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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Development

Social Housing Plans Unveiled for 58 West Hastings Site

A rezoning application has been submitted for a site owned by the City of Vancouver at 58 West Hastings Street. This is the large (32,228 SF) vacant lot on the South side of Hastings between Abbott and Carrall Street.

Plans for social housing on the site were first unveiled by the City back in 2016 after many years of discussion and several lengthy periods of the site being occupied as a homeless camp.

The proposal is for a ten-story mixed-use building with:

  • Seven floors of housing, with 222 social housing units;
  • 54 two-bedroom units
  • Retail and Health Care Office uses on floors 1-3;
  • One level of underground parking;
  • A total density of 6.6 FSR; and
  • A building height of 105 feet.

58 W Hastings 58 W Hastings_1 58 W Hastings_2The proposal includes a healthcare clinic and medical and dental offices will occupy the rear portion of the ground floor, as well as the second and third floors. Residential rental social housing with self-contained apartment units are located on the upper floors.

This rezoning application is being considered under the Rezoning Policy for the Downtown Eastside and the Downtown Eastside Community Plan.

The architect for the project is W.T. Leung Architects.

March 31, 2017by 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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