2045 West 15th Avenue
4 Unit HRA Development
Completion date: September 2019
This West 15th Avenue project was on an RT zoned site in lower Shaughnessy. The site was a 50 foot by 125 foot residential lot located on a beautiful, quiet tree-lined street near the Arbutus Greenway. The topography represented near ideal development conditions. The existing pre-1940’s building was incrementally taken apart and rebuilt, while retaining its heritage features. The home was raised and repositioned, then reconstructed into a new 2 unit character building with modern open concept interiors. The upper floors were occupied by a 3 bedroom all en-suite executive home and a bright 2 bedroom stratified garden unit below. A brand new 1200 square foot 2 bedroom infill unit was constructed at the rear of the property with an etrance facing the laneway. This was an extremely popular development that sold out within the first 3 months of launching.
Cost
Particular
$2,605,835
Land Cost
$1,800,000
Construction/Soft/ Carrying Costs
$142,590
Broker Commission
$4,548,425
Total Cost
$5,523,600
Sold Price
$975,175
Gross Profit
$1,652,188
Capital Investment
59% ROI