Wall Financial Corporation is pulling out of its high-rise rental project at 1065 Pacific Street in Vancouver’s West End less than two years after submitting a rezoning application. The project planned for a 32-storey tower featuring 144 market rental units and 36 below-market units.
Currently assessed at $17.8 million, the site houses a three-storey building from 1963. Despite receiving rezoning approval in March 2024, Wall Financial has listed the property for sale through Colliers. The project qualified for a waiver of over $3 million in development cost levies, though community amenity contributions remain unspecified. Tenants are covered under the City’s relocation program.
The location is prime, offering stunning waterfront views, access to recreational spots like Sunset Beach and Stanley Park, and urban conveniences in Davie Village. Wall Financial purchased the property for $18.95 million in early 2023. The reasons for the sale are unclear.
Purchasing this site may benefit buyers due to reduced permitting risk and construction time savings. Nearby, Wall Financial is moving forward with another new project: a 17-storey building with 113 strata units and 24 social housing units.
