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 temporary occupation of the vacant building while the parking lot is converted to mixed use construction with a park at the corner.
The proposals below are presented as two separate option but keep in mind this is the largest parcel in the area.
- Total Land: ~50K sq. ft.
- Building: ~20K sq. ft.
- Parking Lot: ~30K sq. ft.
- Ownership: Family Trust
Parking Lot 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).
- Disadvantages
- Family trust will require agreement from multiple parties.
- City may have to agree to a ground lease agreement.
Brownfield Building Conversion
Total lot square footage: ~28K
Ownership: Family Trust
- Advantages
- Close to Kensington
- No construction of new structures.
- Faster occupancy and lower capital investment.
- Leasing would allow flexibility to move back to the existing branch library or use as a stepping stone to the parking lot build option above.
- Parking area remains available for development.
- Building purchase could be an option.
- Disadvantages
- Family trust will require agreement from multiple parties.
- City would have to agree to a lease agreement.