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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

Burnaby Unveils Vision for Lougheed Town Centre

Lougheed Town CentreThe draft concept plan for Burnaby’s Lougheed Town Centre will be going to City Council for their endorsement. Over the past year, City staff have developed preliminary concepts for the redevelopment of the Lougheed Mall site, owned by Shape properties, as well as the surrounding area. This master planning process follows along the lines of the Brentwood Town Centre area planning that also included Shape’s Brentwood Mall property. The arrival of the Evergreen Line next year provided the impetus for a new high density transit-oriented development in this location.

The Lougheed Town Centre Core Area is defined as the 72 acres bordered by North Road to the east, Lougheed Highway to the South, Bartlett Court to the West and Cameron Street to the North.

The Plan is quite ambitious as it seeks to to create a vibrant new retail strip on Austin Road with 7-storey podiums; a new North-South grand promenade with 6-storey podiums and highrise residential towers; a revitalized North Road with higher densities; a new East-West connector called “Cross Creek”; transitional areas for both Cameron Street and Bartlett Court.

Relevant development and potential zoning details include:

  • Overall residential density of 5.0 FAR for all development sites (excluding Cameron St. which is 3.6 FAR)
  • Total eventual density of 12.2 Million SF
  • Residential towers up to 60-storeys in height
  • Potential for 6.0 FAR density for commercial space (or 14.9 Million SF)
  • Five new major public open spaces including a 1.6 acre park
  • CAC’s including cash contributions and replacement of Cameron Rec Centre and Cameron Library
  • New internal road, bike path and pedestrian network
Overall Draft Concept Plan

Overall Draft Concept Plan

Proposed Building Heights

Proposed Building Heights

June 1, 2015by david.taylor@colliers.com

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David Taylor Personal Real Estate Corporation

Colliers International

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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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