Approved Kitsilano project for single-family houses listed for $15.5 million

Approved Kitsilano development project for single-family houses listed for $15.5 million

Site of 1000 Cypress Street in Vancouver's Kitsilano Point (Goodman Commercial) and the approved development plans of three single-family houses for the site (Formwerks Architectural).

Remember the proposal to redevelop a multi-family rental housing building at the northernmost edge of Kitsilano Point into three single-family houses?

This development permit application for 1000 Cypress Street was approved by the City of Vancouver in April 2023.

And now, the property and approved development plans are on the market for $15.5 million, according to a new listing posted by Goodman Commercial today.

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The prominent 14,256 sq ft lot at the southeast corner of the intersection of Ogden Avenue and Cypress Street — just south of the Vancouver Maritime Museum — is currently occupied by a 1972-built, two-storey apartment building with eight units. Five of these units are currently tenanted, and a tenant relocation plan has been approved by the municipal government.

1000 cypress street vancouver kitsilano goodman commercial 1

Site of 1000 Cypress Street, Vancouver. (Goodman Commercial)

The approved development permit application, designed by Formwerks Architectural, calls for three luxury single-family houses with a combined total floor area of nearly 11,000 sq ft, with the western house at 3,900 sq ft, the centre house at 3,600 sq ft, and the eastern house at 3,200 sq ft.

The western and centre houses would share an underground parkade accessible by a shared ramp, while the eastern house would have its own ground-level garage structure.

Existing condition:

Site of 1000 Cypress Street, Vancouver. (Formwerks Architectural)

Future condition:

Artistic rendering of the redevelopment of 1000 Cypress Street, Vancouver, into three single-family houses. (Formwerks Architectural)

Site plan of the redevelopment of 1000 Cypress Street, Vancouver, into three single-family houses. (Formwerks Architectural)

Significantly denser and taller development is not possible under existing zoning and policies. The existing zoning for the site allows duplex and single-family houses with a maximum floor area ratio density of a floor area that is 0.75 times larger than the size of the lot. The site does not fall within the City’s Broadway Plan area, which has a northernmost border of West 1st Avenue within Kitsilano.

Goodman Commercial notes the buyer could potentially pursue alternate development plans, such as a new multi-unit development, two larger single-family houses, or one large mansion.

If the buyer were to retain the existing building, they could potentially see $170,000 in net income annually, based on market rental rates for all eight units.

According to BC Assessment, as of July 2023, the property has an assessed value of $14.654 million, with $14.644 million coming from the value of the land and just $10,000 coming from the value of the structure. This is down from the assessed value of $14.791 million in July 2022, with the decrease coming from a drop in land value.

Over the past 10 years, the assessed value reached a high of $16.258 million in July 2016 and a low of $9.823 million in July 2014.

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