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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Apartment, Development

63-Rental Units Proposed for St. Marks Church Site in Kits

Jameson Development Corp. has submitted a rezoning application for the former St. Mark’s Church site in Kitsilano at 1805 Larch Street. The site was sold by Colliers in May 2018 for $11,998,000.

The 150’x 118′ site is currently zoned RT-8. The rezoning proposes to permit the development of a new 5-storey rental residential building, including:

    • 63 rental units with a minimum of 20% of the residential floor area permanently secured for moderate income households;
      • 19 studios, 16 one-bedrooms, 20 two-bedrooms & 8 three-bedrooms;
    • a total density of 2.55 FSR;
    • a building height of 66 ft.; and
    • 56 underground parking spaces and 113 bicycle spaces.

This application is being considered under the Moderate Income Rental Housing Pilot Program (MIRHPP). This policy requires that at least 20% of the residential floor area (of total FSR) is to be made available to households earning between $30,000 & $80,000 per annum. 

The architect for the project is Metric Architecture.

The full rezoning application can be viewed here: https://rezoning.vancouver.ca/applications/1805larchst/index.htm

February 26, 2019by david.taylor@colliers.com
Condo, Development

59-Units Planned for West King Edward Site

A rezoning application has been submitted for a 30,000 SF land assembly at the Southwest corner of West King Edward Avenue and Ash Street in the Cambie Corridor area. The site at 620-644 West King Edward Avenue & 4111 Ash Street is currently zoned RS-1.

The site was assembled by Western Construction in 2016 for $19,230,000, or $351 per buildable SF based on the application.

The proposal consists of two 4-storey residential buildings and one three-storey townhouse building and includes:

  • 59 condo units;
    • 36 one-bedrooms, 14 two-bedrooms and 9 three-bedroom units;
  • a total density of 1.74 FSR;
  • a building height of 49 ft.; and
  • 77 underground parking spaces and 74 bicycle spaces.

This rezoning application is being considered under the Cambie Corridor Plan.

The architect for the project is WT Leung Architects.

February 26, 2019by 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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