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.
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

Six More Storeys for Lower Lonsdale

Another midrise, mixed use condo building is coming to Lower Lonsdale.

Developer Fairborne Properties received second and third readings to a bylaw Monday night that will allow them to build 65 one-and two-bedroom condos above 7,200 square feet of commercial frontage at 117 – 135 West First St.

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At 75 feet, the six-storey, wood-framed building fits within maximum height allowed in the official community plan.

In exchange for a small increase in density, Fairbourn is offering to restore and put heritage designation on the historic B.C. Telephone Commercial Building at 117 West First, currently home to flower shop Bella Doni and include 1,430 square feet of community amenity space fronting Rogers Plaza. City staff estimate the community space to have a value of $645,000.

The application includes a request for 146 parking spots – 24 more than the minimum required by city’s zoning bylaw. Council members, mainly accustomed to being asked

by developers to reduce the total number of required spaces, struggled with the request. The reason for the extra spaces, according to the developer, is that the condos are likely going to be popular with “downsizers” moving from single-family homes and wanting to keep two vehicles.

Read more: http://www.nsnews.com/news/six-more-storeys-for-lower-lonsdale-1.859547

February 20, 2014by 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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