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

13-Storey Hotel Planned for Edward Chapman Site Downtown

Executive Group Development has applied to the City of Vancouver for permission to develop the old Edward Chapman site at 833 West Pender Street with a 13-storey hotel. This is the first hotel to be built in the downtown core since the Coast Coal Harbour Hotel completed in 2010.

The unusually small 52′ x 120′ site was acquired by Executive Group late last year for $19,000,000 ($298 per buildable SF) and had since been rumoured for the hotel development in conjunction with a portion of the adjacent Exchange Building being converted to hotel use as well.

The proposal includes the following:

  • 106 hotel rooms (9 rooms per floor)
  • Restaurant on the ground floor;
  • Building height of approximately 153.7 ft;
  • A total density of 10.2 FSR;
  • Total floor area of 63,865 SF; and
  • 9 underground valet parking spaces accessed from the lane.

833 W Pender_1833 W Pender_2 833 W PenderThe proposed building requires a variance for the number of parking stalls being provided underground.

Under the site’s existing DD zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Development Permit Board.

The architect for the project is Studio One Architecture.

April 26, 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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