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.
  • Home
  • Listings & Sales
  • About
  • Subscribe
  • Metro Vancouver Commercial Real Estate Market Data
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.
Home
Listings & Sales
About
Subscribe
Metro Vancouver Commercial Real Estate Market Data
  • Home
  • Listings & Sales
  • About
  • Subscribe
  • Metro Vancouver Commercial Real Estate Market Data
Condo, Development

35-Storey Tower Proposed for Hornby & Drake

A rezoning application has been submitted for 1290 Hornby Street, a 14,995 SF site at the Northeast corner of Hornby Street and Drake Street in Downtown Vancouver. The site is currently zoned DD which allows a density of 5.5 FSR in this subarea, though the rezoning application seeks to more than double that density.

The proposal calls for a 35-storey mixed residential tower, and includes:

  • 159 condo units;
    • 100 1-bedrooms, 43 two-bedrooms and 16 3-bedrooms;
  • a total density of 10.28 FSR;
  • a building height of 349 ft.;
  • 10,531 SF of cultural amenity space on the ground, mezzanine and second levels to be owned by the City of Vancouver;
  • 6 levels of underground parking with a total of 105 parking spaces and 345 bike stalls.

The application describes the design rationale: “The proposed project seeks to maximize density and height on the site, to the extent that an appropriate response to the surrounding context and the City will accept. The corner site on the northeast corner of Hornby and Drake Streets is small at 14,955 sf, and surrounded by taller and larger projects. To the east is 41 storey ‘Tate’, nearing completion, and across Drake Street to the south is 31 storey ‘Salt’. Burrard Place to the west across Hornby is under construction and when complete will be a dominant neighbourhood landmark at 53 storeys. The north property line is shared with ‘Pure’, a 15 storey mixed use project that sits only 25 feet from the common property line.

Given the close proximity to other buildings, it was understood at the outset of the project that any redevelopment in tower form would have to be tall, elegant and slender, and demonstrate a character that would make it ‘stand out in a crowd’. The project was seen as an opportunity to demonstrate that redevelopment of small sites is not only feasible, but can enhance the built environment through unique and original architecture.

The challenge to achieve feasibility has been much more difficult than anticipated, primarily due to two significant encumbrances on the property that were not fully anticipated at the outset. To achieve the City mandated 80 foot separation between towers, a setback on the north side of the property had to be increased from the typical 40 feet to 55 feet, due to the atypical proximity of ‘Pure’ to the common property
line. This condition meant that the tower floor plate of the proposal could not be much greater than 5,000 sf, which limits efficiency and the number of suites per level. It also forced a 2 versus 3 elevator solution, to keep the core as small as possible.”

This rezoning application is being considered under the Downtown Potential Benefit Capacity Policy.

The architect for the project is Merrick Architecture.

February 11, 2019by david.taylor@colliers.com

Search the Site

Vancouver Market Follow

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

vancouvermrkt
Retweet on Twitter Vancouver Market Retweeted
globeandmail The Globe and Mail @globeandmail ·
16 Apr

First Capital REIT acquired by Choice Properties and KingSett for $5.2-billion

Reply on Twitter 2044762643806949766 Retweet on Twitter 2044762643806949766 3 Like on Twitter 2044762643806949766 4 X 2044762643806949766
Retweet on Twitter Vancouver Market Retweeted
gravitasmsn MN @gravitasmsn ·
16 Apr

First Capital REIT --> Choice Properties REIT and Kingsett Capital are teaming up to acquire the Canadian real estate company in a deal valued at over $9 billion, including assumed debt. Choice Properties will acquire roughly five billion dollars worth of shopping centres, while

Reply on Twitter 2044768222269063276 Retweet on Twitter 2044768222269063276 1 Like on Twitter 2044768222269063276 1 X 2044768222269063276
Retweet on Twitter Vancouver Market Retweeted
northshorenews North Shore News @northshorenews ·
16 Apr

West Vancouver condo project in receivership, causing 'heartbreak' in Dundarave

Reply on Twitter 2044620858858274895 Retweet on Twitter 2044620858858274895 6 Like on Twitter 2044620858858274895 14 X 2044620858858274895
vancouvermrkt Vancouver Market @vancouvermrkt ·
9 Apr

Greater Vancouver commercial real estate transactions down 8.3% in 2025 via @westerninvestor

Reply on Twitter 2042378406193738120 Retweet on Twitter 2042378406193738120 Like on Twitter 2042378406193738120 1 X 2042378406193738120
Load More

Categories

  • Apartment
  • Condo
  • Development
  • For Sale
  • Hotel
  • Investment
  • Land
  • Market Research
  • Office
  • Rental
  • Retail
  • SOLD


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.

© 2019 Copyright  |  All Rights Reserved