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

Mixed Use Development Planned for Run-down Motel Site

Serracan Properties have submitted a rezoning enquiry for a site at 725 SE Marine Drive, at the corner of Fraser and Southeast Marine Drive. Currently occupied by a 6-storey, 100-room Super 8 Motel, and formerly known at the Blue Boy Motor Hotel since it was originally built in 1963; the 1.77 acre site is currently zoned CD-1.

As the existing CD zoning only allows hotel and retail uses, Serracan is now seeking a rezoning to allow a mix of uses, including residential. The site falls under the Sunset Community Vision, which allows site-specific rezoning only after preliminary planning work and community consultation is completed. Serracan, in conjunction with planning consultancy Brook Pooni, have already been consulting with the surrounding neighbourhood since 2013 and appear to have positive feedback from the community.

City council need to confirm that they will consider a rezoning application for the site before it goes to the application process.

Early concepts for the site include:

  • Commercial, community uses and residential
  • Towers ranging from 15 to 26 storeys
  • A neighbourhood food store
  • Public benefits including: childcare, community facilities, affordable housing
  • Negotiated community amenity contribution (as opposed to fixed rate)
Site today

Site today

March 19, 2015by 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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