Vancouver-based developer Wesgroup Properties has decided to move on from a housing project they had been planning in the District of North Vancouver, STOREYS has learned.
The project was being planned for 1031-1045 Ridgewood Drive in the Edgemont Village area of the District of North Vancouver.
For the site, Wesgroup was planning a collection of 32 townhouses, all of which were to be built to meet Passive House standards, according to the project website, and atop a shared underground parkade with 56 vehicle parking spaces and 83 bicycle storage spaces. The project has a total proposed density of 1.19 FSR.
According to the District, Wesgroup submitted the rezoning application for this project in January 2022, but there was a previous rezoning application that was closed in 2018 after Council voted against it. Council recently granted rezoning enactment for the latest application on July 22.
The 1031-1045 Ridgewood Drive site in the District of North Vancouver.(Wesgroup Properties)
Last week, however, the property — owned by Wesgroup through Ridgewood Drive Investments Ltd — was listed for sale by Jessica Hathaway, James Lang, and Simon Lim of Colliers.
Asked why they decided to move on from the project, Wesgroup declined to comment.
Colliers has listed the property without an asking price, but the site is currently occupied by four 1950s-era single-family homes, which BC Assessment values at $2,034,900, $2,042,500, $2,034,000, and $2,089,000, for a total valuation of $8,200,400.
The property could potentially fetch a higher price than that, however, as the assessed value is as of July 1, 2023 and likely excludes the uplift from rezoning, which was not officially considered by Council until Fall 2023.
The value likely also receives a boost as a result of Wesgroup having already progressed the project through a significant portion of the approval process. According to Colliers, Wesgroup has spent $550,000 towards the project to date, which was designed by Vancouver-based Integra Architecture.
A rendering of the project planned for 1031-1045 Ridgewood Drive in North Vancouver.(Colliers)
A rendering of the project planned for 1031-1045 Ridgewood Drive in North Vancouver.(Colliers)
"The property’s 33,281 SF lot is located in a quiet neighbourhood, just steps to the scenic Murdo Frazer Park and McKay Creek to the west," the Colliers listing team adds. "Ridgewood Drive joins Edgemont Boulvard one block west of the Property, which connects directly to the Trans-Canada Highway, allowing for easy access just minutes away. The nearby Edgemont Village offers a variety of specialty stores and services as well as dining and entertainment options."
On its project website, Wesgroup outlined a detailed construction management plan for the site as well as a clear construction timeline for the project, suggesting the decision to move on from the project was made relatively recently.
Whoever takes over the project will be able to proceed directly to the development permit stage and get shovels in the ground relatively quickly.
