentals

A two-pronged payment will work out close to the list price of nearly $19 million for this 13,000 sq. ft. redevelopment opportunity at 1065 Pacific Street in Vancouver.

DEAL | The sale of 1065 Pacific Street, a 13,000 sq. ft. development site closed Jan. 31, heralding a historic shift in Vancouver's West End. The new owner will take the property through rezoning to facilitate the construction of a new tower featuring both market and below-market rental units, breathing new life into the West End and providing an opportunity for future renters including families, downsizers and working professionals desperately seeking needed rental housing. The transaction was structured with a two-pronged approach: a base price paid upon closing, with a bonus payment to follow on rezoning. The bonus payment is based on a predetermined formula which will be calculated on the additional density achieved. Current OCP land-use policy supports a high-density development up to 300 feet in height, subject to view cones and City planning review. The final price is estimated to be approximately the same as the list price of nearly $19 million.

PRICE | $18,950,000

FROM | Goodman Commercial, Vancouver. Brokers: Cynthia Jagger, Mark Goodman