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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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, Rental

22-Storey Rental Tower Proposed for South Granville Site

Palmar Properties has submitted a rezoning application under the Broadway Plan for a site at West 11th and Pine Street in the Fairview/South Granville area.

The site comprises an assembly of three older lowrise walkup apartment buildings built between 1955 and 1980. Together, the site has 22 rental units currently.

The 18,750 SF site at 1665-1685 West 11th Ave is designated in the Broadway Plan subarea of Fairview South – Area A, (FSOA). The FSOA Policy Area permits tower forms up to a maximum height of 20 storeys and a maximum density of 6.5 FSR for sites with a minimum frontage of 150 ft. Minor increases in height and density can be considered for delivery of ground-level local-serving retail/service uses or childcare. The application is seeking these increases with initial staff support.

The proposal for the site is a 22-storey rental tower that includes:

  • 190 rental units;
  • 152 market rentals;
  • 38 below market rentals (20%);
  • A 25-space private childcare facility;
  • A total density of 6.80 FSR;
  • A building height of 248 ft.
  • 44 parking stalls.

This application is being considered under the Broadway Plan.

The architect for the project is Acton Ostry.

February 16, 2024by david.taylor@colliers.com
Apartment, Development, Rental, Retail

116-Rental Tower Latest Broadway Plan Application

A new rezoning application has been submitted for a site in the South Granville area of the Broadway Plan.

The 12,507 SF mid-block site is located at 1365 West 12th Avenue, on the North side of West 12th between Hemlock and Birch Streets. The site is currently improved with a 3-storey walkup apartment building with 19 units known as Shamrock Manor.

The proposal is to allow for the development of a 20-storey rental building that includes:

  • 116 market rental units;
  • 20% below market rental units (approximately 23 units);
  • 14 studios, 34 one-bedrooms, 56 two-bedrooms & 12 three-bedrooms;
  • 2,300 SF of retail space on the ground floor;
  • A total density of 6.50 FSR;
  • A building height of 222 ft.

This application is being considered under the Broadway Plan.

The architect for the project is Sea to Sky Architecture.

The site was acquired in February 2022 for $9,450,000 or $116 per buildable SF based on the application.

February 16, 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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