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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, Condo, Development, Retail

632 Units Proposed for ‘Seylynn Centre’ Site in North Van

A preliminary rezoning application has been reviewed by the District of North Vancouver for ‘Seylynn Centre’, a 3.1 acre assembly of 24 lots previously single family homes demolished in 2018. The site, owned by Denna Homes, is now being used as the construction staging for the neighbouring ‘Apex’ tower by Denna across Fern Street from the site.

A previous proposal was submitted in 2017 that envisioned a 19-storey tower and 6-storey building with 412 units and a density of 2.90 FSR.

The revised proposal for the site includes a 22-storey tower and 6-storey podium in the eastern portion of the site (“Phase 1”) and a 29-storey tower and 6-storey podium in the western portion of the site (“Phase 2”).

Details include:

  • 334 condo units;
  • 146 market rental units;
  • 152 student housing units;
  • 17,825 SF of retail space;
  • a total density of 3.90 FSR;
  • a public plaza on the southern portion of the site;
  • 597 parking spaces.

The current proposal includes a density of 3.9 FSR, exceeding the site’s envisioned density of 2.9 FSR, and the “CRMU3” land use designation which supports a density up to approximately 3.5 FSR. The applicant is seeking an OCP amendment for the additional density, with the provision of non-market student housing, which equates to 1 FSR and 24% of the proposal’s residential component, provided in support of this request.

Further information about the preliminary proposal can be viewed here: https://www.dnv.org/property-development/1505-1571-fern-st-520-540-mountain-highway-1514-1568-hunter-st-seylynn-centre

July 13, 2023by 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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