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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, Office, Retail

1166 West Pender Office Tower to Include 355,000 SF of Office Space

Reliance Properties has submitted their formal application to rezone 1166 West Pender Street, currently a 15-storey office building located on an 18,630 SF site. Reliance acquired the site through an off-market sale by our team in 2016 for $71,400,000 shortly after which the building’s sole tenant, Canada Revenue Agency, vacated the building. The building has subsequently been leased by another federal government tenant on a shorter term basis.

The plan to redevelop the property envisions as 31-storey office building, to the maximum height allowable when factoring building shadowing performance into account.

The rezoning proposal includes:

  • 355,000 SF of office space;
  • Average floorplates of 12,181 SF;
  • 3,500 SF of retail space;
  • a total density of 18.73 FSR;
  • a building height of 387.5 ft.;
  • six levels of underground parking with 199 vehicle parking stalls and 198 Class A bicycle parking spaces.

The application describes the architectural building character as follows: “1166 West Pender will house 31 floors of office space, blending high design, ecological responsibility, and civic enhancement. The building brings strategic densification to the area, adding 354,978 sf of office space and commercial amenities to a constrained site in the downtown Coal Harbour neighbourhood. Replacing an existing 15-storey office tower, the sinuous 31-storey tower will introduce a strong architectural presence and enhance the public realm. The shape and form of the tower are directly informed by the surrounding buildings and the limitations of the site. Convex and concave exterior walls respond to the contours of the adjacent buildings to form an undulating body wrapped in ceramic-fritted curtain wall glazing. A curved white glass curtain wall affords unobstructed views and establishes a distinct character and impressive presence. The ceramic frit also reduces thermal transmission, lowering heating and cooling costs and improving the building’s sustainability.”

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

The architect team for the project is Hariri Pontarini Architects with IBI Group.

November 8, 2018by david.taylor@colliers.com
Development

Burnaby Saputo Site Sells in $209 Million Deal

The sale of Saputo’s 19-acre Burnaby plant to Peterson Group has completed for $209,000,000. The site at 6800 Lougheed Highway had been listed by Cushman & Wakefield in early 2017. 

Saputo will relocate their operations to a new processing plant on a 20 acre site on Kingsway Avenue in Port Coquitlam, which is expected to be completed within the next three years. In the interim, their sale deal with Peterson envisions a lease back until their new plant is ready in 2021.

Redevelopment plans for the Lougheed site have yet to be revealed; however, previous planning efforts for the Bainbridge area anticipated a higher density mixed use development given the site’s location adjacent a Skytrain station.

November 5, 2018by david.taylor@colliers.com
Development

30-Unit Townhouse Project Slated for Port Moody Land Assembly

Paulsun Holdings Ltd. has submitted a rezoning application to the City of Port Moody for three single family lots located at 2301, 2305, and 2307 Clarke Street. The 26,144 SF site is located in the Moody Centre area of Port Moody’s OCP, which permits a range of low- to medium-density building forms, including townhomes.

The proposal for the site includes:

  • 30 stacked townhouse units;
    • 22 two-bedroom and dens, 8 three-bedrooms;
  • a total density of 1.42 FAR;
  • 47 underground parking spaces
  • A CAC payment of $180,000 ($6,000 per unit)

The architect for the project is Jordan Kutev.

October 19, 2018by david.taylor@colliers.com
Development, Office

4-Storey Office & Industrial Building Latest Proposal for Mt. Pleasant

A development application has been submitted for a corner lot in Mount Pleasant. The site at 2425 Manitoba Street, across West 8th Avenue from Jonathan Rogers Park, is 5,049 SF. The site is zoned I-1 which allows for up to 3.0 FSR density with mixed commercial and industrial uses.

The development proposal for the site is a new 4-storey mixed use building that includes:

  • two levels of manufacturing (ground and mezzanine)
  • three levels of office space
  • a total building size of 15,159 SF;
  • a total density of 3.0 FSR;
  • a total building height of 60 ft.
  • two-levels of underground parking with 20 stalls accessed from the rear lane.

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 MGBA.

October 18, 2018by david.taylor@colliers.com
Condo, Development

176-Units Planned for Burquitlam Land Assembly

Boffo Properties has submitted rezoning and development permit applications to the City of Coquitlam for an assembly of eight single family lots totaling 1.48 acres on Como Lake Avenue and Lea Avenue in the Burquitlam area.

The proposal calls to allow for the development of two 6-storey condo buildings
in the Burquitlam Lougheed Neighbourhood Plan (BLNP) area. The existing zoning is RT-1 and would go to RM-3.

Details of the proposal include:

  • 176 condo units;
    • 90 one-bedrooms, 46 two-bedrooms & 40 three-bedrooms;
  • a total density of 2.3 FAR;
  • 414 underground parking spaces.

The architect for the project is GBL Architects.

October 15, 2018by 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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