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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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Development

SOLD: 1650 East 12th Avenue, Vancouver

I am pleased to announce the sale of 1650 East 12th Avenue, Vancouver. This prominent corner lot totals 17,905 SF in size and is improved with an existing retail strip centre. 

March 11, 2019by david.taylor@colliers.com
Development, Market Research, Office

Details Emerge for Coquitlam’s Updated City Centre Area Plan

The City of Coquitlam Council will receive a report next week for information and feedback regarding residential density and land use transition approach for the City Centre Area Plan (CCAP) Update. The planning update got underway last year, and it is anticipated that a draft plan will be presented to Council in Summer 2019.

The original CCAP was developed in 2008, and updated with a Transit Oriented Development Strategy in 2012. This update was initiated to capitalize on the Evergreen Line, with an intent to prioritize high density development around the new station areas. The City Centre update projects 24,000 new residents by 2046.

The focus for proposed new residential density will be broadly defined in two separate areas:

Core Area 

The majority of land use changes to the existing 2008 CCAP are proposed around
the Coquitlam Centre and Lincoln Skytrain stations. Currently, the maximum permitted density for all residential and commercial uses under the City Centre Commercial land use designation (C-4 zone) is 6.5 FAR inclusive of density available for affordable housing, with a 0.5 FAR commercial floor space requirement. It is proposed that a maximum FAR of 6.5, inclusive of density available for affordable housing, and a 1.0 commercial FAR requirement be applied in the Commercial Downtown Core until a comprehensive review of the City’s density bonus program is completed. 

The City separately reviewed commercial densities in a discussion paper released last month in which an increase in minimum commercial densities in the City Centre was recommended.

For areas designated as City Centre Commercial outside of the Commercial Downtown Core, the existing 6.5 FAR maximum, inclusive of density available for affordable housing, and 0.5 FAR commercial floor would be maintained.

Shoulder Area

Outside of the Commercial Downtown Core and City Centre Commercial designation, a combination of high and medium density residential rounds out the residential density and land use transition.

High density residential allows up to a 5.5 FAR, inclusive of density available for
affordable housing, under the RM-6 zone without any height limit and the medium density land use allows up to a 2.64 FAR, inclusive of density available for affordable housing, under the RM-3 zone with a height limit up to 8-storeys.

To provide a transition to the adjacent lower density neighbourhoods, site
specific height limits are proposed for high density (20-25 storey) and medium
density (4-6 storey) residential areas. Although proposed residential land use changes are primarily within the CCAP Focus Area, staff recommends a land use change for the area east of Inlet Street and south of Tahsis Avenue from low density apartment residential and townhousing to medium density with a 4-6 storey height limit.

A medium density land use form with a 4-6 storey height limit in this area will serve as a transitional land use between the Commercial Downtown Core and peripheral areas in City Centre and blend into adjacent established, lower density neighbourhoods.

 

A draft plan will be developed with a final round of public consultation and council consideration later this year.

Further detail on the City Center Area Plan update can be viewed on the City of Coquitlam’s website, here: https://www.coquitlam.ca/planning-and-development/resources/special-plans-projects/city-centre-area-plan-update

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

50-Unit Building Planned for South Granville Site

Anthem Properties has submitted a development application for permission to redevelop a 19,700 SF site on south side of West 6th Avenue between Granville and Fir Streets in the Burrard Slopes/South Granville area. The site is currently improved with four older commercial buildings.

The plan for 1558 West 6th Avenue includes a new 11-storey condo building including:

  • 50 condo units;
    • 1 studio, 9 one-bedrooms, 24 two-bedrooms & 16 three-bedroom units;
  • a building height of 100 ft.
  • a total density of 3.3 FSR;
  • 78 parking spaces on two levels of underground parking.

The application describes the design rationale: “The project brings a high standard of livability to Burrard Slopes, and further enhances the area as an attractive, cohesive and primarily residential neighbourhood. It consists of 50 residential units organised within a single mass which combines a tower with low-rise elements. The western half of the site is occupied by 7 dual-aspect 3 storey townhomes, which share a common
courtyard. The remainder of the site features a 7 storey tower over 4 storey podium including townhomes at street level. Most suite types are 2 and 3 bed suites. Parking and bicycle storage is contained in an underground parkade accessed from the side
lane.”

Under the site’s existing C 3-A zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Development Permit Board.

The architect for the project is Office of Macfarlane Biggar Architects + Designers.

March 7, 2019by david.taylor@colliers.com
Condo, Development, Retail

51-Unit Condo Building Slated for West 49th Site

A rezoning application has been submitted by Killarney Enterprises for a three lot land assembly at the Northwest corner of West 49th Avenue and Alberta Street, near Langara College. The site at 319-359 West 49th Avenue totals 21,662 SF.

The proposal consists of a 4-storey mixed-use building that includes:

  • 51 condo units;
    • 10 studios, 25 one-bedrooms, 11 two-bedrooms & 5 three-bedrooms;
  • 8,174 SF of retail space;
  • a total density of 2.24 FSR;
  • an amenity roof deck;
  • a building height of 45 ft.; and
  • two levels of underground parking with 56 vehicle parking spaces, and 72 bicycle spaces.

The application describes the design rationale: “The building massing are compose of blocks stacked vertically, which are differentiates by step setbacks. First block is the ground level, clad by light coloured bricks and commercial storefront. The same brick is use on the side along Alberta Street and wraps around through the residential units at grade along Lane. Residential entry lobby is highlighted with wood grain finish cladding to distinguish from the commercial frontage. Second and Third floor level comprises the mid block. This block is accentuated with square forms that separate unit balconies for privacy. Larger windows were provided on the south and east side of the mid block and smaller residential windows on the north side. Top most level is futher setback to provide a hidden storey to scale down the building mass. Amenity deck is located away from the roof edge, so it will not be visible at road level. Roof deck outdoor amenity creates a more private open space for the unit owners.”

The application is being considered under the Cambie Corridor Plan.

The architect for the project is Matthew Cheng Architects.

February 28, 2019by david.taylor@colliers.com
Apartment, Development

63-Rental Units Proposed for St. Marks Church Site in Kits

Jameson Development Corp. has submitted a rezoning application for the former St. Mark’s Church site in Kitsilano at 1805 Larch Street. The site was sold by Colliers in May 2018 for $11,998,000.

The 150’x 118′ site is currently zoned RT-8. The rezoning proposes to permit the development of a new 5-storey rental residential building, including:

    • 63 rental units with a minimum of 20% of the residential floor area permanently secured for moderate income households;
      • 19 studios, 16 one-bedrooms, 20 two-bedrooms & 8 three-bedrooms;
    • a total density of 2.55 FSR;
    • a building height of 66 ft.; and
    • 56 underground parking spaces and 113 bicycle spaces.

This application is being considered under the Moderate Income Rental Housing Pilot Program (MIRHPP). This policy requires that at least 20% of the residential floor area (of total FSR) is to be made available to households earning between $30,000 & $80,000 per annum. 

The architect for the project is Metric Architecture.

The full rezoning application can be viewed here: https://rezoning.vancouver.ca/applications/1805larchst/index.htm

February 26, 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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