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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Condo, Development

23 Townhouses Planned for Oak & 52nd

A development application has been submitted for a 24,341 SF site at the Northeast corner of Oak Street and West 52nd; an assembly of three single family lots.

The site is located in the Cambie Corridor Phase 3 townhouse areas, but required rezoning prior to development permit.

The plan for the assembled site includes:

  • 23 townhouse units in four buildings;
  • a total density of 1.19 FSR;
  • maximum heights of 36 ft. for front building facing Oak Street, and 37 ft. for buildings facing rear lane; and
  • one level of underground parking containing thirty (30) stalls, having access from the rear lane.

The site is subject to council enactment of the proposed rezoning from RS-1 to RM-8AN By-law, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning.

The site was assembled by Coromandel Properties in 2017/2018 for $12,550,000 or $434 per buildable SF based on the application.

The architect for the project is Yamamoto Architecture.

April 23, 2020by david.taylor@colliers.com
Apartment, Development, Retail

Rental Building Slated for Vacant East Broadway Site

A development application has been submitted to the City of Vancouver for permission to restore and retain the front façade of a fire damaged heritage “C” Building at 748 East Broadway, between Fraser and Prince Albert Streets.

The building suffered a fire in 2014 that destroyed much of the structure.

The plan for the redevelopment is a new 4-story mixed use building consisting of:

  • 18 rental units;
    • 10 studios & 8 one-bedrooms;
  • 2,171 SF of retail space;
  • a total density of 2.98 FSR;
  • a proposed height of approximately 45 feet; and
  • two surface parking spaces, having vehicular access from the lane.

Under the C-2C 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 Stuart Howard.

April 23, 2020by david.taylor@colliers.com
Development, Retail

Victoria & 49th Corner Proposed for Mixed-use Project

A development application has been submitted for a C-2 zoned, 11,000 SF site at the Northwest corner of Victoria Drive and East 49th Avenue. The site is currently occupied by an older retail building with five units.

The proposal is to develop a new 4-storey mixed-use building containing retail use (main floor) and residential (2nd floor – 4th floor), with:

  • 26 residential units
    • unit sizes from 516 to 900 SF;
  • a total density of 2.50 FSR;
  • a building height of 46 ft.;
  • a total of 33 parking spaces having vehicular access from lane.

Under the site’s existing C-2 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 Matthew Cheng Architect Inc.

April 23, 2020by david.taylor@colliers.com
Condo, Development

Burquitlam Land Assembly Slated for 144 Units

A rezoning and development permit application has been submitted by Vanhome Properties to the City of Coquitlam for the development on two separate, 4-lot land assemblies, eight lots in total, on Madore and Dansey Avenues between Guilby and Westview Streets

The OCP designation for the 32,300 SF site is Medium Density Apartment Residential in Burquitlam Lougheed Neighbourhood Plan (BLNP).

The proposal for the combined site includes two 6-storey condo buildings separated by the existing lane. Details include:

  • 144 units
    • 44 one-bedrooms, 72 two-bedrooms & 28 three-bedrooms;
  • a total density of 2.21 FAR;
  • 214 underground parking stalls;
  • $389,000 in voluntary Community Amenity Contributions (CACs)

The architect for the project is Van Der Zalm + Associates.

Vanhome acquired the site in 2017 for $21,700,000 or $152 per buildable SF.

April 17, 2020by david.taylor@colliers.com
Development, Office, Retail

12-Storey Office Building Planned for Broadway & Ontario

Value Group has submitted their rezoning application for a 16,136 SF site that they own at 24 E Broadway & 2520 Ontario Street; at the Southeast corner of the intersection.

The site is currently zoned C-3A. The rezoning proposal would allow for a 12-storey office building at over twice the density permitted in the current zone. The proposal includes:

  • 20,284 SF of retail space;
  • 104,755 SF of office space;
  • Building height of 148 ft.;
  • A total density of 7.75 FSR;
  • 6 levels of underground parking, including 230 vehicle parking and 68 bicycle parking.

The application describes the design rationale: “The proposed project is a 12-storey mixed use retail/office building. The ground floor along Broadway is fronted by retail space that reinforces a scale of walking, and shopping with continuous weather protection.

There is also below-grade and above-grade retail space connected to the ground floor by stairs, an elevator, and floor openings to create visual connection with the street and the other levels of retail. On the west of the site, the ground floor is pulled back to allow a seating plaza adjoining a proposed cafe. An on-site public bike share along the Ontario Greenway adds bike capacity adjacent to the Ontario street bike path and pedestrian interest to the corner plaza.


Above the retail base, floors of office are grouped into three distinct ‘blocks’. The lower two blocks are large floor-plate offices which form a podium; rising no taller than eight floors thus avoiding shadowing of the north sidewalk of Broadway from spring to fall equinoxes. Atop the podium, a shared amenity rooftop is open to the building’s office users, and serves as an on-site gym and end-of-trip facilities. Five upper floors of office tower rise above the planted amenity deck.”

This application is being considered under the Metro Core Jobs and Economy Land Use Plan.

The architect for the project is Formosis Architecture.

Value Group acquired the site in 2017 for $13,250,000, or $106 per buildable SF based on the application. The site is currently improved with an older 3-storey office/retail building.

April 15, 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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