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

62 Townhouse Units Proposed for Cambie Corridor Block

Belford Properties has submitted their development application for a full-city block in the Cambie Corridor Phase 3 townhouse area. The 45,989 SF site comprises seven RS-1 zoned lots on the South side of West 28th Avenue between Ash and Heather Streets.

The lots were previously rezoned to RM-8A and consolidated into one lot. The proposal for the block consists of:

  • 62 units in stacked townhouse and rowhouse form;
    • 24 one-bedroom units, 10 two-bedrooms & 28 three-bedrooms;
  • a density of 1.19 FSR;
  • a proposed height of approximately 38 feet for front and approximately 28 feet for rear buildings; and
  • one level of underground parking providing 63 parking spaces, having vehicular access from the lane.

The application describes the design rationale: ” The development consists of 9 blocks arranged around a courtyard the blocks are arranged such that none of the building widths exceed 27m. While the zoning guidelines would allow for building depths of up to 14.2m we have opted for wider units with decreased depth in order to maximize access to daylight and ventilation within the units as well as provide a more generous courtyard.

Section 2.6.3 of the zoning guidelines recommends a minimum courtyard width of 7.3m, and this proposal achieves a courtyard width which varies between 9.3m and 9.9m. The individual buildings are further broken down by individually rotating each townhouse by 3 degrees and by Design Approach allowing the ground floor level for each block to step down with the sloping site. This allows for a strong expression of distinct units which is further emphasized by the use of different shades of brick, and color elements at the entrance canopies.

All units are accessed either directly from the street, or have their main entrances at the courtyard via a private patio. The courtyard can be accessed by 3 entrances along West 28th, entrances at both Ash and Heather Street as well as a 2 connections via the lane.”

Under the proposed RM-8A zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning.

The architect for the project is Simcic + Uhrich Architects.

The site was assembled in 2018 for $33,000,000 or $602 per buildable SF.

February 18, 2020by 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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