Tough economic conditions appear to still be a thorn in the sides of real estate developers, as many projects in and around Vancouver continue to change hands. The latest: Slate Block.
The six-storey condo project was set to rise at 4338-4362 Cambie Street in Vancouver, about midway between the Canada Line SkyTrain's King Edward Station and Queen Elizabeth Park. Originally proposed in May 2019, Slate Block received rezoning approval in February 2020 — one month before the world went into quarantine due to the COVID-19 pandemic — but never reached the construction stage.
The two-lot assembly was recently listed and has now been sold, with Jamie Wallace of Oakwyn Realty announcing the sale on LinkedIn last week. According to Wallace, who sold the property alongside Goran Bucan of Sutton West Coast Realty, the property fetched $18,776,000 ($9,388,000 per lot).
Proposed for the site is a six-storey building with 68 strata units, six of which would be townhouses. According to a Council report, the suite mix consists of 42 one-bedroom, 12 two-bedrooms, and eight three-bedrooms, while all six townhouses will have two bedrooms. Plans also call for two levels of underground parking, with 68 vehicle stalls and 129 bicycle spaces, for a total floor space ratio of 2.75.
According to BC Assessment records, 4338 Cambie Street is currently occupied by a single-detached home originally constructed in 1947, while 4362 Cambie Street is occupied by a single-detached home constructed in 1943. Both have an assessed value of $8.35M.
The subject site is sandwiched in between two other parcels with single-detached homes, but the property directly to the south, 485 W 28th Avenue, is the subject of a development proposal for another six-storey strata building, with the development application approved in September 2022. The property on the north, 4312 Cambie Street, does not appear to be the subject of any development proposals.
A rendering of the Slate Block project planned for 4338-4362 Cambie Street.(Arno Matis Architecture)
A rendering of the Slate Block project planned for 4338-4362 Cambie Street.(Arno Matis Architecture)
A rezoning application was previously submitted for the now-sold site by Vancouver-based Arno Matis Architecture, on behalf of the registered owner, Cambie Terra Development Ltd.
"As the finest grained metamorphic rock, this 'Slate Block' Building is inspired by the steadfast formations of this foliation, ever-present in the historic Queen Elizabeth Park," Arno Matis Architecture says. "Much like the park's geographic features, the building form shifts and slides to accommodate old-growth trees located on the site."
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The in-and-out design of the facade pays homage to the neighbourhood's greenery, the architects say, and the design of Slate Block is both rooted in history and forward-looking, making use of contemporary geometries, materials, and systems.
The purchaser of the site has not been disclosed, but was represented by Gammon International, according to Stanley Chiu, President at Gammon. With rezoning and the development permit largely in place, the developer who acquired the site will likely be able to begin construction almost immediately upon closing the transaction.
