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, Market Research, Office

Details Emerge for Coquitlam’s Updated City Centre Area Plan

The City of Coquitlam Council will receive a report next week for information and feedback regarding residential density and land use transition approach for the City Centre Area Plan (CCAP) Update. The planning update got underway last year, and it is anticipated that a draft plan will be presented to Council in Summer 2019.

The original CCAP was developed in 2008, and updated with a Transit Oriented Development Strategy in 2012. This update was initiated to capitalize on the Evergreen Line, with an intent to prioritize high density development around the new station areas. The City Centre update projects 24,000 new residents by 2046.

The focus for proposed new residential density will be broadly defined in two separate areas:

Core Area 

The majority of land use changes to the existing 2008 CCAP are proposed around
the Coquitlam Centre and Lincoln Skytrain stations. Currently, the maximum permitted density for all residential and commercial uses under the City Centre Commercial land use designation (C-4 zone) is 6.5 FAR inclusive of density available for affordable housing, with a 0.5 FAR commercial floor space requirement. It is proposed that a maximum FAR of 6.5, inclusive of density available for affordable housing, and a 1.0 commercial FAR requirement be applied in the Commercial Downtown Core until a comprehensive review of the City’s density bonus program is completed. 

The City separately reviewed commercial densities in a discussion paper released last month in which an increase in minimum commercial densities in the City Centre was recommended.

For areas designated as City Centre Commercial outside of the Commercial Downtown Core, the existing 6.5 FAR maximum, inclusive of density available for affordable housing, and 0.5 FAR commercial floor would be maintained.

Shoulder Area

Outside of the Commercial Downtown Core and City Centre Commercial designation, a combination of high and medium density residential rounds out the residential density and land use transition.

High density residential allows up to a 5.5 FAR, inclusive of density available for
affordable housing, under the RM-6 zone without any height limit and the medium density land use allows up to a 2.64 FAR, inclusive of density available for affordable housing, under the RM-3 zone with a height limit up to 8-storeys.

To provide a transition to the adjacent lower density neighbourhoods, site
specific height limits are proposed for high density (20-25 storey) and medium
density (4-6 storey) residential areas. Although proposed residential land use changes are primarily within the CCAP Focus Area, staff recommends a land use change for the area east of Inlet Street and south of Tahsis Avenue from low density apartment residential and townhousing to medium density with a 4-6 storey height limit.

A medium density land use form with a 4-6 storey height limit in this area will serve as a transitional land use between the Commercial Downtown Core and peripheral areas in City Centre and blend into adjacent established, lower density neighbourhoods.

 

A draft plan will be developed with a final round of public consultation and council consideration later this year.

Further detail on the City Center Area Plan update can be viewed on the City of Coquitlam’s website, here: https://www.coquitlam.ca/planning-and-development/resources/special-plans-projects/city-centre-area-plan-update

March 8, 2019by david.taylor@colliers.com

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David Taylor Personal Real Estate Corporation

Colliers International

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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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