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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

32-Storey Tower Proposed for Metrotown Site

Intracorp has submitted a rezoning application for a 32,438 SF site in Metrotown at 6438-6468 McKay and 6443-6467 Silver Avenue. The proposal is for a 32-storey residential tower under the RM4s designation provided in the Metrotown Downtown Plan. Details include:

  • 298-units;
  • 84 studios, 88 one-bedrooms, 94 two-bedrooms and 32 three-bedrooms;
  • a total density of 3.6 FAR;
  • a building height of 322 ft.;
  • 333 underground parking spaces.

The proposal also includes an expansion of Maywood Park to Maywood Street through a density transfer approach that involves Intracorp’s acquisition of the 27,442 SF park site at 4305-4325 Maywood Street).

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

29-Storey Highrise Planned for Downtown New Westminster

A rezoning and development application has been submitted for a 26,122 SF site located at 810 Agnes Street in Downtown New Westminster. The site is designated Mixed Use High Density in the New Westminster Official Community Plan and is located one block from a Skytrain station.

The plan calls for a new 29-storey residential tower that includes:

  • 222 residential units;
  • 125 one-bedrooms, 72 two-bedrooms and 25 three-bedrooms;
  • a total density of 7.2 FSR;
  • a tower height of 280 feet;
  • 270 underground parking stalls;
  • 3,350 SF of indoor community space;
  • construction of a new park at 824 Agnes Street

The architect for the project is Hapa Collaborative.

January 26, 2018by david.taylor@colliers.com
Apartment, Development, Retail

6-Storey Rental Building Planned for Hastings Heights

A rezoning application has been submitted for a new rental apartment building on a 66′ lot on the South side of East Hastings Street in the Hastings Heights area of Vancouver. The site totals 6,762 SF and is currently zoned C-2C1.

The plan for the site at 3532 East Hastings Street is to rezone under Rental 100 for a 6-storey building, consisting of:

    • 34 secured market rental units;
    • 2,021 SF of retail space at grade;
    • a total density of 4.08 FSR;
    • a building height of 67 ft.; and
    • 1 level of underground car parking with 24 stalls.

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

The architect for the project is Gair Williamson Architects.

The property last sold in June 2016 for $3,100,000 or $83 per buildable SF based on the rezoning application.

January 25, 2018by david.taylor@colliers.com
Apartment, Development

More Units Proposed for Arbutus Village Project

Larco has applied to the City of Vancouver to amend the rezoning for the Arbutus Village Shopping Centre site.

The overall rezoning for the 7-acre site was approved back in 2011, with the first two phases along Arbutus now having been fully approved and under construction. 

The new rezoning proposal would increase the overall residential floor area for the remaining phases on the Western portion of the site (Blocks C and D), including an increase in the number of market and social housing units. The application cites the housing crisis which has worsened considerably since 2011, as well as the re-imagining of the Arbutus Greenway and Arbutus Corridor. 20% of the units are required to be social housing.

The specific amendments that affect the remaining project (Blocks C and D) include:

  • A 113,519 SF increase in total density;
  • A total of 240 units;
  • An increase in building height on Block C to 197 ft
  • An increase in building height of Block D to 236 ft.
  • 2,700 SF expansion of planned Neighbourhood House (approx. 10,000 SF)

Blocks C & D also includes about 10,000 SF of retail space, as well as an adult day care, and strata rec centre.  The rezoning application proposes no change to the amount of commercial space, and includes an expanded Neighbourhood House referenced above.

January 23, 2018by david.taylor@colliers.com
Development

142-Unit Rental Project Planned for Port Moody

Woodbridge Properties has submitted their formal application to develop a rental apartment project on a site at 3131-3137 St. Johns Street, on the South side of the street between Moray Street and James Road. The site is located 600 metres from Inlet Centre Station. The application, first introduced to the public last summer, requires an OCP amendment, rezoning and development permit, and will now go forward for council’s consideration.

Plans call for a new 6-storey building that includes:

  • 142 rental apartment units;
  • 6 studios, 59 one-bedrooms, 72 two-bedrooms and 5 three-bedrooms;
  • A total density of 3.20 FAR;
  • 180 underground parking spaces;
  • A total building height of 60.4 ft;
  • An on-site children’s amenity space.

 

January 19, 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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