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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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Apartment, Development

Construction Update: Rogers Arena South Tower

Construction is now well underway on Aquilini Group‘s second rental tower at Rogers Arena. The south tower will be 31-storeys with 5-levels of underground parking. It will include “over 250 residential rental units in addition to fitness and multipurpose facilities.

A rendering of the tower can be seen at Francl Architecture’s site.

Rogers Arena (1)Courtesy mcminsen http://po.st/myTf07 via @imageshack

Rogers Arena (2)Courtesy mcminsen http://po.st/TVX5V6 via @imageshack

January 27, 2016by david.taylor@colliers.com
Development

Market Spotlight: Burnaby Rezonings

Below is a summary of current rezoning applications going before the City of Burnaby council:

First Phases of Southgate Village Ledingham McAllister is moving forward with the first phases of their 48-acre Southgate Village project, a massive multi-phase development in South Burnaby, for which a master plan was approved in July 2015. The first phase includes a development in conjunction with BC Housing which owns a site across the street from the Southgate property.

  • 7121 Fourteenth Avenue

This 6.82 acre site is owned by BC Housing and was not part of the original Southgate rezoning. The application describes how BC Housing became involved with Ledingham McAllister:

“As the master planning work for the Southgate Village site advanced, an opportunity to also address the Cedar Place site became apparent. Extensive discussions with the applicant, BC Housing, and the City has resulted in an innovative approach to replace existing Cedar Place housing with new units, and access the value in the site itself to generate additional seniors’ non-market housing units.”

Currently, the site is improved with an older low-rise multiple family development in poor condition. The plan is to replace the Cedar Place units within the Southgate site (application below) and to redevelop the Cedar Place site with new family oriented affordable housing.

  • 7201 11th Avenue

The plan for this first phase is to build a 4-5 storey non-market rental apartment building on a 54,774 SF lot at the corner of 14th Avenue and Fifteenth Street. The non-market is intended as the first step to replace 90 social housing units located in a BC Housing development across the street, which is also slated for redevelopment by Ledingham McAllister. The end-result is that there will be a 2:1 replacement of units.

6695 Dunblane & 4909-4971 Imperial Street

This rezoning application in Metrotown, on behalf of Transca Real Estate Development is for the potential construction of a 35-40 storey highrise residential tower with street-oriented townhouses fronting Dunblane Avenue and live/work units fronting Imperial Street. The rezoning involves the consolidation of two sites under the RM3 and RM5s designations, which would total 58,499 SF. The sites were acquired as part of a land assembly in 2014; they are currently improved with lowrise apartments built in the 50’s and 60s.

2285 Willingdon Avenue and 4455-4483 Juneau Street

The plan for this 74,502 SF site in the southern part of the Brentwood Town Centre area owned by Amacon calls for a highrise residential tower and ground-oriented townhouses fronting Juneau Street. The site is comprised of existing industrial buildings and is designated under the Brentwood Town Centre Plan as RM4s, which allows a density of 3.6 FAR.

6921-6965 Arcola Street

This rezoning application is for a 23,760 SF site in the Edmonds area of Burnaby. The proposal is for a 22-unit, 3-storey townhouse development with underground parking. The site is an assembly of six run-down single family lots which are designated RM3 under the Edmonds Town Centre Plan. The total density for the site is proposed to be 1.1 FAR, though the applicant Kingswood Real Estate Management, can achieve a bonus of an additional 0.4 FAR under the plan guidelines.

Further information on these projects and other Burnaby applications can be found here.

January 27, 2016by 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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