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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Apartment, Development

12-Storey Rental Building Planned for West 10th & Oak

A development application has been filed for a new midrise apartment tower on a 125′ x 150′ lot at the Southwest corner of West 10th and Oak, just West of Vancouver General Hospital. The site is zoned RM-3 and so does not require rezoning. The proposal for 1002 West 10th Avenue includes a 12-storey apartment building, consisting of:

      • 62 rental units
      • A total density of 1.78 FSR (33,350 SF);
      • a building height of 116.86 ft.; and
      • 25 underground parking spaces, having vehicular access from the lane.

1002 West 10th Ave1002 West 10th Ave_1Under the site’s existing RM-3 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 Iredale Group Architecture.

March 3, 2017by david.taylor@colliers.com
Apartment, Development, Office, Retail

Mixed-Use Building Planned for Sapperton Area of New Westminster

I4 Property Group has applied to the City of New Westminster for a rezoning and to facilitate the development of a 15,254 SF site at 408-412 East Columbia Street, near Royal Columbian Hospital.

The Rezoning application entails changing the zoning of the property from Community
Commercial Districts (Medium Rise) (C-2A) to a new Comprehensive Development District to allow the development of a 6-storey, mixed use development that includes:
 
  • 60 secured market rental units
  • 7,000 SF of retail space at grade
  • 12,100 SF of office space on the second storey.
  • A total gross building area of 69,430 SF
  • a density of 4.53 FSR
  • 84 underground parking spaces

408 E Columbia408 E Columbia_1 408 E Columbia_2The previous OCP designation for the site is CM Commercial Main Street, which allows commercial uses at street level and office or residentail uses above. Densities in this zone are medium to high. Under the new OCP, the site is “Mixed-Use Low Rise”, allowing buildings up to 6-storeys in height.

I4PG attempted to assembled the neighbouring lot at 406 East Columbia Street, but were not successful.

The architect for the project is SUVA Architecture.

March 2, 2017by david.taylor@colliers.com
Development

FOR SALE: High-Density Transit-Oriented Development Site

We are pleased to introduce a 35,000 SF land assembly adjacent 22nd Street Skytrain Station in New Westminster. This assembly represents a rare opportunity to acquire a high-density residential site immediately adjacent a transit station.

BRO_22nd Street StationPlease download our brochure here: BRO_22nd Street Station Final E. Contact us for further details.

March 1, 2017by david.taylor@colliers.com
Apartment, Development

6-Storey Rental Building Planned for Kingsway

Another week, another rental apartment building rezoning application under the City of Vancouver’s Rental 100 program. This one is for a 12,300 SF site (99′ x 122′) located on the North side of Kingsway near Fraser Street. The application to for 855 Kingsway calls for a rezoning from the existing C-2 zoning to CD to permit the development of a six-storey mixed-use building. This is a concurrent rezoning and development permit application.

The proposal includes:

    • 49 secured market rental units;
    • 14 studios, 18 one-bedrooms, 12 two-bedrooms and 5 three-bedroom units
    • 4,043 SF of retail at grade;
    • A total density of 3.30 FSR;
    • A building height of 68.9 ft.; and
    • 25 underground parking spaces.

855 Kingsway855 Kingsway_1 855 Kingsway_2This application is being considered under the Secured Market Rental Housing (Rental 100) Policy.

The architect for the project is Cornerstone Architecture.

The site had sold in 2015 for $3,668,000, or approximately $91 per buildable SF.

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

33-Unit Project Planned for Chinatown

James Schouw and Associates has applied to the City of Vancouver for permission to develop on a 6,098 SF site next to Beedie’s controversial project at Keefer and Columbia. The plan for the existing vacant site is for a 10-storey mixed-use building with commercial uses on the first two floors and residential uses above. The proposal includes :

  • 33 residential units;
  • total floor area of 49,323 SF;
  • 8,000 SF of commercial space;
  • building height of approximately 88 ft.; and
  • 3 levels of underground parking containing 39 parking spaces.

129 Keefer_2 129 Keefer_1 129 KeeferThe plan also calls for the commercial space to have frontage on both the Keefer side and the laneway.

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

February 27, 2017by david.taylor@colliers.com
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First Capital REIT acquired by Choice Properties and KingSett for $5.2-billion

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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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