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

8-Storey Building Planned for Granville & West 7th Corner

A development application has been submitted by Aoyuan Canada to the City of Vancouver for permission to develop the Southwest corner of Granville and 7th for a new residential above retail development. The site is currently improved with older retail buildings, including the corner building, now vacant, and previously occupied by EQ3 Furniture for several years.

The plan for the 17,982 SF, C-3A zoned property is for a new 8-storey building that includes:

  • 41 market residential units;
  • 16 one-bedrooms, 16 two-bedrooms and 9 three-bedrooms;
  • A total density of 3.30 FSR:
  • 7,776 SF of retail space at grade;
  • 48 underground parking on two levels accessed from the rear lane.

The application describes the design rationale: “The proposed form of the building responds to the Granville Street setbacks and View Cone 20-2014 to maintain the corridor view to the North Shore while also respecting historical built form on Granville Street. The building is comprised of three forms stepping up and away from the commercial street along Granville to the eight-storey high portion of the building along the west property boundary.

Retail spaces at street level are shaped as separate units to follow Granville’s street character and break the building proportion to a pedestrian scale. The design of the store frontages and entries sloping up the street will encourage an active and engaging street. Stone cladding will be used on Granville to give a warm and grand look to the stores.”

Under the site’s existing C-3A 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 IBI Group.

February 14, 2018by david.taylor@colliers.com
Development

21-Unit Building Planned for West End Parking Lot

A development application has been filed for a 66 ft. lot located in the West End; one of the last remaining surface parking lots in the West End. The site at 1021 Burnaby Street is located directly behind Celebrities Nightclub on Davie Street and serves as pay parking.

The plan for the RM-5A zoned, 8,646 SF site is a new 5-storey building that includes:

  • 21 market residential units (rental or condo not specified);
  • 12 junior one bedrooms, 4 one-bedrooms and five two-bedrooms;
  • a total density of 1.65 FSR;
  • a total building height of 50 ft.;
  • 20 underground parking spaces on one level underground.

 

The site is located in an area of the West End Plan that allows rezoning for towers potentially as high as 30-storeys; however, a site frontage of at least 130 feet is required. This particular site would also face additional restrictions including tower separation and shadowing onto Davie Street.

The architect for the project is Francl Architecture.

February 14, 2018by david.taylor@colliers.com

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David Taylor - Senior Vice President @ColliersCanada. Chronicling investment and development activity in Vancouver. Views are my own.

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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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