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

Details Emerge for Onni’s Pearson Dogwood Project

Details have emerged regarding the rezoning of the Pearson Dogwood site at 500-650 West 57th Avenue, as the full rezoning application has now been released. Onni‘s proposed plan for the 25-acre site at Cambie and 57th is for a large-scale mixed-use development that will include:

    • a total density of 2.8 FSR
    • 3,097,262 SF of building area
    • 2,170 total units
    • 5 phases
    • residential use consisting of: market units, rental units and affordable units
    • building heights between 3 and 28-storeys
    • replacement housing for George Pearson Centre
    • a replacement facility for the Dogwood Lodge
    • retail and commercial space
    • a community health centre
    • a YMCA facility with a 25-metre pool and a therapeutic pool
    • a 69 space child care facility
    • a 2.5 acre City park
    • an urban farm
    • a potential future transit station

Pearson_4a

The application describes the rezoning rationale: “The proposed site master plan embodies the principles of Complete Community planning, intertwining health, recreation, retail, and employment uses with housing diversity and affordability.

At the heart of the development is an extensive park and open space system, which includes: a new 2.5 acre City Park (to be designed later through a City-led process); a 1 acre urban farm; the large Pearson Plaza; the High Street Commons, a north-south open space that ties the Pearson Dogwood site to Langara Gardens to the north; and the Cambie Walk retail plaza, which extends from the central open space area to the proposed transit station at 57th Avenue and Cambie Street.
In addition, the open space network is complemented by diagonal pathways through the development blocks in all four corners of the site, providing excellent porosity and movement to and from the proposed transit station to the northeast, the Cambie Corridor, and schools and recreation facilities to the west.
Housing affordability and diversity will be a hallmark of the Pearson project, integrating a variety of people with differing incomes and abilities throughout the site. Affordable and accessible housing units will be included in multiple buildings across the site, with almost half of the replacement units for Pearson residents included in phase 1. In addition, a new 144- bed Complex Residential Care facility will be developed for residents with significant health care needs.
In addition to affordable housing, market housing will include a significant number of larger units (2 and 3 bedrooms), appropriate for families with children. Opportunities for improving affordability of market units will be explored, which may include providing units with modest finishes.”
Pearson_5 Pearson_6The master architect for the project is IBI Group.
January 20, 2016by david.taylor@colliers.com
Apartment, Investment

Kits Apartment Building Sells in $13.8MM Deal

2280 West 6th Avenue, a 43-unit walkup apartment building in Kitsilano has sold to a local investor for $13,800,000, equating to a 2.7% cap rate and $321,000 per unit. The RM-4 zoned property sits on a 21,000 SF lot with 175 feet of frontage on West 6th. The asking price was $15,300,000.

2280 We st 6th

January 20, 2016by 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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