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, Condo, Development, Retail

539 Units, Two Towers Planned for Burquitlam Site

Townline Homes, in partnership with Quadreal, have submitted their application to the City of Coquitlam for the 1.6 acre site that they own at 675 North Road and 668 Whiting Way in the Burquitlam area. The site is located on the east side of North Road, and is bound by Whiting Way to the east, Shepherd Avenue to the south, and North Road to the west.

The site is currently improved with two older lowrise apartment buildings totaling 593 units. It is located in the Burquitlam-Lougheed Neighbourhood Plan and is designated Transit Village Commercial.

Detail of the proposal include:

  • a 45-storey condo tower & 18-storey rental tower;
  • 385 market condo units;
    • 214 one-bedrooms, 119 two-bedrooms & 52 three-bedrooms;
  • 154 rental units inclusive of 20 below-market rental units;
    • 27 studios, 58 one-bedrooms, 35 two-bedrooms & 14 three-bedrooms;
  • 17,700 SF of retail space (strata retail units);
  • 665 parking spaces;
  • 35,300 SF of common amenity space;
  • tower heights of 470 ft. and 200 ft.;
  • a total density of 6.0 FAR;
  • a new east/west pedestrian connection;
  • $16 Million in bonus density funds & $230,000 in CACs

The architect for the project is Dialog.

The site sold in 2018 for $46,000,000, or $108 per gross buildable SF.

September 27, 2019by david.taylor@colliers.com
Apartment, Development

64 Rental Units Slated for Port Moody Site

A rezoning application has been submitted to the City of Port Moody for a for a two-lot land assembly in Port Moody at 148-154 James Road, just East of Moody Middle School. The two lots are currently single family and total 17,973 SF.

The plan for the site is for a new 6-storey rental project that includes:

  • 64 rental units;
    • 20 one-bedrooms, 26 two-bedrooms & 18 three-bedrooms;
  • 10% of the units dedicated to below market;
  • a total density of 3.14 FAR;
  • 64 underground parking spaces.

The architect for the project is Integra Architecture.

September 27, 2019by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

Plan for East Broadway Safeway Site Includes Three Towers

Westbank has submitted their formal rezoning application for the Safeway site on East Broadway, just East of Commercial Drive.

The site at 1780 East Broadway totals 105,965 SF and is currently zoned C-3A, but was redesignated to allow a site-specific rezoning as part of the Grandview Woodland Community Plan.

The proposal consists of a mixed-use development with three residential towers (including strata, rental and social housing units), retail, office, a childcare facility, and a new public plaza.

Details include:

  • 680 total residential units;
    • 520 condos
    • 160 rental apartments;
  • a 53,000 SF Safeway store;
  • 20,000 SF of additional retail space;
  • 61,300 SF of office space;
  • a childcare facility;
  • 652 parking spaces;
  • unique “hanging gardens” in the interior courtyard;
  • a 20,000 SF public plaza running parallel to the SkyTrain station; and
  • a total combined density of 5.87 FSR.

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

The full rezoning application can be viewed here: https://rezoning.vancouver.ca/applications/1780ebroadway/index.htm

The architect for the project is Perkins + Will.

September 25, 2019by david.taylor@colliers.com
Apartment, Condo, Development

Polygon Planning 122 Units on Former City-owned Site in Burnaby

Polygon has submitted a rezoning application for a site in the Edmonds area of Burnaby that it has acquired from the City of Burnaby by public tender in late 2017. The completion of the sale is subject to achieving the rezoning.

The 3.7 acre site is located at the northeast comer of Southridge Drive and Byrnepark Drive and currently vacant and treed. It is one of seven City-owned sites in a mostly wooded area of Edmonds. Four of those sites have been sold and developed (Ledgestone – 2003-2005 & Adera Green 2009-2010).

The proposal for the Polygon site is for a 5-storey residential building that includes:

  • 102 condo units;
    • 7 one-bedrooms, 41 two-bedrooms & 44 three-bedroom townhouses;
  • 20 affordable rental units;
    • 3 studios, 8 one-bedrooms & 9 two-bedrooms;
  • a total density of 1.09 FAR;
  • 194 at grade and below ground parking stalls.

The architect for the project is Integra Architecture.

September 20, 2019by david.taylor@colliers.com
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
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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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