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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: West End Development Opportunity

We are pleased to reintroduce 1860 Barclay Street, the only 33 ft. lot in the West End permitted for a 6-storey infill development building. This is a unique opportunity for a builder or owner occupier to acquire a site with permits in place and immediate development potential. 

The site is offered at $5,980,000.

 

March 26, 2018by david.taylor@colliers.com
Development

Revised Plan for Hotel on Edward Chapman Site Approved

A revised development permit application has been approved for the proposed 13-storey hotel on the Edward Chapman site at 833 West Pender. The project is somewhat unique in that the site is only 52′ x 120′.

An application was originally made by Executive Group in January 2017 after they acquired the site in 2016. The application required some tweaks but has now been approved at the Development Permit Board. Here are the details of the project:

  • 106 hotel rooms (9 rooms per floor)
  • Restaurant on the ground floor;
  • Building height of approximately 154 ft;
  • A total density of 10.33 FSR;
  • A common roof deck amenity for guests including rooftop bar;
  • 20 underground valet parking spaces accessed from the lane via car elevator.

The zoning for the site allows for 9.0 FSR, but up to 15% increase for hotel use.

Executive Group plans to open the 202-room Exchange Hotel in the lowrise portion of the Exchange Tower later this year.

The architect for the project is Studio One Architecture.

March 23, 2018by david.taylor@colliers.com
Apartment, Development, Retail

47 Rental Units Planned for East Hastings Site

In what seems like a weekly occurrence, another Rental 100 rezoning application has been made for a site on East Hastings Street in East Vancouver.

This rezoning application is for a 12,080 SF site at 2601-2619 East Hastings Street, at the corner of Hastings and Penticton Street. The site is currently improved with lowrise commercial and is zoned C-2C. The proposal is for a 6-storey mixed-use building, consisting of:

    • 47 secured market rental units;
    • 8 studios, 23 one-bedrooms, 12 two bedrooms & 4 three-bedrooms;
    • 6,281 SF of retail space at grade;
    • a total density of 3.75 FSR;
    • a building height of 71 ft.; and
    • 42 underground parking spaces.

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

March 22, 2018by david.taylor@colliers.com
Apartment, Development

411 Units Planned for Lynn Valley Site

Mosaic Homes has filed a rezoning application for the site they own in Lynn Valley Town Centre known as Emery Place, a 5.1 acre site that is currently improved with a 61-unit apartment complex. 

The site is designated within the District of North Vancouver’s Official Community Plan as Residential Level 6: Medium Density Apartment which allows density up to 2.50 FSR.

The proposed redevelopment of the site includes:

  • Four buildings (Two 12-storey concrete midrises and two woodframe lowrises);
  • Townhouses;
  • 411 total units (84 rental units & 327 strata units);
  • 109 one-bedrooms, 165 two-bedrooms, 132 three-bedrooms and 5 four-bedrooms;
  • A total density of 2.17 FSR;
  • Four phases:
    • Phase One: 6-storey, 87-unit rental building (incl. 23 non-market rental)
    • Phase Two: Two 12-storey concrete buildings with 220 strata units
    • Phase Three: 64 townhouses in six buildings
    • Phase Four: A 5-storey, 61-unit woodframe strata building
  • A total of 619 parking spaces;
  • An extension of Emery Place Road to align with envisioned road network;
  • New pathway to Kirkstone Park and improvement to trails;
  • A CAC of $11,900,000 paid in four phases.

It is expected that the entire project would be completed by 2024.

Mosaic acquired the site in 2016 for $39,550,000.

The architect for the project is Ramsay Worden.

March 16, 2018by david.taylor@colliers.com
Apartment, Development, Retail

Another Passive House Rental Building Planned for Hastings Heights

Another Rental 100 rezoning application has been submitted in East Vancouver on East Hastings. This is the second passive house multifamily rezoning application, just West of 8th Avenue Development Group’s “The Heights” project, an 85-unit project just completed at the corner of East Hastings and Skeena.

This application for 3435 East Hastings Street, between Cassiar and Skeena Street calls to rezone the 11,366 SF mid-block subject site from C-2C1 to permit the development of a 6-storey rental residential building. The proposal includes:

    • 45 secured market rental units;
    • 13 studios, 16 one-bedrooms, 10 two-bedrooms & 6 three-bedrooms;
    • 2,712 SF of retail space at grade;
    • a density of 3.14 FSR;
    • a building height of 68 ft.; and
    • 28 underground parking spaces.

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

The architect for the project is Cornerstone Architecture.

March 15, 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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