For Sale $11,500,000 - Development Site
Mid-rise development site approx. 400 meters to SkyTrain
The City of Burnaby’s central position within the Lower Mainland and the appeal of the city as a place to work, invest and live in, has led to many desirable developments in the region.
This prime development site, is located just minutes away from Royal Oak SkyTrain Station and is within short walking distance to a wide selection of local restaurants, boutique stores, and popular parks. Along with the attraction of a quiet residential neighbourhood, a major appeal is the site’s proximity to Metropolis at Metrotown, the largest shopping centre in British Columbia and the host of nearly 400 stores and services.
Under the RM-4s designation the property can be constructed into a medium to high rise condominium building. Buyer’s must check with the city planning to determine concrete details but it is anticipated within Official Community Plan Guidelines that the height can reach up to 20 storeys. With current Condo pricing surging in this market take advantage of moving price per finished square foot targets and a co-operative municipality that generally supports new development applications.
|Site Area||16,335 square feet|
|Designated Buildable Square Footage||58,806 square feet
This mid block property is beside an apartment to the north and south. Future assembly potential exists.
|Current Land Use||Multi-family apartment block|
|Total Suite Mix||13 one-bedrooms and 5 two-bedrooms|
|Designated OCP Zoning||RM-4s|
|Potential Floor-Area Ratio||3.6|
|Price per Buildable Square Footage||$282|