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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Development, Office

333 Seymour to Undergo Reclad and Add Rooftop Amenity

A development application has been submitted to the City of Vancouver for an overhaul of the exterior of 333 Seymour Street, a 17-storey office building at Seymour and Cordova.

The building has been undergoing upgrades to it’s ground floor, lobby and podium since last year.

The proposal for the new exterior includes:

  • a cladding upgrade on the tower portion of the building (levels 3-17) to improve envelope performance;
  • a new 3,230 SF rooftop amenity space for building tenants; including kitchenette, lounge and outdoor terrace;
  • new exterior lighting and signage.
Existing building

Renderings also indicate that building signage will be included for Salesforce, a tenant in the building.

The application describes the new facade design: “The existing facade consists of a curtain wall system with an approximate 50/50 modulation between spandrel and vision glass. This results in a distinct, strong horizontal banding expressed in the tower massing. As part of the envelope upgrade, the project proposes to update the appearance of the tower, emphasizing a more vertical expression.

The application also describes the new rooftop space: “The north-facing side of the existing roof is proposed to be converted to an amenity space for building tenants. The siting of the terrace takes advantage of the views towards the waterfront and the north shore mountains.

Some of the program is to be allocated to a partial interior/exterior rooftop terrace, to include:

  • a refreshed elevator vestibule
  • new toilet rooms
  • enclosed kitchenette/lounge with
    operable glass walls
  • outdoor terrace”

The roof dome will also be refinished to match the new dark grey cladding used at columns and the roof top perimeter “frame”.

The architect for the project is Perkins and Will Canada Architects Co.

May 28, 2020by david.taylor@colliers.com
Apartment, Development, Office

4-Storey, 2.5 FSR Building Proposed for 33-ft Lot in Mount Pleasant

A development application has been submitted for a standard 33′ x 122′ lot on East 17th Avenue just East of Main Street. The site at 222 East 17th Ave is one of only a handful along the Main Street corridor with C-2 zoning despite being located off of Main Street and across an alley on a side street.

The lot is currently improved with an older single family dwelling.

Details for the redevelopment of the lot include:

  • a new 4-storey mixed-use building;
  • general office use on the main floor floor);
  • 5 residential units on floors 2-4;
  • a density of 2.50 FSR;
  • a proposed height of 45.28 ft.;
  • a total of 5 parking spaces having vehicular access from lane.

The application describes the design rationale and some of the challenges with the lot size: “For levels 2 and 3, the two dwelling units are separated by the circulation area (e.g. elevator, corridor, stairwell) that eats up most of the mid-section of the floor plan. This leaves us with a narrow strip of space that is particularly difficult to design without sacrificing over-all function and livability of each unit. By extending the maximum allowed limit of 50% Site depth (Section 4.5 of C2 Guidelines) to 60% we can better manage the use of space and make a more suitable design that is both livable and efficient. We are asking for a relaxation on the L2-L4 East side yard depth from 50% max. allowed to 60%.”

The architect for the project is Matthew Cheng Architect Inc.

The full application can be viewed here: https://development.vancouver.ca/pc222e17/index.htm

May 28, 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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