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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Land, Market Research

City of Coquitlam Outlines OCP Review Process

City of Coquitlam council has released a report outlining the timing, process and scope of their OCP update.

As with other municipalities, work was already underway on an OCP review as of 2023 before the Provincial legislation changes. Now, the in-progress OCP review has been tweaked to accommodate the new legislation.

Coquitlam’s last full OCP was completed in 2002 and has been updated incrementally through various neighbourhood plans.

The staff presentation identifies potential land use designations:

Planning staff is now proposing an overhaul of the OCP, streamlining it by consolidating all neighbourhood plans into a single consolidated OCP, with all maps in dedicated schedules.

The report outlines the OCP update project as follows:

The OCP Review project is scheduled for completion in fall 2025, well ahead of the December 31, 2025 deadline for the provincial housing legislation OCP updates. The three high-level phases of the project are:

  1. Prepare (completed): review and analyze existing content to inform and
    support the overall project;
  2. Update (Summer 2024-Spring 2025): draft the necessary changes and
    prepare new draft document; and
  3. Adopt (Summer-Fall 2025): bring a draft of the updated OCP forward for
    consideration and adoption.

The report outlining the OCP review can be viewed here: https://coquitlam.ca.granicus.com/MetaViewer.php?view_id=2&event_id=1788&meta_id=75600

July 8, 2024by david.taylor@colliers.com
Apartment, Development, Rental

Proposal for Mount Pleasant Site Includes 273 Rental Units

Fiera Real Estate has submitted a rezoning application for a site at 396 East 2nd Avenue in the Mount Pleasant neighbourhood.

The site is located at the corner of East 2nd and Brunswick Street, just South of Great Northern Way, and is in the Broadway Plan Mount Pleasant North Apartment Area – Area A. The 27,790 SF site is currently improved with an older 53-unit walkup apartment building.

The proposal is to allow for the development of a 22-storey rental building with a 6-storey podium and includes:

  • 273 rental units with 20% below-market;
  • a total density of 6.50 FSR;
  • A building height of 214 ft.

This application is being considered under the Broadway Plan.

The architect for the project is Kasian Architecture. Colliers International’s Strategy and Consulting Group is the development manager for the project.

July 8, 2024by 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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