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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Apartment, Development

Rental, Affordable Housing & Replacement Church Planned for Grandview Woodland Site

A rezoning application has been submitted for the Lakewood Multicultural United Church site a the Northeast corner of East 12th Avenue and Semlin Drive in the Grandview Woodland area of East Vancouver.

The Church is located just South of the Skytrain line on a 31,381 SF irregularly shaped site. The property was redesignated for medium density development under the Grandview Woodland Community Plan.

The plan for the site is a mixed-use building with a new church and a 6-storey residential building. The project will be 100% rental housing project is developed in partnership with BC Housing to be owned and operated by BCUCC. A minimum of 30% of these homes will be permanently secured as affordable housing, to be occupied by households with incomes below the Housing Income Limits (HILS) at a rent tied to household income. Details include:

  • 104 rental apartment units (30% as Affordable Housing, 70% as market);
  • 7,415 SF of church space at grade;
  • a total density of 2.47 FSR;
  • a building height of 65 ft.; and
  • 43 underground parking stalls and 224 bike spaces.

The application describes the rezoning rationale: ” Our design proposal is a carefully considered response to the neighbouring context with a mind to Passive House principles. The following are key factors in determining the design of the building:

  • Situating the Church along E 12th Avenue to allow for a greater Church presence and visibility along the building’s most public face;
  • Allowing the landscaped courtyard to act as a buffer between our new development and the Lakewood Terrace Co-op;
  • Stepping down the building form along the north edge of Semlin Drive as transitional massing to lower density buildings towards the north;
  • Providing a highly articulated facade in the form of articulated balconies and sunshading devices aligned with Passive House Design Principles;
  • Increasing occupant access to green space via outdoor amenity space.”

The application is being considered under the Grandview-Woodland Community Plan.

The architect for the project is Shape Architecture.

September 17, 2019by david.taylor@colliers.com
Development, Office, Retail

Beedie Planning 5-Storey Office/Light Industrial Building near Canada Way

Beedie has submitted a rezoning application to the City of Burnaby for a two acre site at 3133 Sumner Avenue. The site is located between Canada Way and Highway 1, just East of Gilmore and across the street from the Grand Villa Casino.

The site is currently zoned M1 but the rezoning seeks a designation based on the M2 General Industrial District, M5 Light Industrial District and C1 Neighbourhood Commercial District. The site is in the OCP for “Business Centre Development”.

The site is currently improved with an older industrial building.

The rezoning plan is to permit the construction of a 5-storey light industrial and office building with a small retail component. Details include:

  • 111,779 SF of office space;
  • 58,488 SF manufacturing/industrial space;
  • 2,577 SF of retail space;
  • 495 parking spaces;
  • a total density of 1.98 FAR.

The development concept includes “extensive glazing and architectural character. The first two floors provide a number of flexible, high-volume, industrial spaces with some common amenities on the ground floor. A ground floor commercial/restaurant space is also proposed, which would provide a commercial amenity to the area. The top three floors provide for office spaces.”

The architect for the project is Taylor Kurtz.

September 15, 2019by david.taylor@colliers.com
Apartment, Condo, Development, Retail

Master Plan for Aoyuan Brentwood Site Envisions 5 Towers, up to 2.2 Million SF

Aoyuan International has submitted the rezoning application to develop the conceptual master plan for their 9 acre site in the Brentwood Town Centre area of Burnaby.

The site, entitled ‘the Grove’, is located at the Southeast corner of Willingdon Avenue and Dawson Street. Aoyuan acquired the site, which consists of seven parcels currently improved with older industrial buildings, in 2017 for $152,000,000.

The master plan for the site establishes general built form, maximum building heights, development densities, permitted uses, public open space requirements, and proposed subdivision and phasing pattern. A further site specific rezoning application for Phase I will come at a future date.

The overall highlights of the master plan include:

  • 5 condo towers ranging from 36 to 51-storeys in height;
  • 4 lowrise affordable rental buildings of 6-storeys;
  • a new 1.14 acre City park;
  • retail and restaurant space;
  • four development phases;
  • An overall max density of 2,206,557 SF;
  • 20% inclusionary rental units at 20% below CMHC average per new Rental Use Policy.

The application describes the concept: “the Grove is a pedestrian-oriented community that reflects the strong urban design principles and an urban form unique in the City. At its heart is a new City park framed by a mix of buildings with a variety of uses that all contribute to an energetic heart for the community. The park is to be connected to the Dawson High Street via a central north-south pedestrian linkage that bisects the entire site from Alaska Street to Dawson Street. From east to west, Alpha Avenue will be connected to the mix of residential and commercial retail / restaurant uses on Willingdon Avenue, via an extension of Juneau Street through the site.”

The City of Burnaby’s recently adopted Rental Use Zoning Policy requires 20% of the proposed strata units as affordable rental housing. This provides 0.85 FAR offset density available under the RM4s District.

The maximum density outlined above equates to 8.35 FAR, which includes 3.6 FAR (RM4s), 1.7 FAR (RM4r), 0.85 FAR (offset), and 2.2 FAR (C9 – Commercial) subject to Council approval and individual rezoning applications for each phase.

September 14, 2019by david.taylor@colliers.com
Development, Office, Retail

Application Reveals Revised Office Block & Entryway for Oakridge

The latest development application for Oakridge Vancouver has been submitted and it outlines the plan for the renovation of the existing, stand-alone office buildings on West 41st Avenue, as well as the main pedestrian entrance to the renovated mall and park.

Details include:

  • renovation of the existing office building including seismic upgrades and new building envelope with curtain-wall glass;
  • minor envelope upgrades to the Terraces residential building;
  • new transit plaza gateway with covered canopy;
  • new main mall entry with exterior facing retail;
  • connection to the new 9-acre rooftop park.

The application by Henriquez Parnters architects describes the overall rationale: ” Located at the transit hub of the Cambie Street-West 41st Avenue intersection, DP-3a is the principle project access point for Canada Line users, bus riders and pedestrians. DP-3a’s location marks the project’s symbolic “front door.” This prominence is celebrated with a Transit Plaza that accommodates flexible programming for informal gathering, community events and performances. Elevated above the plaza is a large sculptural canopy that marks the entry to the public park and retail development beyond. Plants on the Northeast Office’s exterior lead visitors towards the park’s upper levels. At grade, the Transit Plaza leads retail visitors towards the mall’s grand, ceremonial doors. “

Here is the office tower as it exists today:

The full application can be viewed here: https://development.vancouver.ca/650w41stav/index.htm

September 11, 2019by david.taylor@colliers.com
Condo, Development

36 Townhomes Slated for Oak Street Site

Listraor Homes has applied to the City of Vancouver for permission to develop a 41,417 SF, five-lot land assembly at the Southeast corner of Oak Street and West 52nd Avenue. The lots are zoned RM8-AN.

The proposal is for non-stacked courtyard townhouses over underground parking. Details include:

  • 36 three-bedroom townhouse units;
  • a total density of 1.2 FSR;
  • a building height of 33 feet;
  • 53 underground parking spaces.

Under the site’s existing RM-8AN 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 Baldwin Architecture.

Listraor assembled the site in 2016 for $19,168,000, or $386 per buildable SF based on the application.

The full development application can be viewed here: https://development.vancouver.ca/pc6822oak/index.htm

September 9, 2019by 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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