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, Condo, Development, Office, Retail

Major Revision to Oakridge Centre Development Includes Increased Rental & Office Density, Heights

A revised rezoning application has been submitted for Oakridge Vancouver, the 28-acre mall site that is currently under construction.

The full rezoning of the site took several years to complete, with full approval granted in 2018. The first phase is now under construction.

The new proposal seeks to increase building heights for the remaining phases above those approved in 2018, with up to 9 additional storeys per building. The proposed changes also include changing building form such as tower floor plate size; converting some condo density to rental; and adding new office space.

The majority of the site that is affected by the proposed rezoning is outside of the scope of the first phase of construction, which is projected to take four years to complete.

Overall details include:

  • 775 new housing units, including 319 additional market rental units and 94 moderate income rental units;
  • 377,260 sq. ft. of new office space;
  • Increase in overall density from 3.71 to 4.10 FSR;
  • Increase maximum heights for Buildings 2, 5, 6, 7, 9, 10, 11, 12, 13, 14 and the northeast office building;
  • No changes to buildings 1, 3, 4 & 8 (First two approved phases).

One of the more significant changes is to Building 5, previously a 43-storey condo building, which will now be converted entirely to market rental housing with 52-storeys and 587 units. The tower will be 477 ft. in height making it the tallest all rental tower in Vancouver.

A full summary of the proposed changes is outlined in the application (summarized below):

Revised renderings:

Details of the rezoning application can be viewed here: https://shapeyourcity.ca/650-w-41-ave

October 20, 2020by david.taylor@colliers.com
Condo, Development, Retail

84 Condos, Two Buildings Planned for Broadway & Arbutus Shell Site

Bastion Development has submitted two development applications for a proposal to redevelop the Shell gas station site at the Northwest corner of Broadway and Arbutus Street, as well as an adjacent peice of property at West 8th and Arbutus.

Bastion acquired the combined 29,000 SF site in 2013, long before the formal announcement of a Millenium Line Broadway extension which will see a stop located at the Northeast corner of this intersection.

The proposal(s) seek redevelopment of these sites under the existing C-3A and RM-4 zoning guidelines, rather than a lengthy and uncertain rezoning process.

Here is a breakdown of the two applications:

2103 West Broadway (Shell site):

  • An 11-storey condo building
  • 79 condo units;
  • 40 one-bedrooms, 36 two-bedrooms & 3 three-bedrooms;
  • 4,800 SF of retail space;
  • A height of 120 ft.;
  • A total density of 3.30 FSR;
  • Two levels of underground parking, providing a total of 120 parking spaces having vehicular access from the lane.

Under the site’s existing C3-A zoning, the application is “conditional” so it may be permitted. However, it requires the decision of the Development Permit Board.

2106 West 8th Avenue (adjacent 6,000 SF parcel)

  • A 3-storey condo building containing 5 units;
  • A height of 34.3 ft.;
  • A total density of 1.45 FSR;
  • 10 parking spaces provided in the adjacent development on Broadway.

Under the site’s existing RM-4 zoning(External link), the application is “conditional” so it may be permitted. However, it requires the decision of the Development Permit Board.

The architect for the project is Francl Architecture.

The site was acquired for $15,350,000 or $182 per buildable SF based on the two combined applications.

October 20, 2020by david.taylor@colliers.com

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16 Apr

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

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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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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

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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