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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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

Westbank Planning 214 Rental Units for Gastown Site

Westbank Projects has applied to the City of Vancouver for permission to develop a site at 33 West Cordova with a 11-storey mixed-use building.The plan, which involves a deal between Ian Gillespie, the Portland Housing Society and BC Housing, was first announced a year ago.

33 W Cordova_2

The proposal for the 19,071 SF site that also fronts onto Blood Alley includes the following:

  • 214 rental apartments (80 social housing units /134 secured market rental units);
  • commercial uses on the ground floor and cabaret underground;
  • 163,482 SF of gross floor area;
  • total density of 8.57 FSR
  • building height of 110 ft.;
  • 267 bicycle parking spots.

Under the site’s existing HA-2 zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Development Permit Board.  33 W Cordova33 W Cordova_1

The architect for the project is Henriquez Partners Architects. In the application, Henriquez explains the design rationale:

“The Blood Alley project at 33 West Cordova Street will make a significant contribution to the life of Gastown by retaining its heritage facade, providing affordable housing options, reinforcing an active street life through retail, food and performance opportunities, and provide a backdrop for the new Blood Alley Square renovation.”
May 25, 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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