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

Redevelopment of Dunbar Theatre Site to Include 45 Rental Units

A development application has been submitted to the City of Vancouver for the Dunbar Theatre site at 4555 Dunbar Street, at the corner of West 30th Avenue.

The proposal calls for the redevelopment of the 19,700 SF corner site with a new 5-storey, mixed-use building containing retail use on the first level and residential on levels 2 through 5.

The proposal includes the following:

  • 45 rental units;
    • 2 studios, 24 one bedrooms, 13 two-bedrooms & 6 three bedrooms;
  • 6,702 SF of theatre space;
  • 4,944 SF of retail space including a coffee shop and restaurant;
  • a total density of 2.89 FSR;
  • a building height of 68 ft.
  • Two levels of underground parking having vehicular access from the lane.

The proposal includes heritage designation of the retained exterior and structure of the Dunbar Theatre, originally constructed in 1935 and expanded and altered in 1964. The plan includes retaining the historic façade, theatre lobby, and select interior elements of the auditorium that are reinstated or replicated to match the original.

Under the site’s existing C-2 zoning, the application is “conditional” so it may be permitted. However, it requires the decision of the Director of Planning.

The architect for the project is Giant Union Design Architecture & Planning Ltd.

The site was assembled between 2017 & 2018 for a combined $30,180,000 or $558 per buildable SF based on the application.

August 1, 2023by 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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