A short strip of laneway in the core of Vancouver’s Central Broadway Corridor will be sold to a developer for the needed land to achieve a mixed-use redevelopment that includes the street entrance for the future South Granville Station of the underground Millennium Line Broadway Extension.
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Next week, Vancouver city council is expected to formalize city staff’s decision to sell a 2,300-sq-ft north-south laneway — measuring 20 ft in width and 115 ft in length — at the northeast corner of the intersection of West Broadway and Granville Street to local developer PCI Developments.
This is a critical sale, as the SkyTrain project’s station entrance in the area depends on this redevelopment, which incorporates several properties — 1465-1489 West Broadway — into a single parcel. The properties on either side of the laneway are currently occupied by aging low-storey commercial buildings.
The developer will acquire the laneway from the city for $3.795 million plus applicable taxes, with the municipal government directing the proceeds towards its Property Endowment Fund.
“The current lane alignment bisects the development site and the Lane closure and sale is therefore essential to the project,” reads a city staff report.
“The closure and sale of the Lane is essential to the development application and to the multiparty arrangement to ensure the Granville Station head house will be located at the corner of Granville and West Broadway.”
In October, PCI Developments submitted its development application for the redevelopment, outlining plans for a new 73-ft-tall, five-storey building with retail and restaurant space on the ground level and office space within the upper levels. In close partnership with TransLink and the provincial and municipal governments, the station entrance will be located at the building’s corner with the prominent intersection.
Six levels of underground parking are planned, with the excess parking potentially allowing a near-future revision of the design to include additional floors for residential uses. For this same reason, space has also been set aside for an extra elevator core and a ground-level residential lobby.
This possibility of a vertical extension will be determined after the city finalizes its Broadway Corridor Plan next year.
The redevelopment is designed by local architectural firm Musson Cattell Mackey Partnership. Construction on the six-km-long, six-station SkyTrain project is scheduled to begin by the end of 2020 for an opening in 2025.