Anyone who visits English Bay and the West End on a regular basis likely recognizes the iconic yellow and green rental apartment tower that stands at the intersection of Davie and Denman.
The building, built in late 1950s, has incredible unobstructed views of English Bay, and every summer is the envy of any Celebration of Light fireworks fan.
But some dramatic changes are likely coming soon to the long-standing apartment tower and retail spaces including Milestones, the Three Brits Public House and the Quick Nickel.
VancouverMarket.ca is reporting that the site has been sold to local developer Reliance Properties for $43 million.
Reliance is currently partnered with the Jim Pattison Group on the mega Burrard Place luxury condo development at Burrard and Drake. The company also developed the striking West Pender Place in Coal Harbour, as well as several loft conversions in Gastown.
There’s no word yet on what Reliance is planning for the site, if the building will be demolished and a new tower built in its place, or if it will be renovated into luxury rental apartments as suggested in the sales package from the broker. Agency Avison Young cited “tremendous value-add opportunity for the residential and retail units” and “strong rental market with high demand for renovated units.”
It seems unlikely though that Reliance would not build a new iconic tower on this site, especially considering their plans for several new developments just blocks away.
There are several new rental apartment towers planned for this part of the West End including a proposal for a 23 storey rental apartment tower by Reliance a few blocks away at Bidwell and Davie. That building will contain 108 market rental units.
According to the West End Neighbours group, Reliance also owns most of the 1400-block of Davie, although no formal plans have been submitted.
Farther up Davie at Jervis, Intracorp is building a luxury condo tower called The Jervis, with suites starting at over $1 million. The high-end development is a partnership with Inform Interiors.