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, Retail

Rental Building Proposed for Former Richmond Cactus Club Site

Headwater Projects has applied to the City of Richmond for permission to rezone the former Cactus Club site on No 3 Road, at the Southeast corner of No. 3 and Lansdowne Road, just South of Lansdowne Mall. The site is 29,000 SF in total.

The proposed rezoning would permit the development of a new 15-storey purpose built rental development with ground floor retail. Details include:

  • 149 market rental apartment units;
    • 13 studios, 62 one-bedrooms, 73 two-bedrooms;
  • 5,732 SF of ground floor retail;
  • a total density of 3.7 FAR;
  • 143 parking spaces.

The project requires an OCP amendment: ” The Official Community Plan (OCP) designates the subject site as “Mixed Use”. The proposed OCP amendment and proposed rezoning are consistent with this designation. The OCP, in Section 3.3 (Diverse Range of Housing Types, Tenure and Affordability), also encourages the development of purpose-built market rental housing and allows for up to a 0.25 FAR density bonus for projects with 100% market rental housing residential use, where 100% of the units incorporate basic universal housing features, and provide at least 40% family-friendly unit sizes (having at least two bedrooms). An OCP Amendment is being brought forward in conjunction with this application to amend the Market Rental Housing Policy under Section 3.3 to introduce wording to permit additional density bonus area for new rental housing projects on a site specific basis to meet community need. Projects would still need to meet the design objectives of the CCAP. The proposed rezoning is consistent with this proposed OCP amendment. “

The architect for the project is MCM.

February 24, 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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