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, Development

Bosa Submits Revised Rental Plan for West End Towers

Bosa Properties has submitted new rezoning applications for two tower sites they own in the West End that had previously been envisioned for condos & social housing in 2017. With a slowdown in the condo market in 2018-2019, the projects were put on hold.

The sites are located at the Northeast and Southeast corners of Harwood Street and Thurlow Street.

The former development proposals sought 191 condos and 59 social housing units spread between the two sites, or 75% market condos with 25% social housing; however, a City of Vancouver policy change in November 2020 allowed a switch to rental housing with below-market rental in place of social housing.

The proposal for the two site is two 34-storey residential towers and includes:

  • 575 rental units (with 462 market rental units and 113 below-market rental units)
  • A gross density of 13.1 FSR for both sites;
  • Building heights of 316 ft.;
  • Seven levels of underground parking with 151 vehicle parking spaces, 11 accessible spaces, 534 Class A bicycle parking spaces and 15 Class B bicycle parking spaces.

The application is being considered under the Criteria for 100% Secured Rental and Below-Market Housing as an Alternative to Inclusionary Social Housing in the Burrard Corridor, Rezoning Policy for the West End,and the West End Community Plan.

The architect for the project is Henriquez Partners Architects.

April 14, 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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