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, Office, Retail

Mixed-Use Building Planned for Chinatown Site

A development application has been submitted to the City of Vancouver for permission to develop a 50′ x 122′ site in Chinatown with a new 8-storey mixed use building. The site is located mid-block on the North side of Keefer Street between Main Street and Gore Avenue. The existing building on site is a single-storey retail building that is vacant.

Details of the proposed development include:

  • 29 residential units;
  • 23 one-bedrooms and 6 two-bedrooms
  • 2,838 SF of ground-floor retail space
  • 12,022 SF of office space on the 2nd and 3rd floors;
  • a total density of 5.35 FSR;
  • 20 parking stalls on two underground levels accessed via car elevator.

239 Keefer239 Keefer_1 239 Keefer_2

Under the site’s existing HA-1A zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Development Permit Board.

The site sold in June 2016 for $6,350,000 or $194 per buildable SF based on the application.

The architect for the project is Mallen Gowing Berzins Architecture.

August 29, 2017by david.taylor@colliers.com
Development

173 Townhouses Planned for Queensborough Site

Anthem Properties has submitted an application to allow the construction of a 173-unit townhouse development on a 7.91 acre site, known as “Mercer Landing” at 41 and 175 Duncan Street in the Queensborough area of New Westminster.

The site was previously rezoned in 2013 to allow 48 townhouses and 425 apartment units with a total density of 1.50 FSR. 

The current proposal includes:

  • 173 townhouses including 95 two-bedrooms and 78 four-bedroom units
  • 2 parking stalls per unit and 37 visitor stalls
  • a total density of 0.72 FSR
  • 5,575 square foot site for use as a child care w/ a two storey 2,600 SF building

41 Duncan_141 Duncan_2 41 Duncan_3 41 DuncanThe site would be remediated and the perimeter dyke would be upgraded to current
standards. The City’s perimeter walkway would be extended and dedicated to the City. The foreshore area will see a demolition of existing structures and, a rehabilitation of the shoreline.

The application requires two amendments to the Official Community Plan to allow residential development in an area currently designated as (ME) Mixed Employment. A change to Parks/Community Facilities is also required to allow the child care in am location currently designated for a residential use.

Anthem acquired the site in November 2016 for $26,800,000, which equates to $108 per buildable based on the current application ($66 per buildable based on the higher density previously approved.

The architect for the project is Ekistics Architecture.

August 28, 2017by david.taylor@colliers.com
Development

Marpole Lowrise Site Sells in $24 Million Deal

An assembly of five residential lots at Oak and West 64th in Marpole has sold to Century Eternal Group for $24,126,888, or $345 per buildable SF. The five lots comprise 250 feet of frontage on Oak with a combined site area of 28,307.5 SF.

8089 Oak

The Marpole Community Plan designates these lots for development for multi-family residential up to 6-storeys and 2.50 FSR density.

The buyer had previously secured the seven lots to the South of the property in June 2017. The combined twelve lot assembly comprises 68,309 SF.

August 25, 2017by david.taylor@colliers.com
Apartment, Development

Construction Update: 1155 Thurlow Street

Here is a brief update on a project in the West End that is a partnership between Bosa Properties and Central Presbyterian Church. The property was rezoned in 2014 to allow a new 22-storey building that includes 168 units of market rental apartments and 45 units of non-market rental apartments, as well as retail space, a new church and a preschool.

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photo courtesy mcminsen http://po.st/NealhU via @imageshack

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photo courtesy mcminsen http://po.st/WEQhhh via @imageshack

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August 25, 2017by david.taylor@colliers.com
Development, Office

Industrial/Office Building Planned for Yukon & 7th Site

A development application has been submitted to the City of Vancouver for permission to develop a new industrial/office building at 2250 Yukon Street, at the Northeast corner of Yukon and 7th in the Mount Pleasant area of Vancouver. The building will be a custom build office for Fast + Epp Engineers.

The plan calls for a 4-storey mixed-use commercial/industrial building containing:

    • Wholesale Class B on the ground floor and partial second floor;
    • General Office use on the second floor to fourth floors;
    • a total density of 3.00 FSR (15,958 SF)
    • an overall building height of approximately 60 feet; and
    • one level of underground parking providing 10 spaces and one at grade parking space, having vehicular access from the lane.

2025 Yukon_42025 Yukon2025 Yukon_3 2025 Yukon_2 2025 Yukon_1

Under the site’s existing I-1 zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning.

The application describes the design rationale: “The building shell will be constructed making maximum use of sustainable prefabrication technology that Fast+Epp has been developing over the past 25 years. The floor and roof structure will consist of prefabricated hybrid timber-steel panels with fully integrated mechanical and electrical systems. The ceiling structure of the single level parkade will consist of precast hollow core panels. The firewall at the east side will consist of pre-cast concrete panels. We anticipate the entire building shell above the parking walls will be constructed within a 4-week period, thereby minimizing neighbourhood noise and minimal traffic disruption from concrete trucks.”

The site was acquired in December 2016 for $3,800,000 or $238 per buildable SF based on the application. It has been occupied by an auto-repair shop “Wilf’s Transmissions” since it was built in the mid-90’s.

The development planner for the project is Schmidt & Associates Development Planning Ltd. 

August 22, 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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