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Vancouver Market - Tracking commercial real estate investment sales across Metro Vancouver — sale prices, cap rates, and $/SF data for apartment, retail, office, land, and development transactions. By David Taylor, SVP at Colliers International Canada.
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Development

Market Spotlight: Burnaby Rezoning Updates

Here is a list of rezoning applications headed for Burnaby City Council’s consideration on Monday:

Phase 1 of Brentwood Town Centre Project

Brentwood Phase 1The first phase of the Brentwood Town Centre redevelopment by Shape Properties is seeking to move forward to first reading and public hearing next month. Phase 1 includes development of a new externally oriented commercial shopping centre, public plaza and high street within the 8-acre southwest quadrant. It includes:

  • 546,820 SF of new commercial space in 2-4 storey buildings
  • Density of 1.56 FAR
  • Central civic plaza

Phase 2 of Station Square

Station Square Phase 2The second phase of the Station Square redevelopment by Anthem Properties is seeking to move forward to first reading and public hearing next month. The first phase is now substantially sold out and under construction. Phase 2 includes development the next two towers atop a low-rise retail and office podium on the Eastern portion of the site. It includes:

  • two towers – one 38-storeys and one 48-storeys
  • 768 total units
  • a total density of 5.34 FAR
  • 97,343 SF of new commercial space

Canada Way and Claude Avenue

Canada Way and ClaudeThe owners of this 4.6 acre site have filed a rezoning application for a 132 unit stacked-townhouse development with underground parking to a total density of 0.9 FAR.

 

 

 

October 28, 2013by david.taylor@colliers.com
Development

Vancouver City Staff Reject Proposal for Stong’s Site

City of Vancouver staff have rejected a rezoning application for a six-storey mixed-use building on the Stong’s Market site.

Brian Jackson, the city’s manager of planning and development, recommended the proponent pull the application in light of opposition based on Dunbar’s community vision, which prescribes a four-storey limit on buildings.

Stongs Dunbar

“I, of course, only recommend to council, so if [the applicant wishes] to pursue, they could still go to council with our negative recommendation and then it would be council that would formally turn them down, but I have recommended that they withdraw their application,” Jackson told the Courier Thursday morning.

Henriquez Partners Architects filed the rezoning application with the city on behalf of the landowner Harwood Group.

The site in question includes properties from 4508 to 4560 on Dunbar Street and 3581 West 30th Avenue — the current locations for Stong’s, McDermott’s Body Shop and two parking lots. The rezoning proposal provided space for the grocery store to move back in after the project was completed.

Read more: http://www.vancourier.com/news/vancouver-city-staff-reject-proposal-for-stong-s-site-1.671185#sthash.SVXFJSfr.dpuf

October 28, 2013by david.taylor@colliers.com
Investment

Chartwell Buys Retirement Residence in Mission

Chartwell Retirement Residences has acquired a 138-suite residence in Mission for $27 million, the real estate trust announced Monday.

Cedarbrooke Chateau, built in 2009 and 73 per cent occupied, is Chartwell’s second retirement residence in Mission, a Fraser Valley community with a population of about 34,500.

Chartwell says it expects “strong operational synergies” with the existing 126-suite Chartwell Carrington House Retirement Residence but didn’t provide details in its announcement.

“This acquisition is fully in line with our strategy to acquire newer, well-designed and well-located properties in our existing markets,” Brent Binions, Chartwell’s president and CEO, said in a statement.

Read more: http://www.vancouversun.com/business/Chartwell+real+estate+trust+buys+retirement+residence+Mission/9091680/story.html#ixzz2j20I4su0
October 28, 2013by david.taylor@colliers.com

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David Taylor Personal Real Estate Corporation

Colliers International

DT

David Taylor

Senior Vice President, Colliers Canada

David Taylor is a Senior Vice President at Colliers International in Vancouver, BC, specializing in the sale of commercial real estate across Metro Vancouver. He has sold over $1.7 Billion in office buildings, retail properties, apartment buildings and development land since 2004.

Vancouver Market chronicles investment and development activity in Metro Vancouver, including sale prices, cap rates, $/SF metrics, and market context for commercial real estate transactions.

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