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.