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

35-unit Condo Slated for Main & 35th

A rezoning application has been submitted by Bogner Development Group for a small site at the corner of Main and East 35th.

The 10,000 SF site is an assembly of 3 duplexes at 5107-5119 Main Street and 196 E 35th Avenue is currently zoned RT-2. The proposed redevelopment anticipates a 6-storey condo building that includes:

  • 37 condo units;
  • 4 studios, 16 one-bedrooms, 13 two-bedrooms, 4 three-bedrooms;
  • A total density of 2.34 FSR;
  • A building height of 65 ft.;
  • 32 vehicle parking spaces and 72 bicycle parking spaces.

The application is being considered under the Little Mountain Adjacent Area Rezoning Policy.

The architect for the project is Integra Architecture.

The site was purchased in 2018 for $9,915,000 or $351 per buildable SF based on the application.

September 16, 2020by david.taylor@colliers.com
Apartment, Development

222 Rental Units Planned for Oak & 41st

Wesgroup has submitted a rezoning application for a 37,000 SF site they own at the Southwest corner of Oak Street and West 41st. The site is comprised of the former Chevron gas station at the corner, as well as a 2-storey medical office building, and comprises effectively a full city block bounded by West 42nd and a lane.

The proposal calls for a large-scale rental development that includes includes:

  • Two towers, 8 & 16-storeys in height;
  • 222 market rental units (including 52 below market units);
  • 20 studios, 123 one-bedrooms, 55 two-bedrooms & 24 three-bedrooms;
  • 17,000 SF of retail space including a proposed grocery store;
  • A total density of 5.03 FSR;
  • Building heights of 179 ft and 90 ft.;
  • Partial 17th storey common amenity space;
  • 212 vehicle parking spaces and 492 bicycle parking spaces.

The application is being considered under the Cambie Corridor Plan.

The architect for the project is IBI Group.

The full application can be viewed here: https://shapeyourcity.ca/5763-5791-oak-st-and-1008-w-41-ave

Wesgroup acquired the two lots separately in 2017 for a combined $28.6 Million, or $147 per buildable SF based on the application.

September 16, 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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