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.
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

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
Development, Office, Retail

24-Storey Office Tower Planned for Budget Site

Westbank‘s rezoning application for the Budget Car Rental site at 400 West Georgia Street has been submitted to the City. The site is located at the corner of West Georgia and Homer Street, across from the Central Library Branch. The letter of intent submitted by Westbank, suggests that the building will be built “on spec”.

The plan for the 20,992 SF (175′ x 120′) site calls for rezoning from Downtown (DD) District to Comprehensive Development (CD-1) District to allow for a 24-storey office building. The proposal includes:

  • 350,000 SF of office space;
  • 5,775 SF of retail space;
  • a building height of 301 ft.;
  • a total density 17.51 FSR;
  • steel construction;
  • six levels of underground parking; and
  • 125 bicycle parking spaces.

400 W Georgia400 W Georgia_5 400 W Georgia_4 400 W Georgia_3 400 W Georgia_2 400 W Georgia_1Design features will include triple-paned curtain wall, openable windows, large spans of column free space, glass floors. It will also incorporate a 4-storey high lobby.

The application describes the design rationale:

“The building is conceived as a cluster of white cubes that are bound by lush gardens. Pristine boxes project outward from the crevices filled with thick vegetation. The greenery is as expressive as the geometry is abstract. Together they merge into a staggered silhouette that is neither a tower nor warehouse, but a 3-dimensional campus.”
 
“The proposed building will be utilizing a concrete core with structural steel beams and steel decking c/w concrete topping. The steel construction seemed better suited to the architectural design and provides the desirable aesthetic of seeing the buildings structure visible through the transparent exterior glazing. The “truss” elements are cantilevering from 6 large column supports extending up through the entire building resulting in large open / column free interior spaces allowing flexible internal office planning configurations.”
 
This rezoning application is being considered under the Rezoning Policy for the Central Business District (CBD) and CBD Shoulder.

The architect for the project is Merrick Architecture.

May 10, 2017by david.taylor@colliers.com
Development

Construction Update: Vancouver House

Construction continues to progress at Vancouver House, one of the more watched construction sites in the City of Vancouver, if only for its unique design. The building is now above the bridge level. Construction is scheduled for completion in 2019.

56fda0a783daf37d8655020533000337photo courtesy mcminsen http://po.st/tfp1og via @imageshack

1c7c2189bf9538eec766565515cb5fc9photo courtesy mcminsen http://po.st/DsuFXn via @imageshack

1f391e9cae950209363a466a22016e63photo courtesy mcminsen http://po.st/2CzaHU via @imageshack

94b0901824e0231c33164b03aacb36d4photo courtesy mcminsen http://po.st/3h34VL via @imageshack

May 7, 2017by david.taylor@colliers.com
Apartment, Development

35-Unit Apartment Building Planned for Central Lonsdale

Belaire Apartments Ltd., the owners of an existing 3-storey lowrise apartment building in North Vancouver, are planning a replacement of the building with a new, larger rental apartment building.

The subject site is located in the Central Lonsdale neighbourhood at the south west corner of Chesterfield Avenue and 16th Street. The site currently contains a 13-unit rental apartment building. The 10,400 SF site is located in an area of mainly three storey apartment buildings, with most of them built in the late 1960’s to mid – 1970’s, and are a mix of rental and strata dwellings.

The proposal is for a new 5-storey rental apartment building that includes:

  • 34 apartment units
  • 18 one-bedrooms, 13 two-bedrooms and 3 three-bedrooms
  • a total density of 2.50 FSR
  • 17 underground parking stalls
  • 51 bicycle stalls

1549 Chesterfield1549 Chesterfield_1 1549 Chesterfield_2 1549 Chesterfield_3The OCP land use designation of the site is Residential Level 5, which allows for a medium density multi-family up to a maximum density of 1.6 FSR, with the potential of a 1.0 FSR bonus density to be granted at Council’s discretion. The applicant is requesting a bonus be granted to 2.50 FSR with all the proposed units being rental and secured through a rental Housing Agreement.

The architect for the project is Gateway Architecture.

May 7, 2017by david.taylor@colliers.com
Development

33-Unit Project Proposed for Marpole

Marcon has applied to the City of Vancouver for permission to develop a 19,671 SF, RM-9 zoned three-lot assembly on West 63rd Avenue, just East of Cambie Street. The plans for this site is a new 4-storey condo building, including:

    • 33 units
    • 7-one bedrooms, 22 two-bedrooms and 4 three-bedrooms
    • a total density of 2.0 FSR
    • 2 levels of underground parking accessed from the lane.

470 West 63rd Ave470 West 63rd Ave_2 470 West 63rd Ave_3 470 West 63rd Ave_1The single family assembly was rezoned under the Marpole Community Plan in 2014 and so only requires development permit approval.

The architect for the project is Rositch Hemphill.

The full development application can be viewed here: http://development.vancouver.ca/pc460w63rd/index.htm

May 1, 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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