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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Condo, Development, Office, Retail

Keltic Development Planning Strata Medical Office Building Next to New Hospital

Keltic Development has submitted their formal development application for 220 Prior Street, a 20,000 SF site, an I-3 zoned site adjacent the future new St. Pauls Hospital that they acquired in February 2020 for $25,000,000.

The proposal for the site includes a new 10-storey office building that includes:

  • 1,600 SF of retail on the ground floor;
  • 16,000 SF of manufacturing/light industrial uses on the main & 2nd floor;
  • 84,000 SF of medical office space;
  • a total density of 5.0 FSR;
  • a building height of 149 ft.;
  • 173 parking spaces on four underground levels.

Under the site’s existing I-3 zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning.

The architect for the project is MCMP Architects.

August 23, 2020by david.taylor@colliers.com
Development, Office, Retail

Reliance Proposes Rehab & Mass Timber Addition at 837 Beatty Street

Reliance Properties has submitted a development application to rehab and expand a building that they own at 837 Beatty Street in Downtown Vancouver.

The plan includes preserving the existing 2-storey heritage warehouse/office building constructed in 1911, and adding three additional floors of office space. The site is zoned DD is 6,992 SF.

A previous proposal for a 26-storey residential tower was not supported by the City due in part to shadowing on Terry Fox Plaza.

Details include:

  • retail uses on the ground floor;
  • office uses on the 2nd to 5th floors;
  • rooftop amenity space;
  • a total building area of 39,000 SF;
  • modern mass timber beams and columns and laminated timber floors;
  • steel elements to provide code compliant lateral resistance;
  • a building height of 90 ft.;
  • a density of 5.50 FSR including a 10% heritage density bonus;
  • loading is located in the lower level having vehicular access from the lane.
Existing Building

Under the site’s existing DD zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Development Permit Board.

Reliance acquired the site in 2015 for $9,880,000.

The architect for the project is OMB Architects.

August 23, 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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