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

53-Unit Building Proposed for New Westminster

A rezoning and development permit application has been received in order to allow the development of a 14,000 SF site at the corner of Sixth Street and Welsh Street in the Uptown Area of New Westminster. It is currently improved with two older vacant commercial buildings. The address for the project is 228-232 Sixth Street.

The site was originally the subject of a rezoning application in 2015, but was subsequently sold and the application has been revised.

The current plan calls for a 6-storey woodframe building, including:

  • 53 condo units;
  • 21 one-bedrooms, 21 two-bedrooms and 11 three-bedrooms;
  • a total density of 3.78 FSR;
  • a building height of 64.17 feet;
  • 66 parking spaces on 3 underground levels.

232 Sixth_2 232 Sixth_1 232 SixthThe rezoning application entails changing the zoning of the property from Community Commercial Districts (High Rise) (C-3A) to a new Comprehensive Development District
(CD). The Development Permit application is to facilitate a review of the form and character of the proposal in accordance with Official Community Plan Development Permit Area Guidelines.

The architect for the project is Denis Turco.

October 16, 2017by david.taylor@colliers.com
Apartment, Development, Retail

237-Unit Project Planned for Uptown Area of New Westminster

Orr Development has submitted their rezoning and development permit applications for a 34,801 SF site at the corner of Sixth Street and Seventh Avenue in the Uptown neighbourhood of New Westminster. The site is currently improved with older two-storey commercial buildings. 

The proposal for 616-640 Sixth Street is for a 30-storey mixed use development that includes:

  • 169 market residential strata units (on levels 8-30)
  • 68 secured market rental housing units (on levels 2-7)
  • 14,439 SF of retail at grade;
  • a total density of 6.03 FSR;
  • a total building height of 305 ft.
  • 299 underground parking spaces;
  • common outdoor amenity area located on the forth level on top of the podium roof.

616 Sixth616 Sixth_1616 Sixth_2The site is designated as (UC) Uptown Commercial in the current Official Community Plan. The Rezoning application entails changing the zoning of the property from Community Commercial Districts (High Rise) (C-3) to a new Comprehensive Development District (CD). The Development Permit application is to facilitate the review of the form and character of the proposal in accordance with Official Community Plan Development Permit Area Guidelines.

The architect for the project is Yamamoto Architecture.

October 16, 2017by david.taylor@colliers.com
Development

30-Storey Tower Proposed for West End Corner Site

A partnership between Strand Development and Intracorp has submitted a rezoning application for a 17,292 SF site at 1068-1080 Burnaby Street and 1318 Thurlow Street. The site is currently zoned RM-5A but has been redesignated within the West End Community Plan for higher density. The rezoning designation requires that 25% of the gross floor area is social housing. The site is currently improved with two older lowrise apartment buildings and a 12-unit strata building.

Our team sold this site just a few months ago.

1318 Thurlow_1

The proposal is for a 30-storey residential tower that includes:

  • 82 market residential units;
  • 39 social housing units;
  • 3 studios, 21 one-bedrooms, 71 two-bedrooms, 24 three-beds and 2 four-beds;
  • a total density of 8.94 FSR;
  • a building height of 290 ft.; and
  • four levels of underground parking with 176 vehicle parking stalls and 160 bicycle parking spaces.

1318 Thurlow_2 1318 Thurlow_3 The building height and overall density (including social housing) was required to be reduced in order to accommodate an obscure urban design guideline that restricts any shadows from being cast onto the North Davie Street sidewalk at 4pm on the equinox dates.1318 Thurlow_4

The application is being considered under the West End Community Plan. The application describes the design rationale of the market housing component:

“The market housing component of the tower has been planned with large , spacious floor plans that provide generous and functional living spaces. All family oriented homes are anchored at one of the four corners of the tower by a large outdoor covered terrace; this outdoor space becomes the focal point of the living spaces within and maximizes access to natural light, outdoor living opportunities , and cross -ventilated air. Homes of this nature will fill the needs of families, urban professionals and downsizers equally well, and will help to foster an integrated community of unique, liveable homes.”

The architect for the project is NSDA Architects.

October 12, 2017by david.taylor@colliers.com
Development

252-Unit Project Planned for Port Moody

Marcon has submitted an OCP amendment and rezoning application to the City of Port Moody three separate parcels of land located along St. George Street in the Moody Centre area. The lots in question are 22 single family lots located between 3010-3042, 3009-3029, and 3037-3113 St. George Street, and combine for a total land area of 191,462 SF. Dallas Creek bisects the townhouse portion of the site.

Details of the project include:

  • 252 total units;
  • 179 units within two six-storey buildings on Parcel 1 on the north side of St. George Street; (104 one-beds, 55 two-beds and 20 three-beds)
  • 73 townhouses respectively on Parcels 2 and 3 on the south side of St. George Street in a total of 11 buildings; (50 three-beds and 23 four-bed units);
  • an overall density of 1.42 FAR;
  • 402 underground parking spaces;
  • significant enhancements to Dallas Creek watershed, including daylighting; re-establishment of water flows; channel widening; in-stream habitat creation; removal of buildings and structures within the Streamside Protection and Enhancement Area (SPEA); and creation and restoration of the riparian habitat;
  • the dedication to the City of the SPEA and neighbouring park/open space totalling 36,166 SF;
  • the provision of six affordable housing units for Kinsight.

3010 St. George3010 St. George_23010 St. George_33010 St. George_1

An OCP amendment is required to increase the maximum permitted height of the properties on the north side of St. George Street from three storeys to six storeys; re-designate portions of the property as Parks and Open Space; and allow for flexibility in relation to SPEA setbacks from Dallas Creek in line with other OCP policies.

The architect for the project is SHIFT Architecture.

October 11, 2017by david.taylor@colliers.com
Development, Office

Hootsuite Campus Development Application Moves Forward

Westbank and Hootsuite have submitted their formal development application for a 2.8 acre site in Mount Pleasant. The site is divided by a lane and fronts onto Ontario Street between East 4th and East 5th Avenue. 

The I-1 zoning for the site was amended by the City of Vancouver earlier this year to I-1A and I-1B, to allow for more flexible uses, density and building form; essentially to accommodate Hootsuite’s use in the Westbank proposal for the subject site.

The proposal for the two sites includes:

102 East 4th Avenue (the North site)

  • A 8-storey mixed-use building containing Industrial and Office uses 
  • An approximate height of 107 ft.; and
  • A total density of 5.0 FSR (148,918 SF); and,
  • 5 levels of underground parking providing a total of 394 parking spaces having vehicular access from the lane.

102 East 4th

110 East 5th Avenue (the South site)

  • A 9-storey mixed-use building containing Industrial and Office uses
  • An approximate height of 122 ft.; 
  • A total density of 6.0 FSR (142,579 SF); and
  • 5 levels of underground parking providing a total of 287 parking spaces having vehicular access from the lane

110 East 5th

A perspective view of the overall campus

A perspective view of the overall campus

Westbank acquired the site in 2015 for $40,475,000, or $139 per buildable SF based on the current development application.

The architect for the project is Henriquez Partners Architects.

 

October 10, 2017by 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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