The city is making a pretty penny on two properties it recently put up for bid.
Two Metrotown lots – 5587 Chaffey Ave. and 5596 Halley Ave. – are going to the highest bidders now that council has approved the sale.
The Chaffey Avenue property, which has a home on the lot, had a minimum bid price of $1.17 million. After the city received 10 bids for it, it is selling for $1.51 million.
The Halley Avenue property had a minimum bid price of $1.10 million. After the city received five bids for it, it is selling for $1.49 million.
“It’s just mind blowing,” Coun. Nick Volkow said at the June 22 council meeting, commenting on the strong sellers’ market in the region. “We’re not even the tip of the spear in this market.”
The names of the buyers have not been released. The transaction completion date is July 28.
Highrise planned for UniverCity
A proposal for a terraced 17-storey apartment building on the north side of University Crescent in UniverCity is going to public hearing later this month.
The development also includes an adjoining six-storey midrise building, with front-facing townhouses. The proposal is different from what was approved for a previous rezoning application – a 16-storey building atop a townhouse podium – and so the applicant is looking to have it rezoned.
The proposal is being put forward by Intergulf Development, and includes plans for 186 units, including 12 townhouses.
The rezoning application goes to council for first reading on July 6. The public hearing takes place in council chambers at city hall at 7 p.m. on July 21.
Kensington up for a face lift
Kensington Square Shopping Centre could be sitting pretty if a renovation proposal for the mall is approved by council.
The proposal would mean major changes to the storefronts at the centre, according to a staff report, including the replacement of peaked roofs with flat ones; brick cladding with laminated tiles, glass roofs and wood panels; and a new vertical architectural accent. The proposal would also get rid of the angled parking layout on site, which would be replaced by traditional 90-degree parking.
The rezoning application for 6500 and 6620 Hastings St., put forward by Colliers International Reality Advisors Inc., goes to council for first reading on July 6, and then goes to public hearing on July 21.
