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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Apartment, Development

Refurbishment of Gabriola Mansion Includes 20 Rental Units

A rezoning application has been submitted for the Gabriola Mansion property at 1523 Davie Street in Vancouver’s West End. The 26,000 SF property, principally occupied by one of the West End’s most notorious heritage buildings, was sold last year for $6.72 Million.

The application includes the preservation and restoration of the Gabriola Mansion building through conversion to rental apartments.

Further details include:

  • the conversion of the mansion into 16 market rental units;
  • 4 new infill 3-storey rental townhouses to be developed in the northeast corner of the property;
  • 4 three-bedrooms, 5 two-bedrooms, 7 one-bedrooms and 4 studios
  • an increase in FSR from 0.35 to 0.89; and
  • no increase in height from the existing CD-1 (248).

1523 Davie_3 1523 Davie_2 1523 Davie_1 1523 DavieThe architect for the project is Ankenman Marchand.

May 10, 2017by david.taylor@colliers.com
Development, Office, Retail

24-Storey Office Tower Planned for Budget Site

Westbank‘s rezoning application for the Budget Car Rental site at 400 West Georgia Street has been submitted to the City. The site is located at the corner of West Georgia and Homer Street, across from the Central Library Branch. The letter of intent submitted by Westbank, suggests that the building will be built “on spec”.

The plan for the 20,992 SF (175′ x 120′) site calls for rezoning from Downtown (DD) District to Comprehensive Development (CD-1) District to allow for a 24-storey office building. The proposal includes:

  • 350,000 SF of office space;
  • 5,775 SF of retail space;
  • a building height of 301 ft.;
  • a total density 17.51 FSR;
  • steel construction;
  • six levels of underground parking; and
  • 125 bicycle parking spaces.

400 W Georgia400 W Georgia_5 400 W Georgia_4 400 W Georgia_3 400 W Georgia_2 400 W Georgia_1Design features will include triple-paned curtain wall, openable windows, large spans of column free space, glass floors. It will also incorporate a 4-storey high lobby.

The application describes the design rationale:

“The building is conceived as a cluster of white cubes that are bound by lush gardens. Pristine boxes project outward from the crevices filled with thick vegetation. The greenery is as expressive as the geometry is abstract. Together they merge into a staggered silhouette that is neither a tower nor warehouse, but a 3-dimensional campus.”
 
“The proposed building will be utilizing a concrete core with structural steel beams and steel decking c/w concrete topping. The steel construction seemed better suited to the architectural design and provides the desirable aesthetic of seeing the buildings structure visible through the transparent exterior glazing. The “truss” elements are cantilevering from 6 large column supports extending up through the entire building resulting in large open / column free interior spaces allowing flexible internal office planning configurations.”
 
This rezoning application is being considered under the Rezoning Policy for the Central Business District (CBD) and CBD Shoulder.

The architect for the project is Merrick Architecture.

May 10, 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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