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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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Development

Market Spotlight: Burnaby Rezoning Activity

Here is an update to some of the rezoning applications that have been advanced to public hearing at Burnaby City council this week:

7201 11th Avenue (Southgate City –  Phase 2)

7201 11th AvenueThis proposal is the second phase of land to go through rezoning in Ledingham McAllister’s “Southgate City” master planned community in South Burnaby. The plan for this plot in the ‘Island Neighbourhood’ in the Southwest corner of the site includes:

  • a 28-storey tower and two 4-storey lowrise buildings
  • 321 units (213 in tower, 108 in lowrises)
  • 84 one-bedrooms, 225 two-bedrooms and 12 three-bedrooms
  • 354 underground parking spaces
  • 307,037 SF of gross floor area

6695 Dunblane Avenue & 4909-4971 Imperial Street

6695 Dunblane_1This “L” shaped property is owned by Transca Development, who acquired the assembly of four Metrotown lowrise apartments in February 2016 for $28,700,000 and submitted an initial rezoning inquiry at that time. The 56,239 SF site sits in a very active development zone, with The Park, Met 1 and Met 2 all nearby. Transca is now seeking approval to move to public hearing with a high-density residential project under the RM-5s designation including:

  • a 36-storey tower and 2-4 storey lowrise form
  • 313 units
  • total density of 5.11 FAR
  • 6,225 SF of live/work (commercial space) 0.11 FAR
  • 31 studios, 103 one-bedrooms, 112 two-bedrooms and 67 three-bedrooms
  • 387 underground parking spaces

6668-6730 Dunblane Avenue & 6661-6709 Marlborough Avenue

6668 DunblaneJust across Dunblane Avenue to Transca’s applicaiton, Polygon’s application on Dublane, originally introduced in November 2015, is now headed to public hearing. Details of the proposal for the 7-lot, 54,085 SF assembly of duplexes and apartment buildings includes:

  • a 38-storey tower with townhouses
  • 263 units (255 in tower and 8 townhouse units)
  • total density of 5.0 FAR
  • 1 studio, 220 two-bedrooms, 42 three-bedrooms
August 31, 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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