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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

52-Unit Building Proposed for Marine-Hamilton Area of North Van

Pennyfarthing Homes has submitted a development application for a 26,873  SF site at 705 – 717 West 15th Street at the Southwest corner of Bewicke Avenue, just North of Marine Drive in North Vancouver. The site is currently improved with three older industrial/commercial buildings.

The original application was made one year ago and envisioned a 6-storey building, which was later shelved due to neighbourhood opposition to the height. The new application envisions a 4-storey building for the site, and includes:

  • 52 units;
  • 20 one-bedrooms, 27 two-bedrooms and 5 three-bedrooms;
  • 3,300 SF of ground floor retail space;
  • a total density of 2.10 FSR;
  • two levels of underground parking
  • a total density bonus payment of $110 per SF

705 West 15th705 West 15th_1 705 West 15th_3 705 West 15th_4 705 West 15th_5

The OCP permits a density of 2.0 FSR with a bonus of 0.5 FSR at the City’s discretion.

The application describes the design rationale: “Massing of the building has been carefully considered to respond to the diverse residential context and large grade changes across the site. The building is composed of two distinct elements: a strong commercial base facing Bewicke and a four-storey residential component which wraps around the site. The first level facing Bewicke is buried due to a storey of grade change across the site, reducing the building to three storeys above grade. The single-family houses sitting high on the slope across Bewicke are met with a single storey of commercial and two storeys of residential. Towards the south and west, the grade falls away revealing four storeys to match the neighbouring three-to four storey developments.”

The architect for the project is Shift Architecture.

July 24, 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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