An amalgamated land assembly lot near the northeast corner of the intersection of West 49th Avenue and Cambie Street is on the market for its transit-oriented redevelopment potential.
The 29,000-sq-ft lot at 427-477 West 49th Avenue is immediately adjacent to the Canada Line’s Langara-49th Avenue Station, and it contains four single-family dwelling structures built in the early-1940s.
Under the municipal government’s Cambie Corridor Plan (CCP), a 10-storey, mixed-use tower with approximately 100,000 sq. ft. of total floor area can be built on the site. The entirety of the ground level would be used as commercial space, while the upper floors would be dedicated as residential.
CBRE is marketing the property, which has a combined assessed value of approximately $26.5 million — a year-over-year increase of about 80%, in response to City Council’s May 2018 approval of the CCP.
This is one of a handful of lots in the immediate area around the station where higher densities are deemed appropriate by the CCP, which envisions four- and eight-storey developments on adjacent parcels and new townhouses in the neighbourhoods behind the arterial streets.
CIBT Education Group previously considered a site immediately adjacent to the station for a $63-million, 12-storey redevelopment with 63,000-sq-ft of floor area for GEC Langara with 220 beds of student housing. It is unclear whether this cancelled redevelopment was set for this specific property.
In January of this year, the company announced it would not be moving forward with the purchase of the lands required for GEC Langara, and instead it had acquired three properties for $30.3 million near the southeast corner of the intersection of Cambie Street and West 42nd Avenue — close to Oakridge-41st Avenue Station and Oakridge Centre — for GEC Oakridge. This lot further north on the Cambie Corridor will be developed into a $103-million, 18-storey tower with 125,000-sq-ft of floor area for up to 430 student beds.
The location of the lot for sale is near Langara YMCA, which is planning a major redevelopment with expanded recreational facilities and new housing, as well as the 21-acre redevelopment of Langara Gardens with 2,100 new homes and the 25.4-acre redevelopment of Pearson Dogwood with about 3,000 homes.