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

Construction Update: Tate Downtown

Excavation and foundation work continues on Tate Downtown, a 41-storey condo tower at the corner of Howe and Drake in Downtown Vancouver. Developed by the Bonds Group of Companies, the project features 333 units, and is expected to be completed in late 2017. The site was rezoned in 2012.

TatePhoto courtesy mcminsen: http://po.st/6oV0br via @imageshack

December 10, 2015by david.taylor@colliers.com
Development

Rezoning Proposed for West Georgia “Flatiron” Site

A rezoning inquiry goes before City of Vancouver council next week for a site located at 1445-1455 West Georgia Street. The two-lot assembly is owned by Brilliant Circle Group, who acquired the two buildings in 2012/2013. The City’s policy report describes the 18,200 SF site as “unique and prominent due to its triangular shape and its location at the intersection of West Georgia, West Pender and Nicola Streets“.

It was reported in a Globe and Mail article earlier this year that the architect for the project is James Cheng.

The rezoning inquiry anticipates demolition and redevelopment of the two existing lowrise office buildings currently on the property into one landmark residential tower on what is arguably Vancouver’s most prominent ‘flatiron’ sites. The site is currently zoned DD and while not located in the West End Plan like some of the recent nearby proposals by Westbank and Bosa, City staff do appear to support a rezoning in principal. The height can only be considered because it falls under the Granville Bridge view cone limit, which is 515 ft; in addition, the site’s location on Georgia, a main arterial, also qualifies. Preliminary details include:

  • a 44-storey residential tower
  • a building height of 515 ft.
  • 250,000 SF of residential density (13.7 FSR)

If Council gives its approval to move forward with a rezoning application, more design details will likely emerge next year.

1445 W Georgia 1445 W Georgia_2

Proposed Tower Height

Proposed Tower Height

December 10, 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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