Westway Village in Valleycliff is up for sale, and a conceptual vision imagines property redeveloped into a high-density residential community featuring up to 560 homes across four buildings rising as high as six storeys.
The 5.6-acre property is being sold by Cushman and Wakefield and is located at 38171–38185 Westway Ave. It currently houses 96 units across eight low-rise apartment buildings built in 1967.
According to the listing materials, the site is already zoned for multiple residential units. It’s being marketed as a long-term infill development opportunity in one of Canada’s fastest-growing communities. According to Statistics Canada, Squamish ranks 17 nationally for fastest growing municipalities, growing 22.2 per cent between 2016 and 2021.
Conceptual plans suggest a redevelopment could include a mix of apartment buildings and commercial space, as well as surface and underground parking. The listing also mentions its proximity to downtown, only 4 km away. While no official sale price has been released, the assessed value of the property is just over $37 million.
The existing buildings include a mix of one-, two- and three-bedroom units ranging in size from approximately 720 to 1,075 square feet. The conceptual materials note that redevelopment could occur over time, though no formal redevelopment application has been submitted to the District of Squamish and the plans are illustrative only.
The owners have held a pre-application meeting with the District, where staff suggested that any future development should include a childcare space, according to the listing materials.
Any redevelopment would be subject to the standard municipal review process, including development permits, potential rezoning or density amendments, and public consultation. The listing documents say they can provide hopeful owners with reports and surveys.
Wonderful. Hopefully they plan to add roads in and out of this area. 😳
Leave the Westway Apartments alone, as their are so many people who would have no where else to rent. No re- development at all as the people who live in those apartments across the street from my husband and myself are just happy to have a place to live. In Squamish there is way to much develop. Go away. The news about a possible sale is so disappointing. Always about money and nothing else. Maybe six stories high, well that will ruin our view from where we live, right across the street.
The property involved in this transaction are all Strata. This means that you have private ownership of suites by individuals, as well as investors. To complete this purchase the developer must have buy in by all owners and any financials institutions supporting the owners give their written permission to purchase. The developer must pay all cost and any penalties to complete the deal. The Strata Manager must be involved in the complete package as the Manager has all the financial records. The buyer must do the following to close the buy up of the properties. (1) Must get the market value of each suite. (2) Must get the agreement from each Financial Institution the has funded any suite/or suites. (3) Once you have an agreement the buyer will need to value, that includes just the value of the suites, you must then allocate any funds in the Contingency Fund, based on the Strata rules that apply to each suite as “unit entitlement”. 4) You then need to value the “common Property” and allocate the value indicated to the suite owners by “unit entitlement”. (5) Under Strata rules the developer needs to ensure that 100% of the owners and the creditors approve in writing. (6) Once all steps are completed and Special Meeting of all owners is required to approve the completion of the purchase project by 75% vote, in person or by Proxy. The final note is how will the developer or the DOS arrange for affordable housing for those who have lived in the property for many years. I suggest you leave everything alone and let the owners and the Strata Manager uplift the property for all who live there now.
Thank you, that is what I was wondering.