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, Land

New Westminster Releases Vision for 22nd Street Station Neighbourhood

The City of New Westminster has released a report outlining their proposed vision for the 22nd Street Station area.

The 22nd Street Skytrain Station area is one of the lowest density Skytrain station areas in Metro Vancouver, and primarily a single family neighbourhood. The area was identified in the 2017 OCP for future planning consideration, which was originally commenced in February 2020 but put on pause until mid-2023. The Provincial TOA legislation has since informed the draft vision for the neighbourhood.

The overall concept for the area is a “Transit Village” that could house up to 30,000 new residents at full build out.

The indicated land use patterns align with the Provincial TOA legislation, allowing up to 5.0 FSR highrise development nearest the station, with 3.0 FSR lowrise development further out.

New Westminster intends on further public consultation this Fall, with a final draft to Council by December 2024, and OCP amendments to facilitate new rezoning applications in 2025.

September 13, 2024by david.taylor@colliers.com
Condo, Development, Rental

Proposal for Langara YMCA Site Envisions Two Towers, 665-Units

Musqueam Capital Corporation, in partnership with YMCA BC and Townline have submitted a rezoning application for the redevelopment of the 2-acre Langara YMCA property at 282 West 49th Avenue.

The proposal is for a mixed-use development with a condo tower, a market rental tower, and a lowrise affordable hosing building. Overall, the project includes:

  • 308 market rental units;
  • 269 condo units;
  • 88 social housing units;
  • 1,900 SF of retail space;
  • A 32,000 SF replacement YMCA facility with associated childcare;
  • a total density of 6.66 FSR;
  • A maximum building height of 400 ft.

The application is being considered under the Cambie Corridor Plan and the Transit-Oriented Areas Rezoning Policy.

The architect for the project is Boniface Oleksiuk Positano Architects.

The full application can be viewed here: https://www.shapeyourcity.ca/282-w-49th-ave

September 13, 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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