LANGLEY
ALDERGROVE
FRIDAY, MAY 1, 20151•
REW.ca » LANGLEY / ALDERG ROVE / C LOVE RDAL E » F RI DAY M AY 1, 2 015
CLOVERDALE
info@rew.ca • 604-435-7977
NEED MONEY - $20,000 to $2,000,000
WE CAN HELP
NO CREDIT CHECKS,, NO JOB CHECKS
Instantt approval appr ap ppr p ov ova oval al b based ased o ased on n yo y your ur rE Equity, quit qu ity ty turn the key and APPLY TODAY
www.greyfriarsmortgages.com ww w..g .g gr re ey yfr fri riia ars rsm mo m ort r tg ga ag ge ess..co .c co o
R E A L E S TAT E W E E K LY
CALL TODAY! 604-534-5079
Greyfriars Mortgage Investment Corp.
Heritage Retention:
A New Approach to Densification
T
here’s been much ado recently about Vancouver’s dwindling number of heritage houses. As the wrecking ball takes out one after another of the city’s original homes – often in preparation for townhouse or condominium development – tempers are flaring. But some builders are pursuing a vision that meets both the City of Vancouver’s criteria to preserve our past and its desire to provide increased density. Under the Heritage Retention Program, if the exterior of a qualifying heritage home is restored to its original condition, the developer may be granted the right to transform its interior into multiple residences. In most cases, there’s also an increase in the overall FSR (floor space ratio), meaning more buildable square footage – space that can take the form of an addition or even a secondary new building. It’s a win-win solution. Since the increased density is virtually invisible
GO TO
REW.CA /NEWS TO READ THESE STORIES AND MUCH MORE REAL ESTATE NEWS AND ADVICE
from the street, the neighbourhood’s single-family character is retained – few people walking through Mount Pleasant between Main and Cambie realize just how many of the homes that appear to be single-family are, in fact, multi-unit conversions.
NOT WITHOUT CHALLENGES However heritage retention is a niche market that’s not for the faint of heart. “It’s difficult to find suitable properties, getting through the permitting process is usually very time consuming, and even sourcing materials can be challenging because they must be historically accurate,” says Shaun Soon, partner in Chorus Developments. “Plus you never really know what you’re going to find when you start opening up an old building.” Fitting an increased number of homes onto an existing property is yet another complication and typically entails moving the existing house forward on its lot. Jerry Rakher, principle of Vandwell Homes, explains.
Vancouver Condos a “Better Investment than Gold”: World·s Top Asset Manager
“We’re waiting approval on a project in the West End that will require stripping the house to the studs, jacking it up, building a new foundation closer to the street, and moving the entire structure onto its new foundation.” The existing house will be then transformed into three separate homes and a brand new fourplex will be added to the back section of the property. INNOVATIVE SOLUTIONS One particularly innovative part of Rakher’s plan is to also build a sevencar, underground parkade that owners access via a straightforward, no-frills vehicle elevator. “You’ll drive your car onto the lift, go down one level, then drive out and into your spot.” Taresh Sachi, owner of Structure Developments, has completed six heritage retention projects including a 1930s post office/general store that was converted into a duplex. Like Soon and Rakher, he’s passionate about the benefits of heritage retention. “From a developer’s point of view,
Opinion: Why We Need More Duplexes and Semi-Detached Homes
heritage retention is expensive and time consuming to do, but the reward is watching people get excited by what they see. In a city where you can easily pay half a million dollars for a condominium, this is an attractive, cost effective alternative.”
SNAPPED UP Clearly, buyers are impressed. At Soon’s recently completed project, The Bromley in Mount Pleasant (pictured), more than 200 people attended the first open house and all three homes were sold within seven days. “We chose to make the existing house into two units rather three so we could make them larger and include a basement,” he says. The third home, a two-level coach house with massive upper deck, was snapped up almost immediately. As Vancouver’s residential construction industry continues searching for creative ways to meet the growing need for housing, heritage retention is one part of the puzzle.
Vancouver House Price Growth Forecast Doubled for 2015: RE/MAX