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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: 66-96 West King Edward Avenue

We’re pleased to present this 4-lot land assembly located in the forthcoming Cambie Corridor Phase 3 area. The 31,695 SF site will potentially be zoned for townhouse use.

66-96 W King EdDownload the full brochure here: BRO 66-96 W King Edward

May 15, 2017by david.taylor@colliers.com
Development

32-Storey Tower Planned for West End Site

A partnership between Strand Development and Intracorp has submitted an application to rezone a site located at 1055 Harwood Street, between Thurlow and Burrard in the West End area of Downtown Vancouver.

The proposal is for a 32-storey residential building with:

  • 82 market residential units;
  • 68 two-bedrooms, 8 three-bedrooms and 6 four-bedrooms;
  • 44 social housing units;
  • a density of 10.35 FSR;
  • four levels of underground parking with 156 vehicle parking stalls;
  • 158 bicycle parking spaces; and
  • a building height of 300 ft.

1055 Harwood_51055 Harwood_4 1055 Harwood_2 1055 Harwood_3The RM-5A zoned site was redesignated under the West End Community Plan, adopted in 2014. Currently occupied by a lowrise coop, the site was acquired in August 2016 for $40.5 Million.

The application describes the design rationale:

“The overall form for the proposed building is one that is familiar to the West End. The tower, as proposed, is a 32-storey tower interlocked with a very small 6,300 square foot, seven storey (60’) base, thereafter tapering into a slender 5,500 square foot floorplate for the remainder of the building’s tower element.
 
The building has been designed as a “tower in the park” with the use of concrete and brick to create an articulated base transitioning into a slender tower with a simple concrete frame featuring expansive windows, spandrel glass and spacious balconies that are predominately inset into the building’s facade.”
 
The architect for the project is NSDA Architects.
May 15, 2017by david.taylor@colliers.com
Market Research

False Creek Flats Plan Nearing Final Approval

Next week the False Creek Flats Plan goes to Vancouver City Council for final approval of the draft. The plan encompasses 450 acres of land anchored by the future St. Paul’s Hospital and new Emily Carr campus.

FCFPThe False Creek Flats Plan planning process was originally launched two years ago and is now in final draft form after various stages of public input.

Here are a few details:

Existing Zoning

FCFP_1The Plan seeks to divide the plan area into four distinct sub-areas, as follows:

FCFP_2Health Hub

This area will be the main focus of development change; centered around the future St. Paul’s Hospital and will include uses that support health care and job space, as well as some new residential space.

Creative Campus

This area is located around three rapid transit stations and will be predominantly an employment area with some limited residential uses.

Terminal Spine

This area will see some modest density increases, but limited to industrial and employment uses.

Back of House

This area will continue to remain light industrial uses with a focus on food economies and a move away from low-employment uses like auto dealers and mini-storage.

For further information, take a look at the draft of the Plan here: http://council.vancouver.ca/20170517/documents/cfsc1-AppendixA-FalseCreekFlatsPlan.pdf

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

Rare Multi-Family Building Planned for Arbutus Ridge

Trillium Projects has applied to the City of Vancouver for permission to develop an 11,440 SF site on MacDonald Street at Alamein Avenue, just South of West 24th Avenue in the Arbutus Ridge neighbourhood of Vancouver’s Westside. The area is a small commercial strip in an otherwise predominantly single family neighbourhood. The existing building on the site is an auto service centre.

The proposal is for a 3-storey building and duplex, including:

  • 8 residential units, including 6 townhomes and a duplex;
  • 2 retail CRU units on the ground level;
  • a total density of 1.34 FSR;
  • One level of underground parking accessed from the lane; and
  • 21 parking stalls

4066 MacDonald_2 4066 MacDonald_1 4066 MacDonaldUnder the site’s existing CD-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 Shift Architecture.

Here is a link to the development application: http://development.vancouver.ca/4066macdonald/index.htm

May 11, 2017by david.taylor@colliers.com
Apartment, Development

Refurbishment of Gabriola Mansion Includes 20 Rental Units

A rezoning application has been submitted for the Gabriola Mansion property at 1523 Davie Street in Vancouver’s West End. The 26,000 SF property, principally occupied by one of the West End’s most notorious heritage buildings, was sold last year for $6.72 Million.

The application includes the preservation and restoration of the Gabriola Mansion building through conversion to rental apartments.

Further details include:

  • the conversion of the mansion into 16 market rental units;
  • 4 new infill 3-storey rental townhouses to be developed in the northeast corner of the property;
  • 4 three-bedrooms, 5 two-bedrooms, 7 one-bedrooms and 4 studios
  • an increase in FSR from 0.35 to 0.89; and
  • no increase in height from the existing CD-1 (248).

1523 Davie_3 1523 Davie_2 1523 Davie_1 1523 DavieThe architect for the project is Ankenman Marchand.

May 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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