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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

23-Unit Townhouse Development Proposed for Lynnmour Area of North Van

Brody Development Group has applied to the District of North Vancouver to allow a rezoning of four single family lots for a new townhouse development. The site is comprised of three lots on Orwell Street and one lot on Premier Street, in an area that is built out predominantly with townhouses.

The site falls within the District of North Vancouver’s Residential Level 3 designation in the Official Community Plan which allows a density of 0.8 FSR, though this application is proposing a lower unit count due to the irregular site configuration.

The plan for the project, labelled ‘Continuum Townhomes’ includes:

  • 23 townhouses
  • 3 two-bedroom units, 19 three-bedrooms & 1 4-bedroom unit
  • total density of 0.7 FSR
  • at-grade parking garages
  • total of 48 parking spaces

854 Orwell854 Orwell_1The architect for the project is Integra Architecture.

January 12, 2017by david.taylor@colliers.com
Apartment, Development

Plan for West Broadway Denny’s Site Includes 153 Rental Units

A rezoning application has been submitted for the “Denny’s” site at 1296 West Broadway. The site was sold in February 2016 to Jameson Development Corp for $26,250,000. The rezoning for the 18,762 SF site call for a 16-storey mixed-use building with apartments above retail and a small office component. The proposal includes:

    • 153 rental apartment units;
    • 27 studios, 70 one-bedrooms, 41 two-bedrooms & 15 three-bedrooms
    • 30,220 SF of retail space on two levels
    • 4,891 SF of office space
    • A total density of 7.07 FSR;
    • A building height of 159 ft.; and
    • 168 parking spaces

1296-west-broadway_11296-west-broadway_4 1296-west-broadway_2 1296-west-broadway_3 This application is being considered under the Secured Market Rental Housing (Rental 100) Policy.

The architect for the project is IBI Group.

The land sale from last year equates to $198 per buildable SF based on the anticipated rezoning.

January 11, 2017by david.taylor@colliers.com
Development

41-Unit Condo Building Planned for Uptown Area of New Westminster

Alpha Beta Developments has applied to the City of New Westminster to allow development of a new 6-storey condo development on an existing 13,510 SF, three lot land assembly in the Uptown area.

The application entails an OCP Amendment and Heritage Revitalization Agreement (HRA)  for the properties located at 612 to 618 Brantford Street. The OCP amendment would change the land use designation of the property from (CH) Commercial Historic Area to (RM) Residential Medium Density. The HRA application allows retention of the existing 1890 heritage home on the site.

Details of the project include:

  • a total of 41 units
  • 17 one-bedroom units, 18 two-bedroom units & 7 three-bedroom units
  • total density of 2.90 FSR
  • 57 underground parking spaces

612-brantford612-brantford_1612-brantford_2The architect for the project is Boldwing Continuum Architects Inc.

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

Planned 157-Unit Development for Moodyville Seeking Approval

Qualex Landmark has submitted their development application for the 700 and 800-blocks of East 3rd Street. The site is located in the Moodyville area of North Vancouver, which was approved as a district rezoning in April 2016.

As one of the first applications to go before City of North Vancouver council, this particular application is for the South side of East 3rd Street between Queensbury Avenue and Moody Avenue. The site also sits adjacent Moodyville Park and involves a land exchange where the City receives new park land. The plan is for a new development under the RM-2 Zone and Moodyville Development Guidelines.

The proposal is for three 4-storey residential buildings, and includes:

  • 157 residential units
  • total density of 1.8 FSR
  • 235 total parking stalls
  • CAC of $4.2 Million ($20 up to 1.6 FSR, $110 up to 1.8 FSR)
  • 25,000 SF of new park land

700-e-3rd700-e-3rd_1

January 9, 2017by david.taylor@colliers.com
Development, Office, Retail

Mixed-use Development Planned for Cambie & 42nd

Viva Grand Developments has applied to rezone a site that they own at Cambie Street and West 42nd Avenue, across from Oakridge Centre. The plan for the 31,194 SF site at 5812-5888 Cambie Street is to rezone from the existing C-2 to CD under the Cambie Corridor Plan to allow a 10 and 8-storey mixed-use development, including:

  • a total of 117 residential units;
  • 20 studios, 28 one-bedrooms, 50 two-bedrooms & 11 three-bedrooms
  • 8 live work units at the lane;
  • 6 commercial units at grade totaling 14,700 SF;
  • 21,000 SF of office space;
  • a maximum building height of 116 ft.;
  • a total density of 5.22 FSR; and
  • 215 underground vehicle parking spaces and bicycle spaces.

5812-cambie5812-cambie_2 5812-cambie_1Viva Grand had acquired the site, currently occupied by single storey retail, in 2013 for $26,000,000.

The architect for the project is IBI Group.

The full rezoning package can be viewed here: http://rezoning.vancouver.ca/applications/5812-5888cambie/index.htm

January 9, 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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