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, Retail

6-Storey Building Planned for Granville & Drake Corner Lot

A development application has been submitted for the Northeast corner of Granville and Drake Streets in Downtown Vancouver. The corner has long been home to 7-Eleven.

The 50 foot (6,000 SF) corner lot was sold in February 2019 for $8,000,000. The zoning is DD.

The plan for redevelopment of the site is a 6-storey, mixed-use building that includes:

  • 29 residential units;
  • 24 one-bedrooms & 5 two-bedrooms;
  • 1,300 SF of retail space;
  • a total density of 3.50 FSR;
  • a building height of 70 ft.;
  • 3 at grade parking spaces having vehicular access from the rear lane.

The application describes the design rationale: “The proposal seeks to develop a single linear corner site to accommodate a stacked 6-storey building comprising of a single level of commercial use on the ground floor and five levels of residential units above. The building will be serviced by a single basement level housing bicycle parking, bulk-storage lockers, and service rooms.

As per the guidelines, there is zero building setback along the Granville and Drake Street sides, and a 15’ building setback along the lane edge. The main commercial space on the ground floor is located on the corner of Granville and Drake, allowing for continuous commercial continuity along Granville and a strong anchoring exposure to the corner of the street intersection. This commercial space is serviced by a Class B loading bay at the lane side, connected via a loading corridor that runs along the firewall edge of the building.


The residential entry is accessed off the quieter Drake Street side, providing clear visual identity away from the commercial corner. The five residential levels above house a total of 29 units consisting of junior one bedroom unit, regular one bedroom units, and larger two bedroom units. Each unit has access to a private balcony and a designated bulk-storage locker in the basement.”

The architect for the project is GBL Architects.

May 15, 2020by david.taylor@colliers.com
Apartment, Development, Retail

15-Storey Rental Tower Planned for West 41st Site

A rezoning application has been submitted by Bogner Development for a three-lot land assembly on West 41st Avenue at Columbia Street, two blocks East of Oakridge Centre.

The 22,643 SF site at 208-232 West 41st Avenue is currently zoned RS-1 and improved with three single family houses.

The proposal is for a 15-storey rental building including:

  • 156 market rental units;
  • 23 studios, 80 one-bedrooms, 42 two-bedrooms & 11 three-bedrooms;
  • 7,000 SF of retail space at grade;
  • amenity space on the rooftop;
  • a total density of 5.84 FSR;
  • a maximum building height of 169 ft.; and
  • 95 underground parking stalls and 290 bicycle spaces.

The application is being considered under the Cambie Corridor Plan.

The architect for the project is GBL Architects.

May 15, 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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