New Westminster OCP designated mid-size condo site. (2010 OCP for Albert Crescent Precinct). A new school at the former St. Mary’s Hospital site, providing field space and a play ground that will be available during non-school hours, in addition to a neighborhood park.
Great neighborhood for residential redevelopment. Proposed 55 units with a 3.16 FSR potential. May be possible to purchase of the adjacent lane from the City of New Westminster to increase FSR. Holding cash flow of 2.6% capitalization rate. Possible 5.25% return with Assembly leasing potential at $10.00 / sq ft / annum, net rent. This site is surrounded by high rise building and new residential development projects.