Kitswater Heritage Conversion (residential)
City of Vancouver, Westside
In a two-step transaction, ACIC financed a heritage-property conversion and the development of a complex consisting of two duplexes (four units) in the Kitsilano-Point Grey area. This is one of the most sought-after areas in one of the hottest real estate markets in the world. In December 2009 and July 2010, ACIC financed the purchase and renovation of two adjacent single-family residential properties on West 8th Avenue. While a heritage-sensitive approach was necessary, the opportunity to re-develop the two properties simultaneously created cost efficiencies. The end result was four highly attractive homes on a quiet street adjacent to many parks and other amenities. ACIC was paid out on its $5 million financing in December 2011.