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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Condo

116 Units Planned for Burquitlam Lowrise Site

Woodbridge Properties has submitted rezoning and development permit applications to the City of Coquitlam to allow the development of a 6-lot land assembly at the Southwest corner of Como Lake Avenue and Dogwood Street in the Burquitlam area.

The 1.07 acre site is located in  in the Burquitlam Lougheed Neighbourhood Plan (BLNP) area and is 410 meters from Burquitlam Skytrain Station. The OCP allows rezoning from the existing RT-1 Two-Family Residential to RM-3 Multi-Storey Medium
Density Apartment Residential.

The proposed development envisions two 6-storey condo buildings connected by a common amenity space that include:

  • 116 condo units;
  • 28 one-bedrooms, 84 two-bedrooms & 4 three-bedrooms;
  • a total density of 2.30 FAR;
  • 6,626 SF indoor and outdoor amenity space;
  • 170 underground parking spaces.

The architect for the project is Ciccozzi Architecture.

September 12, 2018by david.taylor@colliers.com
Condo

19-Unit Building Planned Half Block From Stanley Park

Marcon has submitted a development application for 2030 Barclay Street, the site of the 27-unit Rosellen Suites Hotel. The existing building on the site has been operated as a hotel, which means that the zero rate of change provisions in the area for rental accommodation does not apply. Therefore, the site can be developed as a market condominium project.The 99 x 131 foot site is located just half a block from Stanley Park.

The proposal for the redevelopment of the site is a new 10-storey concrete building that includes the following:

  • 19 condo units;
  • 14 two-bedrooms and 5 three-bedrooms;
  • A building height of 190 ft.;
  • A total density of 3.03 FSR;
  • Three levels of underground parking accessed from the lane with a total 40 parking spaces.

The application describes the design rationale: “The concept is to develop a project that caters to families with all of the units in the 2,000 sf range and having 2 bedrooms and a den typically, with private outdoor spaces.

The project contains 19 residential units broken down into a number of discreet elements in order to give a more human scale and better relate to the surrounding buildings. Inspired by most of the buildings in the West End, the proposed architecture is unabashedly modern, but residential scaled windows and warm textured materials, including masonry, gives the appropriate character for this area of the city.”

Under the site’s existing RM-5B 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 SHIFT Architecture.

September 11, 2018by david.taylor@colliers.com
Condo, Development, Retail

48-Unit Condo Building Proposed for Dunbar & 29th Site

Qualex-Landmark  has applied to the City of Vancouver for permission to redevelop a 30,763 SF land assembly that includes the Mac’s property at 4464 Dunbar Street with a condo building. The existing site is improved with an older strip retail centre. The site is zoned C-2 which allows a density of up to 2.50 FSR.

The proposal is for a new 5-storey condo building that includes the following:

    • 48 condo units;
    • 40 two-bedrooms & 8 three-bedrooms;
    • 10,859 SF of retail space;
    • Building height of approximately 52.9 ft;
    • A total density of 2.50 FSR;
    • Two levels of underground parking accessed from the lane with a total 129 parking spaces.

The application describes the design rationale: “The site on Dunbar Street, between West 28th and 29th Avenues, slopes greatly — almost 15′ from the lowest point of the site at grade to the highest point. The proposed building’s massing carefully addresses
the site’s terrain while recognizing the height limitations. We have designed a significant
setback at the corner of Dunbar and West 29th to serve as a public plaza. We imagine one retail unit facing the plaza to be a coffee shop or similar, to take advantage of the landscaped outdoor space of the plaza. We have also dedicated a part of the plaza to a public art piece, voluntarily commissioned by the owners.”

Under the site’s existing C-2 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 IBI Group.

The full application can be viewed here: https://development.vancouver.ca/4464dunbar/index.htm

September 6, 2018by david.taylor@colliers.com
Office

Upgrades Planned for 333 Seymour Street

A rezoning application has been submitted for Grant Thornton Place – 333 Seymour Street, a 17-storey class A office building at the corner of Seymour and Cordova Streets. The rezoning is intended to allow upgrades at the base of the building, including:

  • updated fitness amenities;
  • additional office area in the podium on levels one and two; and
  • additional retail and improvements to the public realm at grade.

The building sits between two active development sites – 601 West Hastings, a 25-storey office being built by PCI Group, and Bosa Waterfront Centre at 320 Granville Street, a 32-storey office tower. 

The upgrades are scheduled to begin next year.

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

SOLD: Cambie Corridor Development Site

We are pleased to announce the sale of 4361 & 4387 Cambie Street, a two-lot land assembly totaling 20,250 SF. The site is prominently located on the most desirable stretch of Cambie, at the corner of West 28th Avenue. Contact us for further details.

September 5, 2018by 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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