A 7.4-acre residential property referred to as “Lot 2” on 264 Street in Aldergrove was sold for nearly $10 million to the Hayer Builders Group as of recent.
The vacant parcel of land – adjacent to Agricultural Land Reserve (ALR) property and west of 267 Street, behind the Aldergrove Athletic Park – was first listed by the Varing Marking Group for over $12 million.
“I don’t think Aldergrove has ever seen the type of cutting edge architecture that these guys do,” said Joe Varing of Abbotsford-based Varing Marketing Group, with Glenayre Realty Company Ltd.
The former owner — a local developer — decided to sell the property, according to Varing.
The new Surrey-based owners plan to build upwards of 70 modern townhouse units on the property, which is designated for single- and multi-family residential development.
“It is a very sought after location in Aldergrove,” Varing said.
“The demand far exceeds the number of units they’re going to produce. It my opinion that the Township consider much higher density on this parcel.”
The property is within walking distance of some of Aldergrove’s premier amenities, including the Athletic Park, the newly-constructed ACUCC, Betty Gilbert Middle School and Aldergrove Community Secondary.
“Aldergrove will be surprised to see this development once it’s finished,” Varing concluded.
There is no set completion date for the townhouse development on 264 Street.