Site offers live-work-play option at a time when city faces housing shortage
Vancouver, British Columbia - Global commercial real estate advisor, Avison Young, announces one of Vancouver’s first high-density, transit-oriented, residential rental development sites located within the recently adopted Broadway Plan, to sell in 2023.
The sale of 523, 529, 537, 543 and 549 East 10th Avenue (“the site”) was led by Avison Young’s Michael Buchan, Mitchell Knoepfel and Megan Low, who represented a group of private sellers in this transaction.
“Land is a precious resource in Vancouver – particularly now when we are facing a housing shortage,” said Michael Buchan, Principal, Avison Young. “This premier development site within the Broadway Plan provides a stunning opportunity for a 15-minute pedestrian-scale neighborhood, offering a complete community where people live, work and play, and is designated for up to 18-storeys in the heart of east Vancouver’s Fraserhood.”
With proximity to multiple future SkyTrain stations, including Mount Pleasant and Great Northern Way-Emily Carr, the site between St. George and Carolina Streets, just east of the bustling Main Street corridor, encompasses more than 20,000 square feet with over 150 feet of frontage – a truly premier location for any residential community with a variety of amenities and services, parks, and access to downtown within 10 minutes.
This site is a part of the city’s exciting Broadway Plan, approved by City Council in June 2022 after four years of extensive public consultation. The plan provides a 30-year framework that will integrate new housing, job space, and amenities with the Broadway Subway. Designated as Mount Pleasant RT Areas – Area B (MRTB), the site will introduce new opportunities for diverse rental housing with below-market units in areas near rapid transit.
“With a housing shortage and affordable housing top of mind, this residential development site comes at the perfect time,” added Buchan. “Congratulations to our sellers, and to the buyer, Fastmark Development.”
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2023 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 12 consecutive years.
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For more information:
Andrea Zviedris, Media Relations – North America