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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, Office, Retail

Onni Submits Application for Three Tower Coquitlam Centre Project

Onni has submitted their rezoning and development permit application a large scale mixed-use development on a primarily vacant site at the Southeast corner Pinetree Way and Glen Drive in Coquitlam City Centre. The 2.7 acre site is vacant and was partially previously owned by the City of Coquitlam. The site sits just 500 feet from Lincoln Skytrain Station.

Directly to the East is another application for a 40-storey tower by Polygon at 1108 Westwood Street. The two sites were acquired via public sale of the lands in 2016.

The site can be rezoned per the City Centre Area Plan from City Centre
Commercial (C-4) and One-Family Residential (RS-l) to CD-11 Comprehensive
Development (CD-ll), based on the C-4 Zone, and the overall development plan includes three residential towers over retail and office space. Details include:

  • Towers of 49, 45 and 25-storeys above a podium;
  • 891 residential units
    • 705 condos;
      • 321 one-bedrooms, 289 two-bedrooms & 95 three-bedrooms;
    • 186 market rental units;
      • 40 studios, 66 one-bedrooms, 49 two-bedrooms & 31 three-bedrooms;
  • 17,000 SF of retail space;
  • 46,520 SF of office space on floors 2-5 of the podium;
  • a total density of 7.32 FAR;
  • total tower heights of 514 ft, 472 ft and 258 ft. respectively;
  • 67,000 SF of common amenity space;
  • An 8,500 SF daycare;
  • 1,329 parking spaces;
  • $31 Million in density bonus funds and CACs.

The architect for the project is Cicozzi Architecture.

February 1, 2019by david.taylor@colliers.com
Development, Office, Retail

Unique 17-Storey Office Tower Proposed for Central Heat Site

Westbank has submitted their rezoning application for 720 Beatty Street, the Central Heat site located at the Southeast corner of West Georgia Street and Beatty Street in Downtown Vancouver. The site sits adjacent BC Place. The site was acquired as part of the Creative Energy purchase and rebranding five years ago. The Beatty Street site, which totals 51,820 SF, has been deemed surplus and suitable for commercial redevelopment.

The proposal is for a unique 17-storey office tower that includes:

  • 515,150 SF of office space;
    • 35,000 SF average tower floorplates;
  • 18,503 SF of retail space;
  • a total building height of 263.8 ft;
  • a total density of 11.55 FSR;
  • a 5-storey retail and entertainment pavilion fronting Georgia Street;
  • an upgrade to the creative energy plant;
  • 4 levels of underground parking; 358 parking spaces and 
    325 bicycle spaces.

The application describes part of the rezoning rationale as follows: “This rezoning proposal seeks to repurpose these industrial lands and increase the existing allowable commercial density rights from 7 FSR (under the CBD policies) with 597,192 sq ft of office, retail and Creative Energy plant space on 720 Beatty Street. As one of the largest and only undeveloped areas in the downtown peninsula, we have an extremely rare opportunity here to not only significantly upgrade an aging steam plant, but also create an architectural landmark capable of housing large office floorplates that will draw creative economy tenants into Vancouver. This will allow our city to attract both talent and employers that would otherwise find the standard Vancouver size office floorplates and workspace offerings inadequate for their needs.”

This application is being considered under the Rezoning Policy for the Central Business District (CBD) and CBD Shoulder.

The architects for the project are Bjarke Ingles and HMCA Architecture + Design.

The full rezoning application can be viewed here: https://rezoning.vancouver.ca/applications/720beatty2/index.htm

January 29, 2019by david.taylor@colliers.com
Condo, Development

87-Unit Building Planned for Grandview Woodlands Site

Epix Developments has filed a rezoning application for a single family land assembly at 2209-2249 East Broadway, between Garden Avenue and Lakewood Drive in the Grandview Woodland area of East Vancouver.

The rezoning proposal anticipates a 6-storey residential development, including:

  • 87 condo units;
  • a total density of 2.65 FSR;
  • a building height of 65 ft.;
  • 95 underground parking spaces; and
  • 109 bicycle spaces.

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

The architect for the project is Taylor Kurtz Architecture and Design Inc.

January 28, 2019by david.taylor@colliers.com
Development

Port Moody Site Sells in $18.8 Million Deal

A prominent site in Port Moody has sold to Marcon Homes for $18,800,000. The 2.0 acre vacant lot at the corner of St. Johns Street and Barnett Highway is located at the Western edge of the City’s Moody Centre rezoning area, which allows for rezoning up to 6-storeys in height.

2021-2025 St. Johns Street was previously listed with an asking price of $26,000,000.

There is no word yet on a rezoning application.

January 23, 2019by david.taylor@colliers.com
Apartment, Development, Retail

Latest Rezoning Proposal Under Moderate Income Rental Policy is for 6-Storey Building On Grandview

A rezoning application has been submitted for a site at 2810 and 2830 Grandview Highway; a 16,104 SF lot currently improved with an older 2-storey officed building on the South side of Grandview between Kaslo Street and Renfrew Street.

The plan calls to rezone from C-1 to allow for a new 6-storey rental apartment building under the Moderate Income Rental Housing Pilot Program, which requires that 20% of the units are assigned to moderate income households.

The proposal includes:

  • 57 rental units;
    • 14 studios, 23 one-bedrooms & 20 two and three-bedrooms;
  • 6,990 SF of retail space at grade;
  • a total density of 3.12 FSR;
  • a building height of 69 ft.; 
  • 41 underground parking spaces (including one car share);
  • 111 bicycle spaces.

The architect for the project is MCMP Architects.

January 10, 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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