A 20-storey rental apartment building appears likely to be developed across from Vancouver General Hospital, says a local broker.

A multi-family rental redevelopment site at West 12th Avenue and Heather Street came onto the market Monday. Goodman Commercial is listing the property for sale on behalf of an unidentified local family.

The City of Vancouver has provided the seller with a letter of enquiry that identifies the site as a candidate for relaxation of the minimum site frontage, said Mark Goodman, the brokerage firm’s owner and principal, in an interview.

Based on the area’s zoning regulations, the city could ease the area’s building-height restrictions, allowing for a tower of up to 20 storeys to be constructed. Any proposed property in the area that has a height between 99 and 150 feet can be approved conditionally for high density.

“So, that initial part of the redevelopment process has started, and that should give prospective developers comfort that there’s a good chance that the city will relax the requirement and allow for a 20-storey building to be built,” said Goodman.

In accordance with the zoning guidelines, 20% of the units would be rented at below-market levels. City staff have also provided an option for a slight density boost that could also allow for ground-level retail or service spaces.

The site currently comprises a three-storey rental-apartment building that was constructed in the 1960s and is expected to be demolished. Goodman anticipates that he will receive strong interest from prospective buyers.

“First of all, it’s a fantastic location,” he said. “You can’t get better in terms of its location for getting across the city.”

West 12th is an east-west artery; the property is also situated between two other arterial routes, Cambie Street to the east and Oak Street to the west. Cambie and Oak run north-south and link commuters to downtown Vancouver, the suburb of Richmond, B.C., and Vancouver International Airport; and the Canada-U.S. border.

The property is within walking distance of an existing Canada Line light-rapid-transit station at Cambie and Broadway as well as the future Oak-VGH subway station near Broadway and Oak.

“There are a lot of developers in Vancouver that are itching to get a Broadway Plan site,” said Goodman, referring to the area’s community plan, which allows for high-density developments.

“This property, I think, will be well-received because it’s not an assembly, so you don’t have to deal with multiple owners and navigate that process, and there’s already a response from the city that they’re open to relaxation of the minimum site frontage requirement. So, I think it’s going to appeal to a very large audience of developers. I think we’re going to get a very strong response. I think it’s priced at market. It’s priced well.”

The property is one of two VGH-area apartment assets that Goodman is listing. The other one, priced at $7.5 million, is a stratified rental building located at 1076 West 11th Avenue, half a block west of Oak.

“It’s owned by my client and his wife,” said Goodman. “They built it, and it’s strata titled, so a prospective buyer could, in theory, sell off the units if they wanted to.”

Goodman indicated that the 10-unit building, which was constructed in 1999, should also receive strong demand from potential buyers due to its age and suite sizes in comparison to nearby properties.

“It’s unique in so far as that it’s a newer building, relatively,” said Goodman. “It’s not built in the ’60s. There’s a large suite mix. Out of the 10 units, eight are two-bedrooms, and they’re quite large, around 800 square feet. So, that’s another unique feature.

“Normally, you don’t get that many two-bedrooms.”

The other two units are bachelor suites.

Pictured: Apartment building at West 12th Avenue and Heather Street in Vancouver.

Photo: Courtesy of Goodman Commercial