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

First Two Towers of Southgate Village Approved for Rezoning

The first phases of Ledingham McAllister’s Southgate Village project are moving forward through the rezoning process, with City of Burnaby council approval this week to go to public hearing.

Ledingham acquired the 48-acre former distribution centre in 2012 and received approval of a multi-phase master plan for the site in 2015, including 5.9 Million square feet of density (2.86 FAR). The master plan consists of five neighbourhoods, and the first two towers will be located in two of these neighbourhoods, each of which will be constructed in several phases.

The first two tower phases include:

“Precedence” (Gateway Neighbourhood)

  • a 32-storey apartment tower and 4-storey lowrise
  • 351 units
  • 94 one-bedrooms, 205 two-bedrooms, 16 three-bedrooms
  • tower height of 330.5 ft
  • 401 underground parking spaces

Southgate3

“Southgate Community Island 1 & 2” (Island Neighbourhood)

  • a 30-storey tower and 4-storey lowrise
  • 282 units
  • 69 one-bedrooms, 207 two-bedrooms, 6 three-bedrooms
  • a small park
  • 310 parking spaces

A new east-west public road will be built as part of this phase and will connect 18th Street to 12th Avenue.

Southgate4

March 23, 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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