Just last month, a Chevron gas station in downtown Vancouver’s Coal Harbour was sold for a staggering $72 million. The property was purchased by Anthem Properties, a real estate development firm that hopes to redevelop the site into a “stunning residential project.”
The property site falls within Area A of the Georgia Corridor in the West End Community Plan, which means a 385-foot-tall building can be constructed on the site. Given the purchase price of the land, the site will most likely be redeveloped into high-end residential units.
Was it worth it? On paper, the property was assessed to be worth $29.5 million by BC Assessment. However, given Vancouver’s hot real estate market, the large price tag isn’t too surprising. Furthermore, the property was on the southeast corner of Bidwell and West Georgia, which is located in Vancouver’s coveted Coal Harbour neighborhood.
The Chevron gas station has now been permanently closed, which leaves downtown drivers with only one gas station to fill up their tanks: the Esso station on the southwest corner of Burrard and Davie streets.
However, the last remaining gas station within the downtown Vancouver peninsula may not be open for long. This is because the 17,292 sq. ft. Esso station property has just been listed or sale. There is no price attached to the listing, but the Chevron gas station that sold for $72 million will likely be used as a comparison.
One difference between the two gas station properties is that the Esso station sits in Area G of the Burrard Corridor, which limits the height to 300 feet – 85 feet less than the Chevron property. Although, the listing notes that “rezoning applications to increase density can be considered.”
Lastly, for those who are just worried about filling up their tanks, the closest gas stations for downtown drivers are:
- Burrard Street. and 2nd Avenue
- Main and 2nd Avenue
- East Hastings at Vernon Drive