Novel mix of industrial strata and housing may trigger trend

Investors are circling an East Vancouver development, the first in North America to mix condominium towers with industrial strata space.

“I thought the industrial buyers would all be owner-occupiers, but we are getting a lot of calls from investors,” said Dan Jordan, a Colliers International vice-president who began marketing the non-residential space at Wall Financial’s Strathcona Village this month.

In 2014, the City of Vancouver rezoned a two-block strip of East Hastings to allow both residential and “light industrial,” defined as production, design and repair uses.

Strathcona Village, being built on the north side of the 900-block of East Hastings Street, is the first development under the zoning change. It is a three-tower condominium complex skirted by two floors of industrial, commercial and retail strata. All 280 condos in the development sold out last year at prices ranging from $199,000 to $439,000. As a condition of the rezoning, Wall Financial is including 70 apartments that will be turned over to the city for social housing. Those will be rented at rates ranging from $375 per month to market levels.

Read the full article on BIV.com.