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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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Apartment, Development

Eight Towers, 2,700 Units Proposed for Two Burquitlam Sites

The City of Coquitlam, YMCA and Concert Properties have entered into a partnership to exchange lands and rezone two sites in the Burquitlam-Lougheed Neighbourhood Plan area to permit redevelopment on both sites. 

The two sites include:

  • Burquitlam Park – a 3.96 acre site on Smith Avenue, adjacent Bosa’s Uptown Development
  • Whitgift Gardens – a 5.45 acre site on Cottonwood Avenue, directly North of Bosa’s Lougheed Heights development, and West of Cottonwood Park

The sites are located in the Burquitlam-Lougheed Neighbourhood Plan “Core” and “Shoulder” areas respectively. The proposal involves a property exchange between
the City (at Burquitlam Park) and Concert (Whitgift Gardens – an existing older rental residential complex).The exchange involves 2.15 acres of park land from Burquitlam Park to the Whitgift Gardens site to facilitate the expansion of Cottonwood Park and in return, the same area of developable land, with its associated density, is moved from the Whitgift Gardens site to the Burquitlam Park site.

The two components of the proposal include:

Burquitlam Park Site

  • A 50-storey condo tower and 30-storey rental tower;
  • 275 rental units;
  • 435 condo units;
  • a new 60,000 SF 3-storey YMCA recreation facility;
  • a new community police station;
  • total density of 6.30 FAR;
  • 930 parking stalls;
  • New 1.5 acre Burquitlam Park.

Whitgift Gardens Site 

  • Six highrise residential towers from 24 to 48-storeys in height;
  • Two rental towers of 37-storeys;
  • Four condo towers of 24, 25, 43 & 48-storeys;
  • 654 rental units;
  • 1,187 condo units;
  • 132 seniors market rental units;
  • 20-40 below market rental units;
  • standalone amenity building;
  • total density of 5.50 FAR;
  • 2,350 parking stalls;
  • Extension of Emerson Street and new East-West road.

The proposed market rental units represent a roughly 3:1 replacement ratio of the
existing rental units at Whitgift Gardens. The total value of all the public benefits including bonus density funds and CAC’s is $120 Million.

The architects for the project are Raymond Letkeman Architects and Endall Elliott.

February 23, 2018by 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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