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

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January 14, 2024by david.taylor@colliers.com
Apartment, Condo, Development

Cressey Opts for Townhouses on Quilchena Gardens Site

Cressey Developments has submitted a development application to the City of Vancouver for the redevelopment of ‘Quilchena Gardens’, a 3.0 acre site at the corner of Arbutus and West 32nd on the Westside of Vancouver.

The site is currently improved with 1960’s era lowrise buildings and has been the subject of speculation regarding redevelopment for the last several years.

A rezoning enquiry by the previous owners contemplated a medium density redevelopment with upwards of 500 rental, condo and social housing units in buildings up to 14-storeys; however, that plan never proceed to a formal rezoning and the site was eventually sold to Cressey in 2022 for $76,000,000.

Rather than pursue a complex rezoning process for the site, Cressey has decided to pursue a development under the existing zoning from 1963, with two-storey townhouses.

Details of the proposed development include:

  • Twenty 2-storey townhouse buildings;
  • 102 total units;
    • 33 rentals (20 one-bedrooms, 13 two-bedrooms)
    • 69 condos (two and three-bedrooms from 1,417 SF to 2,539 SF)
  • One level of underground parking, accessed from lane.

Under the site’s existing CD-1 (26) zoning, the application is “conditional” so it may be permitted. However, it is subject to approval of the Form of Development, and it requires the decision of the Development Permit Board.

The architect for the project is Formwerks Architectural.

January 14, 2024by 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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