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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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Apartment, Development, Office, Retail

Sapperton Green Project Moves Closer to Reality

The preliminary master plan concept for the 38.5 acre Sapperton Green site has now been approved by the City of New Westminster, allowing the project to move forward to public consultation and eventual rezoning.

Plans to rezone and redevelop the current industrial property first came forward several years ago, with an application by Quadreal for OCP amendment approved in November 2015.

The site sits on the Eastern edge of New Westminster and is adjacent to Braid Skytrain Station. The site is currently improved with older industrial buildings currently used by Amazon.

Details of the proposed development within the preliminary master plan include:

  • 13 to 14 residential towers with midrises and townhouses
  • Approx. 3,700 units (half condo / half rental)
  • 3,400,000 SF of residential space
  • 800,000 to 1,150,000 SF of office space (mostly along Braid near the station)
  • 150,000 SF of retail space
  • 35,000 SF community centre facility
  • a central greenway running through the site in addition to a road network
  • park dedication equal to approx. 12% of the gross site area
  • a CAC to be determined

Sapperton GreenSapperton Green_5 Sapperton Green_2 Sapperton Green_1 Sapperton Green_4 Sapperton Green_3The first phase of the project would occur on the South and East portions of the site, the subsequent three phases would require demolition of the existing Amazon building.

It is anticipated that the rezoning application would be sent to public hearing in the Spring of 2018.

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

FOR SALE: Boutique Townhouse Development Site

We are pleased to introduce this 58′ x 135′ corner lot in the Cambie Corridor Phase 3 Plan area. The lot will likely be rezoned in early 2018 to allow townhouses. Contact us for further details.

1008 West 52nd AvenueBrochure: BRO – 1008 West 52nd Ave – E

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

47-Unit Project Proposed for Lynn Creek Area of North Van

IRCA Group is seeking development permit approval for a proposed redevelopment of four single family lots located at the southeast corner of Crown Street and Mountain Highway in Lynn Creek Town Centre area of North Vancouver.

The plan for the 17,4000 SF site calls for a new 6-storey building that includes:

  • 47 residential units
  • 13 one-bedrooms, 27 two-bedrooms and 7 three-bedrooms;
  • a total density of 2.50 FSR ;
  • 58 underground parking spaces on two levels

1505 Crown1505 Crown_1

July 6, 2017by david.taylor@colliers.com
Development, Office

4-Storey Industrial/Office Building Planned for Mt. Pleasant Site

A development application has been submitted by Rendition Developments to the City of Vancouver for permission to develop a 99′ x 122′ site at 224 West 8th Avenue in the Mount Pleasant area. The site is currently improved with an old two-storey office building.

This area has seen a slew of applications since the I-1 zone was changed in 2013 to permit more general office use to a density of 3.0 FSR.

The plan for this site is for a 4-storey, mixed-use building consisting of:

    • Manufacturing uses on the first storey and mezzanine above;
    • General Office uses on the second through fourth storeys;
    • a total density of 3.0 FSR;
    • a total building size of 36,258 SF;
    • two levels of underground parking, providing 51 parking spaces

224 West 8th 224 West 8th_1 224 West 8th Ave_3Under 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 architect for the project is Mallen Gowing Berzins Architecture.

The site was acquired by Rendition in February 2017 for $9,500,000 or $262 per buildable SF.

July 6, 2017by david.taylor@colliers.com
Apartment, Development, Retail

Apartment Building Planned on Small East Van Lot

Rejoyce Investment Corp. has submitted a rezoning application to rezone a single 38 x 112 ft. commercial lot at 4459 Rupert Street, between East 28th and East 29th Avenue. The building is to be called “The Monad on Rupert Street”, modeled after a similar 5-unit building constructed in Kits in 2010. 

The existing zoning of the 4,270 SF site is C-1 (Commercial), and the plan is to redevelop  site with  a 4-storey mixed-use building. This is a concurrent rezoning and development permit application.

The proposal includes:

    • 14 rental apartment units;
    • Four studios, 5 one-bedrooms & 5 two-bedrooms;
    • 2,424 SF of retail space;
    • A total density of 2.40 FSR;
    • A building height of 49 ft.; and
    • 9 parking spaces and 30 bicycle parking spaces.

4459 Rupert 4459 Rupert_2 4459 Rupert_12nd Floor Plan

2nd Floor Plan

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

The architect for the project is Lang Wilson Practice in Architecture Culture (LWPAC).

July 4, 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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