Opportunity to acquire a third reading approved multi-family development site

Colliers is pleased to present a rare opportunity to capitalize on an expedited entitlement process, with a rezoning and development permit application that has already passed Third Reading. The proposed development is for a six-storey, 65-unit apartment building with a gross buildable area of 64,264 SF, representing a density of a 2.39 Floor Space Ratio (FSR) and an impressive 90% residential efficiency. The property itself is comprised of two lots totaling a gross area of approximately 26,889 SF and is currently improved with two single detached dwellings.

The development plans also provide the flexibility of converting the project into 100% rental housing, as Abbotsford’s vacancy rates remain at historical lows and rental rates continue to climb. With a proposed suite mix of 23 one-bedrooms, 30 two-bedrooms, and 12 three-bedrooms, the project provides much needed housings options for first-time buyers, young families, working professionals, downsizers, and students alike.