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

Redevelopment of Mount Pleasant’s I-1 Zone Continues with Latest Proposal

PC Urban  has applied to the City of Vancouver for permission to develop a site at the Northeast corner of West 5th and Alberta in Mount Pleasant for a new 4-storey commercial/light industrial building. The project includes

  • 23,590 SF of Wholesale uses on the first storey and mezzanine;
  • 47,325 SF of General Office uses on the second through fourth storeys; and
  • two levels of underground parking with 95 spaces
  • one Class A and two Class B loading spaces

275 West 5th Ave275 West 5th Ave_1Under the site’s existing I-1 zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning.

This proposal continues a trend of mixed industrial and office buildings at higher densities in Mount Pleasant following zoning changes in 2014.

January 27, 2017by david.taylor@colliers.com
Apartment, Development, Retail

Larco Seeks Approval for 2nd Phase of Arbutus Village Project

Larco has submitted their development application to the City of Vancouver for permission to develop the second phase of the redeveloped Arbutus Village Shopping Centre property – a project plan originally conceived almost ten years ago.

The overall rezoning for the site was approved back in July 2011, with the first phase “Block A” having been approved in late 2015 and now under development to include 215 units and a new Safeway store. Each phase requires a separate development permit.

The plan for “Block B” calls for development of the Southeast corner of the 7-acre site, currently surface parking, with a 7-storey apartment building with retail at grade, including the following:

  • 170 rental apartment units
  • 37 studios, 24 one-bedrooms, 74 two-bedrooms & 35 three-bedrooms
  • 29,400 SF of retail space (including relocated BMO and BC Liquor Store)
  • two levels of underground parking accessed off of Yew Street

Block B_2 Block B_1 Block BConstruction of Block B is scheduled to complete in 2019.

The final phase of the project involves demolition and redevelopment of the existing shopping centre, with completion of the entire project targeted for 2022.

The architect for the project is Dialog.

January 27, 2017by 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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