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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Development

Proposal for 52-Storey Tower at 601 Beach

Pinnacle International held a pre-application open house for their 601 Beach Crescent site, adjacent the Granville Street Bridge and acquired from the City. The site is intended to form the other side of the ‘Gateway’ with Vancouver House on the West side of the Granville Bridge.

Preliminary details of the proposal include:

  • A 52-storey tower;
  • A total building height of 535 ft;
  • 152 non-market housing units;
  • Market residential units.

The site was identified for a taller tower as part of the City’s 2011 “Vancouver Views” policy which created an opportunity for two sites at the Granville Bridge Gateway. (The other being Vancouver House).

The architect for the project is JYOM International with GBL Architects.

May 15, 2018by david.taylor@colliers.com
Apartment, Development

91-Unit Rental Apartment Project Proposed for Marpole

A rezoning application has been submitted for a 23,518 SF mid-block site on Oak Street, just South of West 70th Avenue. 8636-8656 Oak Street is currently improved with two older RM-3A zoned apartment buildings totaling 17 units.

The proposed rezoning for the two lots is for a new rental project with two 6-storey buildings which include:

  • 91 market rental units;
  • 29 studios, 29 one-bedrooms, 27 two-bedrooms & 6 three-bedrooms;
  • a total density of 2.50 FSR;
  • a building height of 60 ft.; and
  • two levels of underground parking with 76 vehicle parking spaces and 115 bicycle spaces.

The application is being considered under the Marpole Community Plan.

The architect for the project is WT Leung Architects.

May 14, 2018by david.taylor@colliers.com
Apartment, Development

42-Unit Rental Building Proposed for Lower Lonsdale

A rezoning application has been submitted for an 11,998 SF site at 365 East 2nd Street in the City of North Vancouver. The site is currently improved with an older 3-storey walkup apartment building containing 18 units. 

The subject site has a 2014 Official Community Plan (OCP) designation of Residential
Level 5, which permits a midrise apartment building form to a maximum floor area of 1.6
FSR and a maximum density bonus of 1.0 FSR that may be considered when public
benefits are provided

The proposal is for a new 6-storey building that includes:

  • 42 rental units;
  • 18 one-bedrooms, 20 two-bedrooms and 4 three-bedrooms;
  • A total density of 2.60 FSR;
  • 44 underground parking stalls.

The architect for the project is Rafii Architects.

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

Details of Heather Lands Redevelopment Include 12 Towers, 2.3 Million SF

The City of Vancouver has released the Policy Statement for the Heather Lands site, a 21 acre site located just West of Cambie Street, between West 33rd and West 37th. The site is jointly owned by Canada Lands Company,  the Musqueam Indian Band, Squamish Nation and Tsleil-Waututh Nation (the “MST Nations”). It was previously occupied by the RCMP, which moved to a new headquarters in Surrey in 2012. There remains a heritage building on site, the Fairmont building.

A comprehensive planning program was initiated for the site in 2016, which aligned with the recently adopted Cambie Corridor Phase 3 planning program. Several stakeholder and community consultations sessions and open houses occurred over 2017, culminating with the Policy Statement which will guide the future rezoning and redevelopment of individual parcels within the overall Heather Lands site, similar to processes for other large sites like Pearson Dogwood, Oakridge Transit Centre Site, and Langara Gardens.

An important aspect guiding the policy statement has been reconciliation with the MST Nations.

Details of the overall land use policy include:

  • An overall maximum density of 2.50 FSR (2,296,000 SF);
  • Approx. 2,500 residential units;
  • Heights from 3 to 24-storeys;
  • A minimum of 20% of units for affordable housing (approx. 530 units);
  • 20% of units as ‘attainable home ownership’ (approx. 530 units);
  • 20,000 – 60,000 SF of local serving retail & service uses (ie. cafe, small grocery, pharmacy, medical office);
  • One acre site for potential 4-storey Conseil Scolaire Francophone school;
  • Minimum 4 acres of secured park and open space (min. 2 acres public park);
  • A new 69-space childcare facility;
  • A cultural centre (minimum 15,000 SF);
  • Potential demolition or relocation of the Fairmont building;
  • New 35th Avenue connection through site;
  • A new neighbourhood commercial street inside the site;
  • Extension of Baillie Street and Manson Streets into the site;
  • Redesign of Heather Street to accommodate new Heather Street bikeway.

The Policy Statement describes the built form: “The Heather Lands will be characterized by a variety of building forms, including lower forms and townhouses framing parks and open spaces, mid-rise buildings along the streets and some taller buildings organically located to follow the forest trail. The cultural centre and childcare facility will be prominently located on the site, anchoring the neighbourhood heart.”

The full policy report can be viewed here: http://council.vancouver.ca/20180515/documents/rr3.pdf

May 10, 2018by david.taylor@colliers.com
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
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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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