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

53-Unit Building Proposed for New Westminster

A rezoning and development permit application has been received in order to allow the development of a 14,000 SF site at the corner of Sixth Street and Welsh Street in the Uptown Area of New Westminster. It is currently improved with two older vacant commercial buildings. The address for the project is 228-232 Sixth Street.

The site was originally the subject of a rezoning application in 2015, but was subsequently sold and the application has been revised.

The current plan calls for a 6-storey woodframe building, including:

  • 53 condo units;
  • 21 one-bedrooms, 21 two-bedrooms and 11 three-bedrooms;
  • a total density of 3.78 FSR;
  • a building height of 64.17 feet;
  • 66 parking spaces on 3 underground levels.

232 Sixth_2 232 Sixth_1 232 SixthThe rezoning application entails changing the zoning of the property from Community Commercial Districts (High Rise) (C-3A) to a new Comprehensive Development District
(CD). The Development Permit application is to facilitate a review of the form and character of the proposal in accordance with Official Community Plan Development Permit Area Guidelines.

The architect for the project is Denis Turco.

October 16, 2017by david.taylor@colliers.com
Apartment, Development, Retail

237-Unit Project Planned for Uptown Area of New Westminster

Orr Development has submitted their rezoning and development permit applications for a 34,801 SF site at the corner of Sixth Street and Seventh Avenue in the Uptown neighbourhood of New Westminster. The site is currently improved with older two-storey commercial buildings. 

The proposal for 616-640 Sixth Street is for a 30-storey mixed use development that includes:

  • 169 market residential strata units (on levels 8-30)
  • 68 secured market rental housing units (on levels 2-7)
  • 14,439 SF of retail at grade;
  • a total density of 6.03 FSR;
  • a total building height of 305 ft.
  • 299 underground parking spaces;
  • common outdoor amenity area located on the forth level on top of the podium roof.

616 Sixth616 Sixth_1616 Sixth_2The site is designated as (UC) Uptown Commercial in the current Official Community Plan. The Rezoning application entails changing the zoning of the property from Community Commercial Districts (High Rise) (C-3) to a new Comprehensive Development District (CD). The Development Permit application is to facilitate the review of the form and character of the proposal in accordance with Official Community Plan Development Permit Area Guidelines.

The architect for the project is Yamamoto Architecture.

October 16, 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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