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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Condo, Development

43-Units Planned for Vacant West 7th & Fir Corner Site

Solterra Development has submitted a development application for a vacant lot at the Southwest corner of West 7th Avenue and Fir Street. Solterra acquired the site in 2011 after which time the 2-storey office building (Family Services of Greater Vancouver) was demolished. A previously approved development application for the 9,406 SF site was shelved and the site has since sat vacant for several years.

The current proposal for 1616 West 7th Avenue is for a new-11-storey building under the existing C-3A guidelines and includes the following:

    • 43 condo units;
      • 17 one-bedrooms, 23 two-bedrooms & 7 three-bedroom units
    • 4 two-storey townhomes along West 7th Avenue; 
    • a total density of 5.40 FSR;
    • a 5,901 SF cultural facility space (provision allowing increase above 3.0 FSR);
    • over four levels of underground parking with 78 stalls.

The architect for the project is IBI Group.

Solterra acquired the site in 2011 for $4,287,500, or $95 per buildable SF based on the application.

July 10, 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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