BURNABY METROTOWN HIGHRISE-ZONED DEVELOPMENT SITE SELLS FOR $43.2 MILLION
Western Investor
Well-located residential development sites continue to attract investors in Metro Vancouver, witnessed by the December sale of a 35,580-square-foot highrise-zoned residential parcel in Burnaby for $43.2 million.
That price pencils out to about $1,214 per square foot in gross land costs. Density on the site allows for a potential of 5.0 floor space ratio (FSR) for residential and 1.3 FSR for commercial density (assuming assembly with the corner site) for a total of 6.3 FSR, or 224,154 square feet of potential build-able. Based upon the base density (1.6 FSR was purchased from the city) under Burnaby’s Metro-town official community plan, this equates to a per-buildable-square-foot cost of approximately $258. Using only the base density of 3.4 FSR, the price per buildable square foot is $357.
The parcel is composed of two lots that are currently improved with two rental apartment build-ings providing holding income during the rezoning process: 6675 Dow (23 units) and 6691 Dow (15 units).
The Goodman team at HQ Commercial and NAI Commercial acted as brokers on this done deal.
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