Opportunity

Central Surrey West Village Neighborhood-Land Development

Main Photo

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
Present improvements comprise of one legal lot, lot B, 13301 104th Avenue Surrey, BC. Lot B comprises of 11 low and medium rise rental buildings with a total of 156 units.

SITE SIZE
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.

ZONING (BACKGROUND)

Lot B is zoned as RM-45, Multiple Residential Zone. This property is located within a mid to high rise area. Current Floor Area Ratio (FAR) is 3.5 with 20% density bonus potential. In 2016 a master planned development concept was discussed with long range planners at City of Surrey, who was receptive to the densification of the lands.

Lot A a smaller portion of the draft master-planned site (1.41 Acre @ 2.5 FAR) was sold off to accommodate greater densification. At present, the city is reviewing an application to amend the OCP to increase density to a 4.2 total FAR and to allow subdivision of Lot A into 2 lots, for 2 towers (358 units).

Lot B is a larger scale multi high-rise development site and is prime for amending and maximizing density allowable under the current OCP which includes potential subdivision to phase in future developments to better manage long range viability.

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.