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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Apartment, Retail

573-Unit Rental Project Envisioned for SW Marine Drive Site

Chard Development has submitted their rezoning application for the Denny’s site at 622 SW Marine Drive in Marpole.

The proposal calls for the development of two towers at 28 and 32 storeys on top of two 6-storey podiums separated with a mid-block break. The proposal includes:

  • 573 market rental units w/ 20% of floor space allocated to below-market rental;
  • Market rental: 56 studios, 241 one-bedrooms, 153 two-bedrooms & 6 three-bedrooms;
  • Below market: 54 studios, 21 one-bedrooms, 36 two-bedrooms & 6 three-bedrooms;
  • 35% of the below-market rental floor space provided as social housing operated by the YWCA;
  • A total density of 6.68 FSR;
  • 16,700 SF of ground floor retail space;
  • 7,100 SF of second floor daycare space;
  • A building height of 335 ft.;
  • 276 vehicle parking spaces and 1096 bicycle parking spaces

The proposal also includes 35% of the below market units as social housing operated by the YWCA.

The application is being considered under the Marpole Community Plan and the Ashley Mar Issues Report (February 11, 2020).

The architect for the project is MCMP Architects.

Chard acquired the site through Colliers in December 2020 for $68,138,000, or $142 per buildable SF based on the gross density in the rezoning application.

January 13, 2021by 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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