Development gone mad – price drop

This listing has been brought to our attention.   The sale price has been reduced from $5.1M to $4.7M.  – 4 lots, land only

http://www.hybridrealtygroup.ca/NorthVancouverHomes.ubr/340-344-e-keith-road-mls-reg-r2054869?order=listing_price%2520DESC&mls_number=R2054869&action=filter&acronym=REBGV

340-344 East Keith Road: the subject of a public hearing in October 2015 to subdivide and rezone two lots into four and add basements in garages.  The application was approved unanimously.

“Zoning Bylaw, 1995, No. 6700, Amendment Bylaw, 2014, No. 8442 (J.C. Henderson and C.L. Henderson / Halex Architecture, 340-344 East Keith Road, RS-2) To rezone the property from Two-Unit Residential 1A (RT-1A) Zone to One-Unit Residential 2 (RS-2) Zone in order to subdivide the two existing lots into four lots with a new single family home and a detached garage on each lot.

Development Variance Permit No. DVP2015-00011 (340-344 East Keith Road) To allow four new single family homes within height envelopes up to 6.52 m. (21.4 ft.) plus roof top decks, and permit a 5.9 sq.m. (63.5 sq.ft.) basement in each detached garage.

So is it now economically unviable?  Should we expect an OCP amendment next to rezone to multifamily if two lots into four don’t work?

 

 

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2 responses to “Development gone mad – price drop

  1. As I live in this area, your posting caught my attention, However, having read the note several times, I am at a loss to catch your point. My realtor was unable to clarify, so I wonder if you could explain what is meant in this post? Thanks.

    Sent from my iPad

    >

    • northvancityvoices

      The point we were trying to make is that this proposal was to rezone two lots into four. The sale price was $5.1M and has now been reduced to $4.7M – for four single family lots. It seems that an economic case for this development was not well thought out – so if there is not enough money to be made – the only way to make more is to go for higher density. So what now?

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