Vancouver building site that burned four times listed for $20 million
A controversial property in Vancouver’s Mount Pleasant neighbourhood that went up in flames at least four separate times within the span of 13 months has been listed on the market for its redevelopment potential.
The property is located at 414 East 10th Avenue, which is situated at the southeast corner of the intersection of Prince Edward Avenue and East 10th Avenue — roughly a 10-minute walk from SkyTrain’s future Mount Pleasant or Great Northern Way-Emily Carr stations and just footsteps from bus stops on Main Street and Kingsway served by frequent bus routes.
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Up until this past summer, the approximate 18,000 sq ft property was occupied by a 1978-built three-storey apartment building with 38 units.
Site of 414 East 10th Avenue, Vancouver. (Google Maps)
Condition of 414 East 10th Avenue, Vancouver, before the first fire. (Google Maps)
Significant damage from the building’s first major fire in July 2023 displaced over 70 residents.
Shortly after in September 2023, squatters entered the vacant and boarded-up property and caused another fire. One week later, in September 2023, a third fire occurred in the unoccupied building.
Then in August 2024, the property was hit by its fourth fire, at which point the City of Vancouver ordered the building to be immediately demolished as a precaution against future fires.
Aftermath of the apartment fire in Mount Pleasant. It was a 3rd alarm fire and several of the suites look severely damaged. @DailyHiveVan pic.twitter.com/ff2uVy0dBY
— Amanda Wawryk (@AmandaWawryk) July 28, 2023
Fourth fire at 414 East 10th Avenue, Vancouver, on August 6, 2024. (Daily Hive)
Weeks after the fourth fire, the City’s legal representatives challenged the building’s owners in court over allegations that they did not secure the building properly after the first and second fires. As well, the City provided the owners with a $40,000 bill for costs incurred by the municipal government after the first fire, including perimeter fencing, boarding up windows and doors, and 24-hour security.
Three months after the fourth fire, Goodman Commercial is now listing the property on the market for $20 million for its redevelopment potential.
According to BC Assessment, as of July 1, 2022, before the first fire, the property had an assessed value of $13.468 million, including $5.5 million for the structure and $7.95 million for the land. As of July 2023, following the first fire, the property’s worth dropped to $8 million, including about $61,000 for the fire-damaged structure and $7.965 million for the land.
As prescribed and stipulated by the City’s Broadway Plan, this is a prime development site for a high-rise residential building.
A tower reaching up to 20 storeys can be achieved for this site, which also follows the requirement of a minimum 150-ft-long street frontage to open up the site’s high-rise tower development option.