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, Office

28-Storey Office Tower Proposed for Small Downtown Site

A rezoning application has been filed for a currently vacant site at 619 West Hastings Street for a new office tower. The 52 ft x 120 ft site is sandwiched between two office buildings, with the Royal Bank Building (675 West Hastings) located immediately to the West at Granville and Hastings. The proposal also includes the upgrade and heritage designation of the Royal Bank Building, also controlled by the same owner as the vacant lot.

The proposal for the vacant site is for a new 28-storey office building that includes:

  • 150,837 SF of office space
  • Typical floorplates of 5,400-5,800 SF
  • Overall height of 330 ft.
  • Density of 25.5 FSR
  • Five levels of underground parking with 67 vehicle parking spaces
  • Seismic upgrade and heritage designation of the exterior façade of the RBC Building at 675 West Hastings Street
  • Structural concept including sharing of lateral force resisting system between the two buildings
  • A light-well created between the two buildings to provide access to light and air for office occupants.
619-west-hastings_7

Current Site Condition

619-west-hastings619-west-hastings_8

 

619-west-hastings_5

Typical tower floorplan

619-west-hastings_1 619-west-hastings_2 619-west-hastings_3 619-west-hastings_4 619-west-hastings_6

The application is being considered under the Rezoning Policy for the Central Business District (CBD) and CBD Shoulder, the Metro Core Jobs and Economy Land Use Plan and the Downtown (Except Downtown South) Design Guidelines.

The architect for the project is Musson Cattell Mackey Partnership. MCM is the preeminent local firm for new office projects in the Downtown core.

November 17, 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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