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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, Development, Office

PCI Proposing 12-Storey Mass Timber Rental Building for Port Moody

PCI Group has submitted their OCP amendment, rezoning and development permit application to the City of Port Moody’s Advisory Design Panel for 2933-3005 Murray Street, a 45,000 sq ft site just east of the Moody Street overpass in the Moody Centre area. The site sits directly North across the train tracks from Moody Centre Station.

The current OCP designation for the site is 6-storeys and mixed use commercial, industrial and residential.

The application proposes to amend the OCP and rezone to allow a 12-storey, mass timber building containing:

  • 207 market rental units, including 21 (10%) below-market units;
    • 156 studios and one-bedroom units, 48 two-bedrooms & 3 three-bedroom units;
  • 8,400 sq ft of mixed employment space;
  • 1,000 sq ft of ground floor affordable artist space;
  • a total density of 3.31 FSR (after dedication);
  • 15,000 sq ft dedicated as protected land for Slaughterhouse Creek;
  • a total of 139 parking spaces.

The application describes the overall concept: “The proposed development is configured in a U-shape with two narrow east and west facing wings, served by external single-loaded corridors above a two-storey podium. This creates a south facing outdoor courtyard between the two wings on top of the podium. This site layout along with the 12-storey building form means that when the development is viewed from Murray Street, as well as the east and west, the massing may appear somewhat bulky and overwhelming given the relatively small site size, especially given that the OCP envisages a six-storey form of development along Murray Street.”

The architect for the project is Perkins + Will.

September 14, 2021by david.taylor@colliers.com

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David Taylor Personal Real Estate Corporation

Colliers International

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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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