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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Development, Office

22-Storey Office Tower Proposed for 550 Cambie

PC Urban in partnership with Quadreal have submitted a rezoning application for a 15,164 SF site at 534-550 Cambie St in the ‘Crosstown’ area of Downtown Vancouver.

The site is located mid block on Cambie Street between Dunsmuir
and Pender Streets in the Crosstown neighbourhood and within the
Central Business District (CBD) Extension area. Despite being located
mid-block, the site is bound on three sides by standard 20’ wide city
lanes.

The proposal is to allow for the development of a 22-storey office building that includes:

  • 258,000 SF of office space;
  • Office floorplates ranging from 9,250 sf to 15,132 SF;
  • 5,800 SF of retail space at grade;
  • A total density of 17.4 FSR;
  • A building height of 302 ft.;
  • Multiple private tenant decks as well as amenity decks;
  • 128 vehicle parking spaces on 5 underground levels.

The application describes the design rationale which is in part influenced by view cones and the proximity to Victory Square Park:

“The massing of the building is informed by the heights of the site view cone parameters and the Victory Square shadow guidelines and makes for a meaningful contribution to the Vancouver skyline. The office tower is broken down into two masses — a high rise portion and a low rise portion which is gradually terraced to respect the shadows over Victory Square. The proposed building adds an integral unique quality to the surrounding streetscape while respecting and paying homage to the heritage and character of nearby Gastown.”

The application is being considered under the Downtown Official Development Plan and Rezoning Policy for the CBD & CBD Shoulder.

The architect for the project is MCMP Architects.

December 9, 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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