Lease Escalation

New development proposals continue to pop up along the Fraser Highway corridor, as the Surrey-Langley SkyTrain currently under construction is expected to bring forth waves of new development.

On Monday, Surrey City Council considered a new rezoning application submitted by 1098261 BC Ltd. for a land assembly consisting of 15284 and 15296 Fleetwood Drive, located near the intersection of Fraser Highway and Fleetwood Way.

It’s been around a decade since plans were put in motion for Grand Park Village: a multi-block, mixed-use community proposed for 2 and 10 Audley Street and 29, 31, 39, 59, and 71 Portland Street. The series of addresses are a five-minute walk from Mimico GO, which has drawn plenty of development focus in recent years. (Think: Grand Central Mimico, which was at one point on track to be Ontario’s first transit-oriented community.)

The most recent iteration of the plans come from Minto Communities and call for 42-, 54-, 52-, 39-, and 34-storey towers that would sit in a triangular cluster around an interior courtyard, the GO Transit Rail Corridor running past the south side of the site. True to its name, the community is set to be a contemporary urban village that’s not only a hub for residents, but draws in the public with new retail, daycare, roads, and parkland dedication occupying around 10% of the site.

Montreal-based Cromwell Management appears to be on a development proposal streak after filing its third major application with the City of Toronto since the spring. The latest plans are for a 45-storey mixed-use building at 525 Eglinton Avenue East, where it would be a five-minute walk from the recently-opened Leaside Station of the Eglinton Crosstown LRT.

Because of the 10-storey rental building already on the site, Cromwell’s plans call for 53 replacement rentals, in addition to 473 net new rentals, for a total of 526 units. That also breaks down into 45 bachelor units, 342 one-bedrooms, 113 two-bedrooms, and 26 three-bedrooms, with all units slated for floors two through 45.

Years after unveiling redevelopment plans, and nearly 10 years after the site was first sold, UK-based developer Grosvenor has significantly revised the plan for Mayfair West, the master-planned community set for what was formerly known as the Oakridge Transit Centre in Vancouver.

Mayfair West is set for a 14-acre site that includes the former Oakridge Transit Centre at 929 W 41st Avenue, plus the three adjacent parcels at 5469, 5489, and 5507 Willow Street. BC Assessment values the properties at $199,935,000, $3,251,300, $3,005,000, and $3,674,000 for a total assessed value of $209,865,300. The properties are now held under OTC Project BT Limited.