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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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
Apartment, Development

245-Unit Project Proposed for Downtown New Westminster

Domus Homes has submitted a rezoning application to the City of New Westminster for a 26,104 SF site at 813-823 Carnarvon in Downtown New Westminster, directly across the street from the 3-tower “Plaza 88” development. The plan is for a mixed-use project that includes a market condo tower, a non-market rental lowrise, and commercial uses. Details include:

  • a 29-storey tower
  • a 6-storey lowrise
  • 195 market condos
  • 119 one-bedrooms, 54 two-bedroms and 22 three-bedrooms
  • 50 non-market rental units for Performing Arts Lodges (PAL)
  • a total density of 7.75 FSR
  • total building height of 290 feet

813 Carnarvon813 Carnarvon_1 813 Carnarvon_2The architect for the project is GBL Architects.

March 24, 2017by david.taylor@colliers.com
Development

23-Unit Townhouse Development Planned for Lower Capilano

PC Urban has submitted a rezoning application and OCP amendment for a 5-lot land assembly in the Lower Capilano area of North Vancouver. The site, sold by our team in 2015, is located on the northwest corner of Fullerton Avenue and Glenaire Drive, at the edge of the Capilano River Regional Park.

The lots in question were part of a larger zoning redesignation effort by the District of North Vancouver in 2015, which resulted in several blocks in the area being allowed for townhouse rezoning under the new OCP.

The plan is to redevelop five residential lots located at 1946 -1998 Glenaire Drive to allow a new 3-storey townhouse development, including:

  • 23 three-bedroom townhouse units
  • Unit sizes ranging from 1,726 SF to 2,322 SF
  • three separate buildings
  • onsite public pathway adjacent to the Capilano River
  • a total density of 1.07 FSR
  • a community amenity contribution of $121,581
  • 46 underground parking stalls

1948 Glenaire1948 Glenaire_21948 Glenaire_31948 Glenaire_1

March 23, 2017by david.taylor@colliers.com
Development, Office, Retail

Oxford Planning New Office Building on West Georgia Site

401wgeorgiastvanfjan12Oxford Properties has applied to the City of Vancouver for permission to build a brand new infill office building on an underutilized portion of a 59,000 SF lot and existing 22-storey office building property they own at 401 West Georgia (built in 1987) , which runs along Homer Street all the way to Dunsmuir Street on the North, where the new building will be located.

The plan is to build a new 9-storey office building on the North part of the property facing Dunsmuir Street. Details include:

  • retail and office use on the ground floor and office use on the 2nd-9th floors;
  • 4,654 SF of new retail space
  • 147,000 SF of new office space
  • Office floorplates of 14,000 – 19,000 SF
  • 6,600 SF of amenity space, 2,300 SF conference centre & 4,300 SF fitness facility
  • a building height of 139.4 feet
  • two levels of underground parking accessed from the lane; and
  • retention of the existing commercial building on the south portion of the site.

401 West Georgia

401 West Georgia_3 401 West Georgia_2 401 West Georgia_1 401 West Georgia_4The project is being proposed under the existing DD zoning and so only requires a development permit as opposed to rezoning.

The architect for the project is B + H Architects Inc.

March 22, 2017by david.taylor@colliers.com
Apartment, Development, Retail

52 Rental Units Planned for Main & 41st

Rendition Developments has submitted a rezoning application  for a long-vacant site at the NW corner of Main and 41st. The proposal for the 11,684 SF site at 5679 Main Street is for a 6-storey mixed-use building including:

  • 52 rental apartment units;
  • 5 studios, 29 one-bedroom units, 15 two-bedrooms & 3 three-bedroom units
  • 4,089 SF of ground floor retail space
  • a total density of 3.46 FSR
  • a building height of 76 ft.; and
  • 33 underground parking spaces and 72 bicycle parking spaces.
5679 Main

Existing condition

5679 Main_15679 Main_25679 Main_3This application is being considered under the Secured Market Rental Housing (Rental 100) Program.

The site sold in May 2016 for $6,000,000, or $149 per buildable SF based on the rezoned density anticipated in the application.

EDIT: This post previously mentioned that the site was an old gas station, which is not accurate, it was previously a commercial building torn down many years ago.

March 21, 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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