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, Retail

127-Unit Rental Building Planned for Vacant Kingsway Site

A rezoning application has been submitted by Kerkhoff for the long vacant gas station site at the corner of Kingsway and Rupert Street in East Vancouver.

The 25,000 SF triangular site at 2970 Kingsway is zoned C-2 and has sat vacant for several years. The new rezoning proposal is a 6-storey rental building with retail at grade, and includes:

  • 127 market rental units;
  • 36 studios, 46 one-bedrooms, 39 two-bedrooms & 6 three-bedrooms;
  • 13,000 SF of ground floor retail space;
  • A total density of 3.96 FSR;
  • A building height of 78 ft.;
  • rooftop amenity space;
  • 99 vehicle parking spaces and 254 bicycle parking spaces.

The application describes the design rationale: “The proposed massing carries the full 6-storeys at both Kingsway facing corners, with the building form overhanging the commercial units below. This strategy articulates the corners as urban markers, responding to the presence of the street intersection in a unique manner, and further accentuated by wrapping building form and extending residential balconies.

The Kingsway frontage of the property is over 345’-0” / 105m long, so breaking this facade into smaller components is a fundamental requirement. By varying the unit types along this facade (and hence the unit widths) and exploring different balcony conditions, a significant amount of relief and interest in the building massing is created. This infill portion, book-ended by the larger massing components at the corners, is planar with the commercial units below, but setback at the top floor.”

The application is being considered under the Secured Rental Policy.

The architect for the project is Formosis Architecture.

The site had been listed for sale in 2019 with an asking price of $9,750,000 or roughly $100 per buildable sq ft based on the application.

August 6, 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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