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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

FOR SALE: 4-Storey Mixed Use Development Site

We are pleased to present this unique opportunity to acquire a full city block at 621-695 West 33rd Avenue. This 42,000 SF site is designated within the recently approved Cambie Corridor Phase 3 Plan for a new 4-storey mixed use development. 

 

Please download the brochure here: Brochure – 600 Block W 33rd Ave – E Copy

 

May 4, 2018by david.taylor@colliers.com
Apartment, Development, Office, Retail

Two New Tower Proposals for Coquitlam

Two new tower proposal go to first reading at the City of Coquitlam next week, one in Burquitlam and one in the City Centre area of Coquitlam. The two projects are detailed below:


545 Sydney Avenue

This proposal is by Ledingham McAlister for a site in the booming Burquitlam neighbourhood along North Road. The site is 0.8 acres and is located at the Northeast corner of Westview Street and Sydney Avenue. 

The site is currently occupied by a 3-storey condo building and the plan calls for rezoning from RM-2 to a Comprehensive Development Zone (CD) based on the RM-6 Multi-Storey High Density Apartment Residential Zone in the Official Community Plan.

The plan is for a new 25-storey residential tower that includes:

  • 235 total residential units;
    • 157 condos
    • 78 rental apartments;
  • a total density of 5.50 FAR;
  • 283 underground parking spaces.

  The site sold in January 2018 for $15,575,000.

The architect for the project is IBI Group.


1108 Westwood Street

Polygon Homes has submitted their application for this site at the southwest corner of Glen Drive and Westwood Street in the City Centre area of Coquitlam. The 1.1 acre site is mostly vacant and comprises an assembly of three lots.

The site sits adjacent a site controlled by Onni (fronting Pinetree Way), which will also be applying for a rezoning for a tower using the same architect, Chris Dikeakos. There is a master plan in place which governs the development of both sites.

The site is located within the City Centre Area Plan (CCAP), is designated City Centre Commercial in the OCP, and is located within the “Core” area of City Centre in the Transit-Oriented Development Strategy (TDS). The proposed rezoning to CD is based on the C-4 Zone which is the applicable zone in the City Centre Commercial designation in the CCAP.

The plan calls for a 40-storey residential tower that includes:

  • 273 residential units:
    • 222 condo units;
    • 51 rental apartment units;
  • Four retail units;
  • 4 floors of office space (24,000 SF total commercial space);
  • 19,813 SF of amenity space;
  • A total density of 6.40 FAR;
  • A total building height of 406 ft.;
  • 437 underground parking spaces above and below grade (due to high water table)

 

 

 

May 4, 2018by david.taylor@colliers.com
Development

FOR SALE: 15,300 SF Kerrisdale Development Site

We are privileged to present this rare 153′ x 100′ development site at the corner of West 41st Avenue and Maple Street in Kerrisdale. The site is zoned C-2 and allows up to 2.50 FSR density. The site not only features an excellent site size and location, but a rare park-facing lane frontage allowing unobstructed views to the North.

 

Please download the brochure here: Brochure – 2001-2021 West 41st Ave and contact us for further details.

April 27, 2018by david.taylor@colliers.com
Development

31-Unit Project Planned for Marpole

Listraor has submitted a development application to the City of Vancouver for permission to develop a 4-lot land assembly on Yukon Street in the Marpole area of South Vancouver. The site sits directly across from Winona Park.

The proposal includes:

  • 31 townhouse condo units;
  • a total density of 1.99 FSR;
  • a building height(s) of 45 feet; and
  • total of 48 parking spaces and 62 bicycle spaces on site.

The application describes the design rationale:  “This proposal is to develop the property with four buildings arranged around a central courtyard/mews with thirty-one townhomes over one level of underground parking. Each building is four storeys in height with three storey townhomes stacked on top of one storey ground level townhomes. The ground level residences are accessible directly from Yukon Street and the courtyard, and the three storey residences have entries accessible from the courtyard on either side. The upper level is stepped back from the flanking street or lane and has a sloped wall with dormers aligned with the bay forms below to provide a strong visual break in the fronting building elevation. A similar formal expression is applied at the courtyard to include a raked wall with varying bay forms stepped back from a continuous brick mass.”

Under the site’s existing RM-9 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 Raymond Letkeman Architects Inc.

April 27, 2018by david.taylor@colliers.com
Apartment, Development, Retail

Kingsway & Clark Corner Slated for 53 Rental Units

The latest Kingsway rental rezoning application to be submitted to the City of Vancouver is for a site at the Northeast corner of Kingsway and Clark Drive, one block West of Knight Street.

The 14,134 SF site is currently improved with single storey retail including the Cedar Cottage Neighbourhood Pub and Liquor Store. The site is zoned C-2. The rezoning proposal seeks approval for a new six-storey mixed-use building, consisting of:

    • 53 market rental units;
    • 10 studios, 24 one bedrooms, 13 two-bedrooms and 6 three-bedrooms;
    • 7,884 SF of retail space at grade;
    • a total density of 3.77 FSR;
    • a building height of 74.64 ft.; and
    • 43 underground parking spaces.

This application is being considered under the Secured Market Rental Housing (Rental 100) Policy.

The site was acquired in 2017 for $5,840,000, or $102 per buildable SF based on the application.

The architect for the project is GBL Architects.

April 24, 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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