Less than two years after submitting a rezoning application for the project, Wall Financial Corporation is backing out of its planned high-rise rental project at 1065 Pacific Street in the West End of Vancouver.
As previously outlined by STOREYS, the project is a 32-storey rental tower with 144 market rental units and 36 below-market rental units near the intersection with Thurlow Street, just two blocks away from Sunset Beach.
The site is currently occupied by a three-storey residential building originally constructed in 1963, according to BC Assessment, which values the property at $17,820,300. Wall Financial Corporation owns the property under W.F.C. Properties (Pacific) Inc., according to the Land Owner Transparency Registry.
According to the City of Vancouver, the rezoning application for the project was received on December 13, 2022, considered by the Urban Design Panel on May 10, 2023, and approved by Council at a public hearing on March 12, 2024.
However, the property was recently listed for sale, without an asking price, by Simon Lim, James Lang, and Jessica Hathaway of Colliers, who note that the rezoning approval "mitigates permitting risk on the site and provides immense time savings for construction start."
"1065 Pacific Street is situated in Vancouver's vibrant West End neighbourhood, just steps away from Sunset Beach and English Bay Beach, offering residents stunning waterfront views and recreational activities," the listing notes. "Additionally, the property offers a unique juxtaposition between urban conveniences and natural surroundings, with Stanley Park's expansive green spaces and trails nearby. Adjacent to this serene environment lies Davie Village, known for its diverse dining options, retail stores, and various amenities."
1065 Pacific Street in the West End of Vancouver.(Colliers)
Wall Financial previously acquired 1065 Pacific Street for $18,950,000, in an early-2023 deal that was brokered by Goodman Commercial.
It is unclear why Wall Financial is now selling the property. STOREYS has made multiple attempts to reach Wall Financial over the past two weeks and has not received a response.
According to a February 2024 referral report by the City, the project is eligible for a 100% waiver of City-wide development cost levies (DLCs), which has a value of $3,167,071 based on rates as of September 2023. The project is subject to community amenity contributions (CACs), but the report does not indicate an amount. The report also noted that all 24 residential tenancies in the existing building are eligible for the City's tenant relocation and protection program.
Nearby, the 20-storey rental building at 1275 Pacific Street is also currently listed for sale, also by the same Colliers team. That property, originally constructed in 1966, is legally owned by Lepik Construction Limited and has an assessed value of $56,164,000.
Wall Financial recently submitted a rezoning application for 648-680 E Broadway and 2505 Fraser Street, where it is planning a 17-storey building with 113 strata units and 24 social housing units.
