Opportunity

Central Surrey West Village Neighborhood-Land Development

BRISTOL HIGH RISE SITE

Overview

  • Rare large-scale 6.38-acre potential rental/condominium redevelopment opportunity in Surrey City Centre
  • Well-maintained cash-flowing 11-building rental complex featuring 156 apartment & townhouse units
  • Capitalize on a low price per square foot buildable for new market and rental housing in an established revitalizing neighbourhood just two blocks to Surrey Centre Sky Train.

PROPERTY DESCRIPTION

The subject lot, Lot B is square in shape and has approximately 545 ft of frontage along 104th and 105th Avenue, with a depth of approximately 510 ft. Total site size is 277,730 sf or approximately 6.38 acres. This site is well suited to subdivide into 2 or 4 lots to accommodate viability for phased development. Each proposed lot contemplates dedicated land for rental replacement.

ZONING (BACKGROUND)

Lot B is currently zoned as RM-45, Multiple Residential Zone. This property is located within a mid to high rise area. Lot A the neighboring lot sold by HQ Commercial in 2018, a smaller site to the west of the subject was sold off @ $89 PPSF(+-) buildable to accommodate greater densification and is under application to amend the OCP.    The vendor has engaged Stuart Howard Architects  who have met with the City of Surrey and envision a masterplanned development with 4 quadrants.

COMPREHENSIVE DEVELOPMENT ZONE
The Central Surrey West Village neighborhood and the surrounding sites are zoned or proposed as Comprehensive Developments, (CD Zones). Allowable densities in adjacent properties are now subject to increase as the City Development Advisory Committee revisits the OCP and have planned meetings and reviews of Density Bonus, Community Amenity and Contributions slated for fall 2019.

The retention of rental housing stock, the ability to offer accommodation for existing renters, the opportunity for the City to secure its street network, and urban design commitment to create a pedestrian scaled neighborhood with green streets should support an increase in density by city staffers.

This will need to be investigated by prospective Purchasers.

See new masterplan concept here.