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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

Grosvenor’s Edgemont Village Project Moving Forward

Following years of planning and community consultation, Grosvenor’s proposal for a mixed-use project on a 2.1 acre land assembly including the Super Valu site in Edgemont Village, which has been under the working name “Grosvenor Edgemont” goes to council on Monday for approval. The site sits on the Western edge of Village, and was acquired by Grosvenor in 2013 for $36,000,000. It went to a public hearing in June 2015.

Development potential for the site was previously limited in terms of density, but recent planning policy including the new DNV OCP and Edgemont Village Centre Plan both facilitated a rezoning above 1.0 FSR.

The overall plan for the site is for a 3-storey building with a partial 4th level. Details from the development permit application include:

  • a total density of 1.67 FSR
  • 84,503 SF of residential space
  • 61,567 SF of commercial space
  • a new Thrifty Goods grocery store
  • 82 residential units including 59 apartments and 23 townhouses
  • 371 underground parking spaces on two levels
  • housing agreement to ensure owners are not prevented from renting units
  • CAC equal to $15.00 per SF per increase in density above 1.0 FSR

Grosvenor Edgemont_1 Grosvenor Edgemont_2 Grosvenor Edgemont_3

Grosvenor Edgemont_4In addition to Grosvenor’s project website (linked above), the District of North Vancouver has a site with links to various info on the proposal: https://www.dnv.org/property-and-development/3260-edgemont-boulevard-grosvenor

December 4, 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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