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

Redevelopment of West Van Rental Site Could Include 21-Storey Tower

The preliminary proposal has been submitted for redevelopment of the Shoreland Apartment site at 2190 Bellevue Avenue. The redevelopment had been rumoured last year and was thought to include a concurrent application and demolition of the “Pink Palace” building known as Villa Maris at 2222 Bellevue, although the application does not anticipate immediate redevelopment of Villa Maris at this time.

The Shoreland is a 62-unit, 11-storey rental apartment building that was built in 1963 by the current owners. The site is 29,185 SF in size.

The current zoning for the site is RM2 which allows up to 20 storeys in height.

The owners have put forth two potential redevelopment options for Council to consider:

  • Option one: 
  • 6 storey non-market building on the west side of the site and a 17 storey market building on the east side of the site
  • 186 rental units (24 non-market rental units and 162 market rental units).
  • 5.20 FAR density
  • Option two: 
  • 6 storey non-market building on the west side of the site and a 21 storey market building on the east side of the site
  • 230 rental units (24 non-market rental units and 206 market rental units). 
  • 6.24 FAR density

Both options include a 6-storey building with affordable units dedicated for “essential service workers”.

A tenant relocation assistance strategy is proposed to be implemented which includes the Villa Maris site located at 2222 Bellevue Avenue. The proposal does not include redevelopment of the Villa Maris site.

The preliminary development proposal will be presented to Council on June 22, 2020, to determine if the proposal can proceed to public consultation prior to the adoption of the Ambleside Municipal Town Centre Local Area Plan.

The architect for the project is James Cheng.

June 18, 2020by david.taylor@colliers.com
Apartment, Development

Proposal Would Switch Cambie Condo Project to Rental

A second rezoning application has been submitted for a small corner site at Cambie and West 32nd in Vancouver that had been previously approved for a 15-unit condo project in 2017. The rezoning was never enacted and the project never went into pre-sales.

The new proposal seeks to switch the project from condo to rental, keeping the same 6-storey building form and density.

The rental proposal includes:

  • 34 market rental units (from 15 condos);
  • a density of 2.46 FSR (unchanged);
  • Building height of 71 ft.;
  • 29 vehicle parking spaces and 64 bicycle parking spaces.

There is no change in the density, height, or form of development from the prior approved application. This new application will be subject to all current policies, guidelines, bulletins, and development permit requirements. A virtual Q&A will not be held for this application, however questions can be emailed to staff at any time.

The application is being considered under the Cambie Corridor Plan.

June 18, 2020by david.taylor@colliers.com

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David Taylor - Senior Vice President @ColliersCanada. Chronicling investment and development activity in Vancouver. Views are my own.

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16 Apr

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

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gravitasmsn MN @gravitasmsn ·
16 Apr

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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northshorenews North Shore News @northshorenews ·
16 Apr

West Vancouver condo project in receivership, causing 'heartbreak' in Dundarave

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9 Apr

Greater Vancouver commercial real estate transactions down 8.3% in 2025 via @westerninvestor

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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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