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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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, Development, Retail

Market Rental Building Planned for Fraser & 22nd

Strand Development has submitted a rezoning application for an assembly of five single family lots totaling 32,198 SF on Fraser Street between East 22nd and East 23rd Avenues in East Vancouver.

The site at 686 East 22nd Avenue, 3811-3833 Fraser Street & 679 East 23rd Avenue is currently zoned RT-2. The rezoning proposal consists of a 6-storey mixed-use building and includes:

  • 121 market rental units;
  • 10 studios, 60 one-bedrooms, 35 two-bedrooms & 16 three/four-bedrooms;
  • 10,818 SF of retail space at grade;
  • a density of 3.28 FSR;
  • a building height of 71 ft.;
  • two levels of underground parking with 108 parking spaces; and
  • 159 bicycle spaces.

The application is being considered under the Affordable Housing Choices Interim Rezoning Policy.

The architect for the project is Integra Architecture.

August 1, 2018by david.taylor@colliers.com
Development, Office, Retail

7,000 SF Commercial Building Planned for Lower Lonsdale Site

A rezoning application for a 2,752 SF site at the corner of Carrie Cates Court and Lonsdale, directly across the street from Lonsdale Quay. 1 Lonsdale Avenue is currently occupied by an italian restaurant, Gusto Di Quattro. The site has been owned by the Babalos family since 1941 and they are the developers. 

The application seeks to amend a previous CD zoning to support a new 3-storey passive house commercial building that would consist of a ground floor restaurant and two levels of office space above. Due to the site’s small size, off-street parking is not possible and the applicant is requesting a waiver.

Details of the proposal include:

  • a total floor area of 6,963 SF;
  • 2,159 SF of restaurant space;
  • 4,804 SF of office space;
  • a density of 2.53 FSR;
  • a building height of 39 feet.

The architect for the project is John Hemsworth.

July 13, 2018by david.taylor@colliers.com
Condo

12-Storey, 37-Unit Building Planned for Rodgers Creek Area of West Vancouver

British Pacific Properties have submitted a development permit application to the District of West Vancouver for Lot 1 of the Rodgers Creek Neighbourhood, a master planned development approved in 2008 that is comprised of mostly ground-oriented and apartment units spread over 13 lots, totaling 269 units. Lot 1 is approximately 2 acres in size and is located just off of Cypress Bowl Road. 

The proposal for Lot 1, entitled “Treehouse” includes a 12-storey flagship condo building, including:

  • 37 condo units;
  • Unit sizes from 1,847 SF to 2,804 SF;
  • a total site coverage of 17%;
  • 74 parking spaces & 74 bicycle parking spaces.

The application describes the design rationale: “Rather than beginning with a single impervious mass, the architecture is an assemblage of vertical masses, scaled to the height to the surround trees. The process is inspired by the Ecology of a tree, from which two Service Trunks reach out to capture daylight and fresh air. Spaces grow and extend organically, reaching southward to the view and northward engaging with the site. These shoots form physical connections to nature, creating outdoor living spaces and at grade connections. On the top three floors, the units branch out to form a canopy in the sky. These units will be caught between the forest and the water, offering amazing views and experiences throughout the units.”

The architects for the project are Olson Kundig in conjunction with Ramsay Warden Architects.

July 13, 2018by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

Third Burrard Place Tower to Include 233 Units

Reliance Properties has submitted a development permit application to the City of Vancouver for permission to develop “Tower C” at Burrard Place. The first two towers included a 55-storey residential tower with 444 units, sold out in 2016, and a 130,000 SF office tower on Burrard. The third tower is located mid-block on Hornby Street, at 1261 Hornby. 

The plan for the third tower includes a 35 storey mixed
use building, including the following:

  • 206 condo units;
    • 105 one-bedrooms, 100 two-bedrooms and one three-bedroom;
  • 27 market rental units;
    • 16 studios and 11 one bedrooms;
  • 5,120 SF of retail;
  • 40,252 SF of office;
  • A building height of 368 ft;
  • 9 levels of underground parking accessed from the lane with a total 375 parking spaces.

The application describes the design rationale: “Like most towers in Vancouver, Tower C’s massing is heavily shaped by zoning conditions, which in this case produces a simple volume with a nearly square plan of 36 stories. Our approach to the image of the building therefore has been influenced by this simple prismatic quality and by the fact that the neighboring towers are lighter in overall color and tone. To this end, we have developed a kind of supergrid of “modules”, here articulated by dark gray metals
against low iron glazing, that reads distinctly different than the lighter grids of Tower A and the punched white brick façade of Tower D.

Like cells in an analogue film strip, these modules track up the building in four bays, each slipping past one another, suggesting motion and revealing the “action” within each module. This composition plays in elevation with the symmetry of the typical floor plan through the interlocking material logic of clear / silver glazing systems and the gray metal panel system. To further refine this supergrid, black ceramic frit is used as a kind of graphic tailoring that includes radiused and thickened corners.”

The architects for the project are Neil Denari and IBI Group.

July 11, 2018by david.taylor@colliers.com
Condo, Investment, Office, Retail

Five Towers, 1,386 Units, Planned for Coquitlam Inn Site

Anthem Properties is proposing to rezone a 6.0 acre site at 319 North Road for their upcoming project, entitled “SOCO“. The site is currently home to the Best Western Plus Coquitlam Inn Convention Centre and liquor store. 

The application to the City of Coquitlam proposes to rezone the site from the existing C-2 General Commercial and RS-l One-Family Residential to C-7 Transit Village Commercial to accommodate a phased, mixed-use development.

The site is located within the Burquitlam-Lougheed Neighbourhood Plan (BLNP)
and the Burquitlam-Lougheed ‘Core’ area in the TDS. The current OCP land use
designation on 319 North Road is Transit Village Commercial, and the current
designation on 566 Lougheed Highway is High Density Apartment Residential.

The proposed development includes 1,386 market condo units in five towers,
along with retail, restaurant, and office space. The overall gross buildable area can be up to a maximum of 1,185,607 SF.

The first phase of the project is located along North Road, and includes two towers (27 and 31 storeys) with condo units above a podium with a large restaurant space, commercial retail units, indoor and outdoor amenity space, and office space. 

The other three towers, to be built in three further phases, include tower heights of 24, 34 & 44 storeys.

Details of the first phase include:

  • 494 condo units;
  • 50 studios, 192 one-bedrooms and 252 two-bedroom units;
  • 7,501 SF of restaurant space;
  • 7,990 SF of retail space;
  • 50,316 SF of office space;
  • a total site density up to 4.5 FAR;
  • 843 parking spaces;
  • a new East-West collector and North-South Road;
  • $45.9 Million in density bonus funds and CACs.

The architect for the project is IBI Group.

July 9, 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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