Downtown Vancouver public parkade sold for $56 million for redevelopment

The land assembly of the Advanced Parking public parkade at 516 West Pender Street (left) and the commercial building at 534 West Pender Street (right) in downtown Vancouver. (Google Maps)

The Advanced Parking public parkade at the southwest corner of the intersection of West Pender Street and Richards Street in downtown Vancouver recently changed hands as part of a multi-property deal worth over $64 million.

Daily Hive Urbanized is able to independently confirm the the parkade at 516 West Pender Street was sold for $55.743 million at the end of November 2021.

You might also like:

The 1989-built, six-storey parkade has 263 vehicle parking stalls, and about 6,000 sq ft of ground-level retail space along its West Pender Street frontage.

Additionally, the same buyer acquired the narrow 26-ft wide building immediately to the west at 534 West Pender Street. The 1909-built, two-storey building has 3,000 sq ft of commercial space, with the ground-level retail unit leased to Cartems Donuterie.

516 west pender street 534 west pender street parkade vancouver

The land assembly of the Advanced Parking public parkade at 516 West Pender Street and the commercial building at 534 West Pender Street in downtown Vancouver. (Claridge Real Estate Advisors)

The land assembly of the Advanced Parking public parkade at 516 West Pender Street (left) and the commercial building at 534 West Pender Street (right) in downtown Vancouver. (Google Maps)

Both acquisitions form a combined land assembly of just under 18,000 sq ft, with the parkade spanning a 14,820 sq ft lot, and the commercial building on a 3,120 sq ft lot.

The combined properties were acquired for their redevelopment potential. Current regulations allow for over 300,000 sq ft of total floor area, with office space being a major component. The properties were listed by Patricia Wong Chong and Ashley de Grey Osborn with Claridge Real Estate Advisors. The buyer has not been identified.

In 2021, the provincial government acquired Ramada Limited Vancouver Downtown at 435 West Pender Street — just kitty corner from the Advanced Parking site — and quickly converted it into supportive housing for the homeless.

A block to the west at 443 Seymour Street — the northwest corner of the intersection of Seymour Street and West Pender Street — the Diamond Parking parkade is also on borrowed time, after Vancouver City Council approved Reliance Properties’ rezoning application to redevelop the site into a 29-storey office tower.

Site of the Diamond Parking parkade at 443 Seymour Street, Vancouver. (Google Maps)

Artistic rendering of the office tower replacing the Diamond Parking parkade at 443 Seymour Street, Vancouver. (Kohn Pedersen Fox Associates/Chris Dikeakos Architects/Reliance Properties)

Just to the south of the Advanced Parking facility is Easy Park’s major parkade property that spans a mid-block lot at 523 Richards Street. Reliance Properties is planning a major office redevelopment on a land assembly at the northwest corner of the intersection of Dunsmuir Street and Richards Street — to the south of the East Park facility. Reliance Properties was not involved in the Advanced Parking acquisition.

You might also like: