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

Phase 2 of Concord Metrotown to Include 5 Towers, 2,100 Units

Concord Pacific has submitted their formal rezoning application to the City of Burnaby for Phase 2 of their Concord Metrotown project, on the Western portion of the overall site.

The overall master plan for the Concord Metrotown project originally proposed four phases of development. Concord has now proposed to coalesce the last three phases into one rezoning as a larger second phase. The total site area of Phase 2 is 5.30 acres and will likely be built out over a period of several years.

The proposal includes:

  • a 40-storey condo & non-market rental building;
  • a 49-storey condo & non-market rental building;
  • a 58-storey condo & non-market rental building;
  • a 47-storey, 375,000 SF office tower at 614 ft. height;
  • a 60-storey market rental building;
  • a gross floor area of 2.3 Million SF;
  • a total density of 9.99 FAR;
  • 1,145 condo units;
  • 188 non-market rental units;
  • 791 market rental units;
  • 616,000 SF of commercial space;
  • 3,054 parking stalls.
July 22, 2022by david.taylor@colliers.com
Condo, Development, Office, Retail

Mixed Use Building Proposed for Dundarave Village Site

A development permit application has been submitted by Dundarave Beachside Limited Partnership for an assembly of six commercial properties totaling 43,765 SF in the Dundarave Village area of West Vancouver.

The site at 2452-2496 Marine Drive is located at the Southeast corner of Marine Drive and 25th Street. It is currently occupied by a Shopper Drug Mart and several other single-storey retail tenants.

The proposal is for a new three-storey building that includes:

  • 55 condo units;
    • 20 one-bedrooms, 27 two-bedrooms & 8 three-bedrooms;
  • 12,000 SF of retail space;
  • 10,000 SF of office space;
  • a total density of 2.29 FSR;
  • a plaza and parkette at Marine Drive and 25th Street
  • an improved pedestrian connection at the east end of the site
  • 122 underground parking spaces;
  • 110 bicycle storage spaces.

The architect for the project is IBI Group.

July 22, 2022by 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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