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.
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

21-Unit Townhouse Development Proposed for Shaughnessy

A rezoning application has been submitted under the infrequently used Affordable Housing Choices Interim Rezoning Policy that would see a 17,502 SF single family lot in Shaughnessy redeveloped for stacked townhouse units.

The lot at 4575 Granville Street, just South of West 29th Avenue, is currently zoned RS-5 which generally limits development to single family houses up to a density of 0.70 FSR. The rezoning would potentially allow a 3.5-storey development that includes:

  • 21 residential stacked townhouse units;
  • 13 three-bedrooms and 8 one-bedrooms;
  • a total density of 1.30 FSR;
  • a height of 41 ft.; and
  • 32 vehicle parking spaces and 32 bicycle spaces.


The City of Vancouver initiated the Affordable Housing Choices Interim Rezoning Policy
in 2012 to “encourage innovation and enabling real examples of affordable housing types to be tested for potential wider application that will provide ongoing housing opportunities.” It allows for 20 rezoning applications to be considered by council before others are placed on a wait-list.

One of the criteria under this policy is that a site must be within 1.5 blocks of an arterial street. There are also affordability requirements such as the requirement for 100% rental, or condo where a 20% portion are sold below-market. Other options include co-housing or community land trusts.

Other recent rezoning applications under this policy include:

  • A 12-unit rental townhouse project at Arbutus & 35th
  • A 15-unit rental townhouse project on West 12th in Kits
  • A 70-unit rental project in East Vancouver
  • A 55-unit, 6-storey rental project on Rupert Street in East Van
  • Westbank’s 6-storey rental project at Broadway & Alma

The architect for the project is Stuart Howard Architects. 

February 28, 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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