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

Planning Underway for 40-Acre Willingdon Lands

Aquilini Development has submitted an initial rezoning application for a 40-acre site in Burnaby that they own jointly with the Musqueam Indian Band and the Tsleil-Watuth First Nation. The site has been used over the years by a variety of institutional uses and many of the existing facilities on the site are currently leased back by the Province. All of the remaining services on the site will be relocated off-site by 2019.

The site is currently zoned CD and allows for commercial and institutional uses. The current application seeks to establish a master plan for the entire site, and a development plan for the first phase to be located on the Northeast corner. While details are still vague at this point, general concepts include:

  • commercial, residential and amenity uses including a child care facility
  • 4-acre public open space or “commons” at the centre of the site
  • potential street linkages at South and West sides of site

Willingdon LandsThe existing CD zoning had been based upon the P6 and B2 Urban Office District guidelines and envisioned uses including: high tech and office uses, vocational and post secondary uses, health care and seniors care uses, emergency, transitional and supportive housing, as well as supporting accessory uses such as retail, residential and mixed-use.

Separate rezoning applications for the master plan and for phase 1 will be submitted as a next step.

The site was purchased from the Province in 2014 for $57.9 Million.

April 3, 2017by david.taylor@colliers.com
Apartment, Development

466-Unit, Two Tower Project Planned for Burquitlam

Cressey has submitted a rezoning application for a 1.8 acre site at 430-450 Westview Street, just East of North Road and South of Austin Avenue in the Burquitlam Area of Coquitlam.

The site is zoned RM-4 but designated as high-density residential in the Lougheed Neighbourhood Plan and is currently occupied by two older lowrise apartment buildings containing a total of 101 rental units.

The redevelopment plan includes a new condo development with a rental development replacing the existing units at a ratio of 2:1. Details include:

  • Two towers -a 35-storey condo tower & a 22-storey rental tower
  • 264 condo units (average 675 SF) 106 one-beds, 153 two-beds and 5 three-beds
  • 202 rental units (average 714 SF) 35 studios, 96 one-beds, 68 two-beds & 3 three-beds
  • total density of 5.0 FAR (3.04 condo & 1.96 rental)
  • 27,064 SF of amenity space including an outdoor pool
  • 679 underground parking spaces

430 Westview430 Westview_1430 Westview_3430 Westview_4430 Westview_2The architect for the project is Chris Dikeakos.

April 3, 2017by david.taylor@colliers.com
Development

Social Housing Plans Unveiled for 58 West Hastings Site

A rezoning application has been submitted for a site owned by the City of Vancouver at 58 West Hastings Street. This is the large (32,228 SF) vacant lot on the South side of Hastings between Abbott and Carrall Street.

Plans for social housing on the site were first unveiled by the City back in 2016 after many years of discussion and several lengthy periods of the site being occupied as a homeless camp.

The proposal is for a ten-story mixed-use building with:

  • Seven floors of housing, with 222 social housing units;
  • 54 two-bedroom units
  • Retail and Health Care Office uses on floors 1-3;
  • One level of underground parking;
  • A total density of 6.6 FSR; and
  • A building height of 105 feet.

58 W Hastings 58 W Hastings_1 58 W Hastings_2The proposal includes a healthcare clinic and medical and dental offices will occupy the rear portion of the ground floor, as well as the second and third floors. Residential rental social housing with self-contained apartment units are located on the upper floors.

This rezoning application is being considered under the Rezoning Policy for the Downtown Eastside and the Downtown Eastside Community Plan.

The architect for the project is W.T. Leung Architects.

March 31, 2017by david.taylor@colliers.com
Development

Wesgroup Acquires Chevron Site on Dunbar

Wesgroup Properties has acquired the Chevron site at Dunbar and West 39th Avenue on Vancouver’s Westside. The 18,009 SF C-2 zoned site sold for $19,400,000, or $430 per buildable SF based upon the density permitted under the existing zoning.

5505 DunbarThe gas station site was one of a few properties offered for sale by Chevron in 2016. Others included the site on West Georgia downtown, and a now closed commercial station at Clark & 1st.

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

145-Units of Affordable Housing Coming to Main & 7th

Catalyst Community Developments Society has submitted their application to rezone 2221 Main Street, a prominent 34,885 SF site on the West side of Main Street between 6th and 7th. The site is currently zoned IC-2 but the Mount Pleasant Community Plan allows rezoning of sites along Main to higher density.

This is the first project built under the City’s Vancouver Affordable Housing Agency (VAHA), and was first announced at a press conference on the site last summer.

The proposal for this first affordable housing project under VAHA is a 9-storey mixed-use building that includes:

  • 145 affordable housing units;
  • 28 studios, 45 one-bedrooms, 42 two-bedrooms & 30 three-bedrooms
  • A total density of 3.30 FSR
  • 9,928 SF of ground floor retail space
  • A building height of 98 feet
  • 192 underground parking spaces on 4 levels;
  • 12,000 SF of public plaza area on the 7th Ave corner

2221 Main2221 Main_1 2221 Main_2 2221 Main_!The architect for the project is Rositch Hemphill Architects.

March 24, 2017by david.taylor@colliers.com
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David Taylor Personal Real Estate Corporation

Colliers International

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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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