The fire-ravaged site of a former apartment building in Vancouver’s Mount Pleasant area is being listed for sale at a price of $20 million.

Goodman Commercial is listing the property on behalf of its owners.

“First of all, what I like about it is that it meets the the minimum requirements to be considered for a high-rise site,” said Mark Goodman, principal of Goodman Commercial, told Connect Canada CRE in an interview.

“You need 150 front feet. So that checks box number one. Secondly, it’s probably one of the best, well-located Broadway Plan sites.”

One prospective buyer has submitted an offer thus far, he said. But the sellers have not made a decision on it.

The property, situated at 414 East 10th Avenue, has suffered from the effects of at least two devastating fires. (Reports on the actual number of fires have varied.)

The city required the once-popular rental building to be demolished in August following a fire earlier that month, according to multiple reports. The blaze came just over a year after a previous fire in July 2023 forced the evacuation of around 70 residents while injuring five, according to CBC.

The 2023 fire was traced to accidental candle use, and Vancouver Fire Rescue Services reported that the property failed to meet fire-code requirements.

Mark Goodman called the events leading to the property’s current state a “nightmare” for residents. But he believes that the property will appeal to prospective buyers due to its redevelopment potential.

The sale and development process will also be straight-forward because the project marks a “rare” case in which tenants have already been relocated, he said.

The site’s current zoning allows for multi-residential towers of up to 20 storeys, either for rental apartments or condominiums, under the city’s Broadway Plan. Mark Goodman believes that the city will require the new owner to develop a purpose-built rental property in keeping with the municipality’s existing policy and desire to replenish and increase rental-housing stock.

As part of the Broadway Plan, the city intends to add more housing along the planned expansion of the SkyTrain, in the form of a subway, under Broadway, offering transit-oriented development opportunities in the Mount Pleasant, Kitsilano, and Fairview neighbourhoods.

The Broadway Plan prioritizes reducing tenant displacement, with potential requirements for developers to rehouse displaced tenants in new below-market rental or social housing units. Under current zoning rules, any redevelopment application must include a one-for-one replacement of rental units if the building has hosted tenants within the past three years, as is the case with this property.

Based on his initial correspondence with the city, Mark Goodman anticipates that the demolished building’s displaced tenants will be given the first right of refusal to rent units in the expected new rental tower.

The lot holds appeal for prospective buyers due to its proximity to transit, including bus lines and future Broadway subway stations, he said. Goodman Commercial’s listing describes the property as an “unheard-of” vacant Broadway Plan site. The listing also says that the property is unique for its central location and significant redevelopment potential.

According to B.C. Assessment, the property was valued around $8 million in 2023. Current owners Fu Ren and Feng Yan, a married couple, acquired the property in 2002 for $2.3 million.

Ren and Yen are facing multiple legal issues related to fire-safety violations. Several issues have not been proven in court, while some matters have already been settled.

According to the provincial assessment, the current owners acquired the property in 2002 for $2.3 million.

The sellers awarded the listing to Goodman Commercial after evaluating proposals from five companies altogether.

“First come, first served,” said Mark Goodman. “Investors and developers are welcome to submit offers.

“There’s no formal deadline.”

Photo: Courtesy of Goodman Commercial