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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Apartment, Development

48-Unit Rental Building Proposed for Lower Lonsdale

A rezoning application has been submitted for a site at 173 & 177 West 6th Street (corner of Chesterfield and West 6th) to rezone the properties from a Medium Density Apartment Residential 1 (RM-1) zone to a Comprehensive Development zone to allow redevelopment of this 14,008 SF site that is an assembly of an older 10-unit apartment building and a 3-unit townhouse.

The site has an OCP designation of Residential Level 5 that allows for a density of 1.6 Floor Space Ratio (FSR) and a potential for an additional bonus of up to 1.0 FSR, in accordance with the City’s Density Bonus and Community Benefits Policy. 

The proposal calls for a new 6-storey rental building on the site including:

  • 48 rental units;
  • 28 one-bedrooms, 15 two-bedrooms and 5 three-bedrooms;
  • Includes 5 townhouse units along Chesterfield;
  • A total density of 2.60 FSR;
  • 35 underground parking stalls.

The architect for the project is Rafii Architects.

 

June 12, 2018by david.taylor@colliers.com
Apartment, Development

67-Unit Rental Building Proposed for North Van Site

A rezoning application has been submitted for a site at 127-129 East 12th Street in North Vancouver. The application seeks to rezone from the current Medium Density Apartment Residential 1 (RM-1) zoning to allow a new six-storey rental apartment building, to replace an older walkup apartment on the site.

The site is located along the southern side of East 12th Street in the Central Lonsdale area with Lonsdale Avenue to the west and St. Georges Avenue to the east.

The land use designation of the subject site is Residential Level 5 (R5), which allows for a medium density multi-family building up to a maximum density of 1.60 times the lot area (FSR), with the potential of an additional 1.0 FSR bonus density to be granted at Council’s discretion, for a total of 2.60 FSR

Details of the proposal include:

  • 64 rental units (including 6 mid-market rentals);
  • 2 studios, 37 one-bedrooms, 18 two-bedrooms and 8 three-bedroom units;
  • a total density of 2.60 FSR:
  • a building height of 63 ft.
  • 60 underground parking stalls.

 

The application describes the design intent: “The proposed rental apartment building is presented as a unique concept with all the residential units surrounding an outdoor central courtyard on the ground level with outdoor circulation available to all units that surrounds the courtyard. Access to the upper levels is available either by an open stairway or elevator.”

The architect for the project is Birmingham & Wood.

June 9, 2018by david.taylor@colliers.com
Development

57 Units Proposed for Lower Lonsdale Site

A rezoning application has been filed by Innovision Development for a site at 236-254 East 3rd Street in the Lower Lonsdale area of North Vancouver. The 24,025 SF site is located on the North side of East 3rd Street between St. Georges Avenue and St. Andrews Avenue.

The site is designated as Residential Level 5 which allows up to 2.60 FSR density with bonuses. It is currently improved with four older duplex buildings.

The plan for the site is a new 6-storey concrete building that includes:

  • 50 condo units;
  • 7 secured non-market housing units;
  • 31 one-bedrooms, 18 two-bedrooms and 8 three-bedroom units;
  • A total density of 2.34 FSR;
  • 63 underground parking stalls.

The application describes the building design: “The site is set within a high slope landscape. At the cellar level, ground oriented units are presented with patios facing East 3rd Street. These units, the main lobby to the west, and storage rooms behind are defined as “Cellar” under the bylaw and exempted from GFA. The second level wraps the lower level of parking and contains the townhouse units’ upper bedrooms as well as an additional amenity room for residents. The third level similarly wraps around the upper parking level. The 4th, 5th and 6th levels are presented as a double loaded corridor with apartments on either side of a hallway. The penthouse level has 5 three-bedroom units that are accessed from an exterior corridor set back from the top of the floor below. Each of these penthouse units has a stair and hatch accessing private patios on the roof.”

The architect for the project is DA Architects and Planners.

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

40-Units Planned for Central Lonsdale Site

A rezoning application has been filed for a site at 117-125 West 23rd Street, between Lonsdale and Chesterfield Avenue in the City of North Vancouver. The site, currently occupied by two duplexes and a single family house, is identified in the City’s OCP as Residential Level 5, which allows a density up to 2.60 FSR.

The plan for the 15,990 SF site is to rezone to allow a new 5-storey condo building that includes:

  • 40 condo units;
  • 7 one-bedrooms, 28 two-bedrooms & 5 three-bedrooms;
  • a total density of 2.35 FSR;
  • one level of underground parking with 34 stalls.

The application describes the design rationale of the project: “The proposed building would have a contemporary west coast design, with a mix of glass, lapped siding, and masonry materials. The massing of the five storey woodframe building would be broken down into a one-storey base, a three-storey mid-section and a one-storey top level expression.”

The architect for the project is Raymond Letkeman Architects.

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

FOR SALE: RM-9 Zoned Development Site

We are pleased to introduce this 18,654 SF site in Marpole which is zoned to allow up to 4-storeys, 2.0 FSR. The site enjoys a great location on a quiet street just steps to the Marine Gateway Skytrain Station. Contact us for further details.

 

Download the brochure here: BRO 7971-8007 Columbia Street – E Copy

June 8, 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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