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

North Vancouver Rental Apartment Tower Plan Moving Forward

Over two years after originally unveiling plans for a new rental tower at Lonsdale and 13th, Hollyburn Properties is now close to final council approval. Hollyburn has had to seek a relaxation to the OCP height limits for the site – previously affirmed as 121 feet in the OCP. The current proposal is for a 187 ft tower. The plan is for a 19-storey mixed-use development that includes:

  • 16-storeys of residential with 144 rental housing units
  • a partial storey of amenity space, over a two storey, 27,290 SF retail and office podium including 6 CRU units
  • a total density of 4.80 FSR

The site is currently zoned ‘C-1A’ which allows for a density of 2.6 FSR. The OCP allows for density of 3.0 FSR with a Density Bonus up to a maximum of 1.0 FSR in the Mixed Use Level 4B Designation for a total maximum density of 4.0 FSR. A maximum height of 37 metres (120 feet) is currently established for the site and the site has been designated a “Special Study Area” in anticipation of further exploration of appropriate form. The proposal includes the purchase of 0.8 FSR (22,186 SF) of rental transfer density at a rate of $90 / sq. ft., resulting in a cash contribution to the City of $1,996,758.

1301-lonsdale1301-lonsdale_1 1301-lonsdale_2 1301-lonsdale_3 1301-lonsdale_4

October 23, 2016by david.taylor@colliers.com
Development

Market Update: Burnaby Rezoning Applications

Here is a brief roundup of rezoning applications going before City of Burnaby council this week:

6837-6875 Royal Oak Avenue

6837-royal-oakThe plan for this 27,229 SF site in the Royal Oak area is for a 4-storey residential building with 54 units. The project will also have 8,106 SF of retail on the ground level and 106 underground parking stalls. The site is currently zoned M4light industrial and is occupied by older warehouse buildings. The project is being developed under the C9 Urban Village designation to a total density of 2.19 FAR.

6695 Dunblane Avenue & 4909-4971 Imperial Street

6695 Dunblane_1Transca Development initially submitted a rezoning application for this L-shaped site earlier this year, and the plan is now likely heading to public hearing. The proposal is a single 36-storey apartment tower with a 2-storey form fronting Nelson Avenue, a 3-storey residential form fronting Dunblane Avenue, and a 4-storey form fronting Imperial that includes 2-storey townhouses with double height amenity space above. There will be a total of 313 units, and a total density of 5.11 FAR per the RM-5s designation.

6921-6965 Arcola Street

6921-arcolaThis site is an assembly of six single family lots in the Edmonds area. The lots are currently zoned R5 but are being rezoned to RM3 based on the Edmonds Town Centre Plan. The proposal for the site is a 3-storey stacked townhouse development with underground parking. All the units are 3-bedrooms and range between 1,237 SF and 1,496 SF. The total density is 1.1 FAR.

October 23, 2016by david.taylor@colliers.com

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David Taylor - Senior Vice President @ColliersCanada. Chronicling investment and development activity in Vancouver. Views are my own.

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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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