A Vancouver property that has been marketed specifically to investors and builders is being redeveloped.
The City of Vancouver has received a development permit application for the construction of five new homes at 5415 Wales Street.
The single-family home sold on December 15, 2020 for $ 2,480,000.
The five-bedroom, three-bathroom home sold after just three days on the market with an initial listing price of $ 1,988,888.
This means the house sold for $ 491,112 above its asking price.
The property has a 2021 appraisal of $ 1,769,700.
Architrix Studio has applied for a development permit on behalf of the new owner.
The plan provides for two duplexes, which is equivalent to four units.
At the rear will be the fifth house.
In its design rationale, Architrix Studio states that the proposed development has been “carefully designed to accommodate the character of the Norquay Village subzone of the Renfrew-Collingwood neighborhood”.
The property has RT-11 zoning which means multiple homes are allowed.
The site is at the southwest corner of Wales Street and East 38e Avenue, and kitty corner in Norquay Park.
“The development of multi-unit family oriented, stratified units will help create more affordable housing options for the neighborhood in the form of soft intensification advancing the City of Vancouver’s goals in terms of is about housing affordability and providing the ‘missing link’ ‘type of housing,’ says Architrix Studio.
These days, half-duplexes cost at least $ 1 million.
One example is the half-duplex at 2476 East Pender Street, which is currently on the market for $ 1,398,000.
The duplex at said address was built in 2021.
The City of Vancouver is accepting public comments on the development permit application for 5415 Wales Street until August 25.