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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Condo, Development

51-Unit Stacked Townhouse Development Envisioned for Mount Pleasant Site

A development application has been submitted for the Bethleham Lutheran Church site at the corner of East 15th and Sophia in Mount Plesant.

The 28,000 SF site is zoned RM-4.

The application seeks a 3-storey residential building clustered around a shared courtyard, containing:

  • 51 units;
  • a mix of garden flat studios, and 1, 2 & 3 bedroom units;
  • a total density of 1.43 FSR;
  • a building height of approximately 38 ft.; and
  • 36 underground parking spaces, having access from the lane.

The application describes the design rationale: “The massing is primarily conceived as a series of smaller blocks that interface with 15th Avenue and Sophia Street and Tea Swamp Park, while also serving to activate the lane. A U-Shaped massing, the building responds to its corner condition, facing both 15th Avenue and Sophia Street, while also acknowledging its lane-side.“

Under the site’s existing RM-4 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 Marianne Amodio + Harley Grusko Architects Inc.

May 27, 2020by david.taylor@colliers.com
Development, Office

340,000 SF Office/Industrial Project Planned for South Vancouver

Wesbild Holdings Ltd. has applied to the City of Vancouver for permission to subdivide and develop a portion of a 5.0 acre site at 8188-8232 Manitoba Street, just South of Marine Drive.

The zoning for the site is I-2 which permits a density up to 3.0 FSR for a mix of industrial and office uses.

The proposed development would sit on a 3.2 acre parcel and will include two unique 6-storey industrial/office buildings. Details include:

  • 231,000 SF of industrial space on levels 1-4;
  • 108,235 SF of office space on levels 5-6;
  • a total density of 2.42 FSR;
  • a building height of 93 ft.;
  • 439 parking stalls on one level of underground parking and at grade.

To accommodate mid-floor industrial tenants, the building will feature a number of unique building elements, including:

  • Increased underground parking clearance height;
  • Exterior corridors on all floors & separation of freight & pedestrian traffic;
  • Cross Laminated Timber construction for the office space.

The application also notes that most of the potential mid-floor industrial tenants would be conditional approval uses under the I-2 zoning and that flexibility may be required in order to make the project work.

The architect for the project is MGBA Architecture.

The full development application can be viewed here: https://development.vancouver.ca/pc8188manitoba/index.htm

May 26, 2020by david.taylor@colliers.com
Apartment, Condo, Development

27-Storey Tower Pitched for Burquitlam Site

A rezoning and development permit application have been submitted by Ikor Group to the City of Burquitlam to develop a 0.7 acre Burquitlam Funeral Home site at 625 North Road in Burquitlam.

The site is designated as High Density Apartment Residential in the Burquitlam-Lougheed Neighbourhood Plan.

The site sits directly South of a large scale redevelopment plan by Amacon at 633 North Road.

The proposal is for a new 27-storey residential tower that includes:

  • 195 total units
  • 151 condos
  • 33 market rental units;
  • 11 below market rental units;
  • 239 underground parking spaces;
  • a total density of 5.50 FAR.
  • a building height of 289 ft.

The architect for the project is IBI Group.

The site was sold by Morgan Iannone and Casey Weeks of Colliers in 2017 for $15,500,000 or $97 per buidable SF.

May 22, 2020by david.taylor@colliers.com
Apartment, Condo, Development, Retail

2,800 Unit Master Plan Project Envisioned for Coronation Park

Wesgroup has submitted a pre-application for an OCP amendment and rezoning for a 15-acre, 59 single family lot land assembly in the Coronation Park neighbourhood on the Eastern edge of Port Moody.

In 2017, the City of Port Moody amended their OCP to include the Coronation Park Neighbourhood, thereby allowing a significant amount of potential new density. A number of assembly efforts emerged in the following couple of years, with Wesgroup emerging now having 48 of the 59 lots under contract.

Six properties to the north of Guilford Drive, including the large townhouse site (Balmoral Place) and the Esso gas station are not included in the assembly.

Wesgroup’s preliminary proposal for the 645,301 SF site includes:

  • Six highrise towers (32-36 storeys), five lowrises
  • Approximately 2,800 residential units;
  • 450 market rental units and 50 affordable units;
  • 12,000 SF of retail;
  • a total density of 4.40 FAR;
  • one acre of park space;
  • a road network based largely on existing site grades.

In it’s application cover, Wesgroup notes that they have until June 2022 to enact a rezoning as part of their agreements with owners. They also note contingency plans to deal with remaining holdout owners.

The next step for the project will be to move to a formal OCP Amendment and Rezoning Application later this year.

The architect for the project is Ciccozzi Architecture.

May 22, 2020by david.taylor@colliers.com
Apartment, Development

281-Unit North Van Rental Proposal Moving Forward

Cressey has submitted their formal rezoning application for the 81,450 SF site that they own at 250 East 15th Street in North Vancouver, just North of Lions Gate Hospital.

The site is currently improved with two older lowrise apartment buildings totaling 101 units.

Cressey has owned the buildings for several decades, and began community consultation for the project in early 2019.

The site contains two designations – one designation each for the south and
north portions of the site -within the Official Community Plan: Residential Level 5 (R5) to the north and Residential Level 6 (R6) to the south.

The formal rezoning application consists of three rental residential buildings -two 12-storey buildings adjacent to East 15th Street and one 6-storey building adjacent to East 16th Street, and the provision of a public park on the site’s north-eastern quadrant.

Details include:

  • 281 market rental units, including 28 mid-market units;
  • 34 studios, 148 one-bedrooms, 44 two-bedrooms & 57 three-bedrooms;
  • a max building height of 121 ft.;
  • a total density of 2.95 FSR;
  • a 24,600 square foot park;
  • 266 parking spaces in two underground levels.

The application describes the design rationale: “The principle design element of the project, aside from the provision of the public park, is the span between the two 12-storey buildings along 15th Street. The proposed span will host the majority of the shared amenity spaces for the complex, including a games room, a reception area, a large lounge, washrooms, and a bookable event space that could be used for hosting a party or a cooking class for the building. The spaces will be available to the tenants of all three buildings and the applicant has stated the importance of forming a community for tenants that will provide renters with a greater social experience than a traditional rental building. Significant glazing of these amenity spaces will support the activation and attractiveness of the streetscape on East 15th Street and will provide passive surveillance of the bus stop located directly in front of the proposed project. Other street frontages are activated through the inclusion of at-grade entrances to units, or where the grade does not support entrances, balconies and landscaping are utilized to ensure an attractive and activated interface between the public and private realms. A rooftop amenity space – only accessible to residents – is included on the 6-storey building and the connecting span that includes: community garden plots, planters for additional vegetation, a lounge area and outdoor dining/cooking area, as well as a greenhouse structure with a washroom. The easternmost 12-storey building includes a rooftop component only accessible to the tenants of the top units.”

The architect for the project is Bingham Hill Architects.

May 22, 2020by 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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