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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

25-Unit Townhouse Project Proposed for Edgemont Village

Boffo Properties has submitted a rezoning application for a four-lot land assembly in Edgemont Village, which they intend on developing as a follow-up to their currently under construction project nearby “Edgemont Walk”. 

The site is located at 1031, 1037, 1041 and 1045 Ridgewood Dr., just East of Grosvenor’s Connaught project, also under construction. The lots were redesignated in 2015 in the Edgemont Village Centre Plan, and allow townhouses up to 1.20 FSR.

Details of the proposal include:

  • 25 townhouse units in five 3-storey buildings;
  • 3-bedroom units ranging from 1,725 to 2,402 SF;
  • A total density of 1.20 FSR; 
  • 52 parking stalls
  • A CAC payment of $180,000.

The architect for the project is TKA+D Projects.

November 5, 2017by david.taylor@colliers.com
Development

244-Unit Condo and Student Housing Project Planned Adjacent Capilano University

Woodbridge Homes and Capilano University have partnered for a new condo and student housing development adjacent the University at 1923 Purcell Way in North Vancouver.

The application is for an OCP amendment and rezoning to allow a new development on the site which is currently improved with an older 90-unit strata that recently went through the wind-up and sale process. The site is identified in the Official Community Plan as Residential Level 5, which permits up to 1.75 FSR.

The development plan includes:

  • 124 condo units in a 6-storey building;
  • 60 townhouse units in 3 & 4 storey buildings;
  • 19 studios, 58 one-bedrooms, 39 two-bedrooms, 68 three-bedrooms
  • 60 student housing units (avg. 200 SF) in a new 6-storey building on the adjacent university lands facing Greg Lee Way;
  • an overall density of 1.75 FSR;
  • 276 parking spaces;
  • a CAC payment of $1,700,000

The architect for the project is Rositch Hemphill Architects.

November 5, 2017by david.taylor@colliers.com
Development

District of North Vancouver Set to Adopt Final Maplewood Village Centre Plan

The District of North Vancouver is set to adopt the final version of the Maplewood Village Centre and Innovation District Implementation Plan & Design Guidelines at council. 

Maplewood had been identified for future density in the DNV’s OCP back when it was adopted in 2011, but planning efforts for Maplewood didn’t formally get underway in 2015.

Overall the Maplewood Plan maintains a low and mid-rise built form, character, and scale. Highest density development within the Maplewood area is to be located within the compact village core. Possible locations for taller buildings ( up to 12 storeys) are included in the land use plan along with policy statements to include provisions to negotiate density and height on a case-by-case basis in order to achieve the District’s housing and community amenity objectives.

The Plan also includes an area being called the “Innovation District”, which comprises several acres of land controlled by Darwin Properties including former Port Metro Vancouver Lands, and a recently acquired boarding school property.

Here are some targets contained with the Maplewood plan:

  • 1,500 net new housing units by 2030
  • 4,500 net new jobs by 2030
  • 100,000 SF of commercial space
  • 300 net new non-market housing units
  • two new parks
  • various transportation improvements including extension of Berkeley Road and B-Line extension from Phibbs Exchange to Maplewood
  • Various community amenities including new community centre.

The Plan features three precincts:

1. Maplewood Village Centre is the central commercial hub and includes a diversity
of multi-family housing, mixed-use commercial/residential, live/work and smallscale
artisan industrial housing, as well as institutional uses including a school and
local community services.

2. Maplewood North Innovation District is a new district offering an innovative mix
of employment, educational, recreational and limited residential and community uses in a campus-style structure. This area will be connected to the Village Centre
by major arterial routes and an active transportation network. Parks, open space
and natural areas are integrated throughout to create a connected network.

3. Dollarton Highway South is a strong industrial and employment area with
opportunities to intensify as existing and local business expand and provides
opportunities for the expansion of business park uses.

Land uses within the plan includes the following:

  • Residential densities at 1.20 – 2.50 FSR
  • Mixed-Use densities at 1.75 – 2.50 FSR
  • Commercial densities up to 1.0 FSR
  • Industrial densities up to 1.10 FSR
  • Mixed Industrial densities up to 2.50 FSR

A full version of the Maplewood Plan can be viewed here: http://app.dnv.org/OpenDocument/Default.aspx?docNum=3376593

November 5, 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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