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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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

Plan for Arbutus Assembly Includes 116 Rental Units

PCI Group has submitted their rezoning application for 3609-3687 Arbutus Street, a 33,000 SF site that they acquired earlier this year. The site is located on the West side of Arbutus between West 20th and West 21st Ave.

The five-lot, full block assembly is currently zoned RS-1 but is proposed to allow for the development of two 6-storey residential buildings including:

  • 116 market rental units;
  • 4 studios, 66 one-bedrooms, 32 two-bedrooms & 14 three-bedrooms;
  • a total density of 2.53 FSR;
  • a maximum height of 73 ft.; and
  • 74 underground parking stalls and 227 bicycle spaces.

The proposal describes the design rationale: “The proposed site is approximately 264 feet long and slopes over 2m down from the south to the north along Arbutus Street, and over 1.5m down towards the west at the lane. In response, and as per the City’s advice, the project has been split into two buildings, with the north building lower than the south building. The offsetting of the buildings follows the slope of the site, reduces
the height, and minimizes grade changes between the sidewalk and the ground oriented units facing the street. In addition, a courtyard space has been created between the buildings with amenity rooms located on each side.

The buildings provide further massing relief by stepping back at Levels 5 and 6 to create a four storey emphasis and to mitigate shadow impact on adjacent properties. This also provides generous terrace space for the units on Level 5. The rooftops have amenity terraces complete with planting, children’s play spaces, urban agriculture, BBQ and seating spaces. At the street and the lane, masonry portals are used to define balconies and anchor the building with elements that align with the scale of the neighbourhood.”

The architect for the project is BHA Architecture.

The application is being considered under the Affordable Housing Choices Interim Rezoning Policy.

The full rezoning application can be viewed here: https://rezoning.vancouver.ca/applications/3609-3687arbutusst/index.htm

May 7, 2020by david.taylor@colliers.com
Condo, Development

184 Condo Units Planned for Port Moody Site

An OCP Amendment and Rezoning Application has been submitted by Porte Communities for a site located at 1865-1895 Charles Street, on the Western part of Port Moody.

The 96,000 SF site was sold by our team in 2017.

The proposal consists of two condo buildings (appearing as 4-storey and 5-storey buildings on front elevation) that includes:

  • 184 condo units;
  • 79 one-bedrooms, 86 two-bedrooms & 19 three-bedrooms;
  • a total density of 1.85 FAR;
  • 279 underground parking spaces.

Due to the slope of the site, the rear building is technically 8-storeys and would require an OCP Amendment. The lots will be rezoned from RS-1 single family to RM-8.

The architect for the project is GBL Architects.

May 7, 2020by david.taylor@colliers.com
Apartment, Condo, Development

Port Moody Project Revised for Micro Suites

BLDG Development (W. Laidler Sales Corporation) has submitted a revised application to the City of Port Moody for a site first pitched for a rental project in August 2019.

The 18,000 SF site is located at 148-154 James Road, just East of Moody Middle School. The 2019 proposal was for a 6-storey rental and condo building with 64 conventionally sized units and a density of 3.14 FAR.

The modified application would keep the 6-storey building form, but would include the following:

  • 114 units (92 strata, 22 rental);
  • 66 studios, 43 one-bedroom units & 5 two-bedroom units;
  • Average units sizes of 359 SF for studios, 472 SF for one-bedrooms;
  • a reduced total density of 3.0 FAR;
  • 68 parking stalls.

In a unique model, the project would contain “a total of 22
rental units (for a period of ten years) and 92 strata units. Of these units, 11 rental units and 11 strata units would be reserved for lower income earners who earn less than $51,000 per year.

The 11 strata units would have a restriction on resale for two years. There would be no restrictions placed on the remaining 11 rental units.
Although a total of 11 rental and 11 strata units would be reserved for persons earning less than $51,000 per year, it is unknown at this time whether the rental rates or purchase prices would be reduced to an amount that would be considered as below-market or affordable housing. As a
reference, the BC Housing 2019 Housing Income Limits (HILs) rates would suggest a monthly rent of $1,288 for a one-bedroom or studio unit, but likely does not take into consideration the smaller micro dwelling style units, as proposed with this project.
“

In addition, a pre-release of the units would be available for and marketed specifically to:

  • persons earning less than $51,000;
  • persons aged 65 years and older;
  • persons with mobility challenges;
  • families where two generations are seeking to reside in separate units in the same building; and
  • persons who qualify for BC Housing’s Shelter Aid For Elderly Renters (SAFER) program.

The architect for the project is Integra Architecture.

The project is at the Community Planning Advisory Committee and would require referral back to Council for approval.

May 7, 2020by david.taylor@colliers.com

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First Capital REIT acquired by Choice Properties and KingSett for $5.2-billion

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First Capital REIT --> Choice Properties REIT and Kingsett Capital are teaming up to acquire the Canadian real estate company in a deal valued at over $9 billion, including assumed debt. Choice Properties will acquire roughly five billion dollars worth of shopping centres, while

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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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