3650 Adams Ave
There are two opportunities at this location: 1.) Build on the flat parking area or 2.) Lease/Buy the existing building. Ideally, there could even be a short term tenant ing the existing building while the parking lot is converted to mixed use construction with a park at the corner.
- Total Land: ~50K sq. ft.
- Building: ~20K sq. ft.
- Parking Lot: ~30K sq. ft.
- Ownership: Family Trust
Infill Development
- Advantages
- Close to Kensington
- Parking lot north of Merivale Alley could be built on leaving the store building and corner parking as an existing retail unit.
- Both parking lots could be built on if parking for the existing building is provided for.
- Conversion of flat parking to infill development aligns with the city’s climate action plan, housing plan, and library plan.
- Location is within boundary of Complete Communities Transportation Priority Area (TPA).
- Building has been vacated and is being managed by a commercial real estate company with interest in both lease and sale.
- Disadvantages
- City may have to agree to a ground lease agreement.
- Planned lease occupancy on the horizon.