Aland assembly is a group of homes that usually consists of an entire block that is sold altogether to one developer or an investor for possible re-development.
Land assemblies typically occur in areas of the city that are zoned for development. There are many types of development including: townhomes which can be 2, 3 or 4 stories or condominiums from 4 to 6 stories. Condominium buildings that are over 6 stories are allowed in zones that have a community plan that allows this high density such as the Cambie Corridor, the River District, and Marine Gateway to name a few. Developers will pay higher prices for homes where they can achieve a higher floor to space ration (FSR) which means they can get over 6 stories.
In some circumstances, there are some areas of the city that are not zoned for redevelopment but have an Interim Rezoning Policy (IRP) in place. An example of this is the Fraser and King Edward area. Re-zoning
is not automatically granted, but developers have the opportunity to submit a letter of inquiry, along with professional architect plans of the projected development. The outcome of this inquiry is at the city’s discretion.
Once this is done, then the city requires the developer to do an open house for public consultation on the project and then submit the application for rezoning.
The city of Vancouver is continuously changing and updating its zoning bylaws and policies in order to satisfy the demand for housing as the population continues to grow at rapid rates.
If you own a house on one of the busy corridors of the city which is central, close to amenities, bike paths and public transportation, there is a possibility that your block could be a candidate for a land assembly. Please contact me to discuss this possibility.