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, Office

Office Building Proposed for West 2nd Avenue

Strand Developments has applied to the City of Vancouver for permission to develop an 18,772 SF site at the corner of West 2nd Avenue and Alberta Street in the Olympic Village area. The site at 302 West 2nd Avenue is zoned I-1 in the Mount Pleasant Industrial Zone.

The proposal is for a 4-storey building with manufacturing uses on the ground floor and office space above. Details include:

  • 18,772 SF of manufacturing space;
  • 37,545 SF of office space;
  • a total density of 3.0 FSR;
  • a building height of 60 ft.;
  • three levels of underground parking (74 stalls) having access from the lane.
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Under the site’s existing I-1 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 MCMP.

The full development application can be viewed here: https://development.vancouver.ca/pc302w2nd/index.htm

Strand acquired the site in 2015 for $11,250,000, or $200 per buildable SF based on the application.

May 8, 2019by david.taylor@colliers.com
Development, Office

4-Storey Commercial Building Latest Proposal for Mount Pleasant

Rendition Development has submitted a development application to the City of Vancouver for permission to develop a site at the Northwest corner of West 5th Avenue and Columbia Street in Mount Pleasant. The site is currently improved with a vacant commercial building and is zoned I-1. It is the latest in a string of commercial development applications for the area.

The plan for the site is a 4-storey commercial building that includes the following:

  • manufacturing uses on the 1st and 2nd floors;
  • office uses on the 3rd and 4th floors
  • a total density of 3.0 FSR;
  • an overall height of approximately 60.00 ft.; and
  • providing a total of 30 parking spaces.

Under the site ’s existing I-1 zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning.

Rendition acquired the site along with an adjacent parcel across the lane for $10,600,000 in 2018.

The architect for the project is Mallen Gowing Berzins Architecture, Inc.

May 8, 2019by david.taylor@colliers.com
Condo, Development

59 Townhouse Units Proposed for Cambie Phase 3 Site

Intergulf has applied to the City of Vancouver for permission to develop a 7-lot land assembly at 528-592 West 28th Avenue, just West of Cambie Street at the corner of Ash Street. The 48,781 SF site is located in the Cambie Corridor Phase 3 townhouse subarea that was rezoned by the City in 2018.

The plan for the project includes:

  • 59 condo units located in 8 stacked townhouse buildings;
    • 22 one-bedrooms, 22 two-bedrooms & 15 three-bedrooms;
  • a total density of 1.18 FSR;
  • a total building height of approximately 37.68 ft; and
  • one level of underground parking (70 stalls) having vehicular access ramp from rear lane.

Under the site’s existing RM-8A 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 Gateway Architecture.

Intergulf assembled the site in 2017-2018 for a total of $33,113,800, or $563 per buildable SF based on the application.

The full development application can be viewed here: https://development.vancouver.ca/pc528-592w28th/index.htm

May 8, 2019by david.taylor@colliers.com
Apartment, Development, Retail

Latest Moderate Income Rental Application Seeks 87 Units at Renfrew & East 10th Ave

The Molnar Group has submitted a rezoning application for a 6-lot land assembly on Renfrew Street at the Northwest corner of East 10th Avenue. The 24,899 SF site at 2543-2583 Renfrew Street and 2895 East 10th Avenue is proposed for rezoning under the City’s Moderate Income Rental Housing Pilot Program to allow for the development of a 6-storey mixed-use building including:

  • 87 rental apartments;
    • 13 studios, 34 one-bedrooms, 26 two-bedrooms & 14 three-bedrooms;
  • 8,344 SF of retail at grade;
  • a total density of 3.42 FSR;
  • a maximum height of 66.5 ft.
  • 58 underground parking stalls.

The architect for the project is Wensley Architecture.

The Molnar Group has also submitted a separate rezoning application under the MIRHPP for the five lots at the Southwest corner of this same intersection. Together, the project is entitled ‘Renfrew Residences’.

May 3, 2019by david.taylor@colliers.com
Development, Investment, Office

Mixed-Use Project Planned for Main & East 1st

QuadReal and Hungerford Properties have submitted a development application for the former Ralph’s Radio site industrial/commercial project at 220 East 1st Avenue (Main Street & East 1st Avenue).

Proposed is a 10-storey stacked-industrial and office building on the western portion of the site and a 13-storey residential building on the eastern side of the site. This development falls within the False Creek Flats, FC-2 zoning classification. Details include:

  • 215 residential units;
  • 40,370 SF of industrial space on the main and 2nd floors;
  • 81,075 SF of office space;
  • a large rooftop amenity;
  • an Arts Walk seperating the residential and commercial buildings;
  • a total density of 6.5 FSR.

The architect for the project is GBL Architects.

The site was acquired in 2017 for $46,100,000.

May 1, 2019by 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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