A redevelopment project in Kitsilano Point, approved in April 2023, is now on the market for $15.5 million. The property, located at 1000 Cypress Street, currently features a 1972-built apartment building with eight units. The approved development plan, designed by Formwerks Architectural, involves constructing three luxury single-family houses on the 14,256 sq ft lot. The houses will have a combined total floor area of nearly 11,000 sq ft, with the potential for alternate development plans, such as a multi-unit development, two larger single-family houses, or one large mansion. The existing building, if retained, could generate an estimated $170,000 in net income annually based on market rental rates. The property’s assessed value as of July 2023 is $14.654 million.
