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, Retail

Mixed-Use Building Proposed for Commercial Drive

A development application has been filed for a site at 928 Commercial Drive, mid-block just South of Venables Street. The plan for the 33 x 121 ft site is to build a new infill building including:

  • a 5-storey, mixed use building
  • retail on first floor and residential above (2nd to 5th floors)
  • 12 rental aparment units
  • 3 parking spaces having vehicular access from the lane.

Under the site’s existing C-2C1 zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning.

928 Commercial

The architect, Matthew Cheng, explains the design rationale:

“The existing building on the subject property is a single family building built in 1904. In order to improve the neighborhood in Grandview-Woodland community and provide more affordable residential units, a brand new 5-storey mix-use building is proposed to replace the existing single detached dwelling. The new building with rental units will not only improve the 900 block Commercial Drive streetscape but also ease the tough rental market in the “Drive area”.
The proposed new building is designed as a wood frame building with a concrete ground / second level. Residential units are location on level three to five. There are 2 compacted unit types provided, studio and one-bedroom, in order to introduce more affordable rental option for the demographic in the neighborhood., Bicycle room, coin laundry room and other residential services are location on the ground and second level. Elevator is provided so that residents and handicap people can access to every level easily.”
928 Commercial_2 928 Commercial_1
June 22, 2016by david.taylor@colliers.com
Apartment, Development

Construction Update: 1155 Thurlow Street

Here is a brief update on a project in the West End that was originally envisioned prior to the West End Community Plan having been adopted in 2014.

The project is a partnership between Bosa Properties and Central Presbyterian Church, which used to worship on this property for many years. The property was rezoned in 2014 to allow a new 22-storey building that includes 168 units of market rental apartments and 45 units of non-market rental apartments, as well as retail space, a new church and a preschool.1155 Thurlow_2

1155 Thurlow_3Excavation was recently completed and a crane is scheduled for installation on June 25th. Completion of the project is scheduled for April 2018.

1155 Thurlow_4

photo courtesy mcminsen http://po.st/ZegImX via @imageshack

June 22, 2016by david.taylor@colliers.com
Apartment, Investment

Reliance Properties Acquires 1770 Davie St. in $43MM Deal

Reliance Properties has acquired a landmark apartment and retail property in the West End for $43,000,000. The building was built in 1958 and includes a 58-unit 16-storey concrete apartment highrise and three retail units including Milestones, and is prominently located at the intersection of Denman and Davie.

1770 DavieThe building had been listed for sale by Avison Young without an asking price and sold after receiving multiple offers.

June 15, 2016by david.taylor@colliers.com
Apartment, Development, Retail

Rental Apartments Planned for East Vancouver Strip Mall Property

A rezoning application has been made for a 29,102 SF site at 3868 Rupert Street (at East 22nd St) for rezoning to allow rental apartments. The site is currently improved with a grocery store – Chong Lee Market and some retail units along with surface parking.

3868 Rupert 3868 Rupert_1

The proposal calls for rezoning from C-1 to CD-1 to permit the development of 6-storey mixed-use building that includes:

    • 112 secured market rental units;
    • 78 one-bedrooms, 30 two-bedrooms and 4 three-bedrooms
    • 10,856 SF retail uses in six CRUs on the ground floor
    • a total density 3.60 FSR
    • a building height of six storeys ; and
    • 158 underground parking spaces.

The application is being considered under the Affordable Housing Choices Interim Rezoning Policy.3868 Rupert_2

The architect, GBL, describes the application:

“This project will take into account these neighbourhood factors by providing appropriate up to date commercial premises for the existing tenants and providing good quality affordable rental accommodation for the locale. The Renfrew Collingwood area has great community facilities and a number of schools close by. With this in mind, over a quarter of the units will be 2 and 3 bedrooms for families.

We are proposing that the site is rezoned for a six storey building which accommodates one floor of commercial, five floors of market rental units above over two levels of underground parking. The project will follow the Rental 100 City Policy. The area of the project is 104,667 SF, yielding an F.S.R. of 3.60. The project proposes six commercial retail units with specific size requirements ranging from circa. 670 SF up to 11,760S SF. Commercial entrances are located on Rupert Street. The Residential Lobby is positioned to the south side of the site at 23rd Avenue allowing for an uninterrupted commercial frontage. The project proposes 112 Rental Units on Levels 2-6 with over a quarter designated as 2+ bedroom family units. The average sizes meet the Rental 100 requirements with 1 beds at 570SF, 2 beds at 730SF and 3 beds at 937SF. We recognize there are good community facilities and schools in the area and our Client wants to provide a range of accommodation types which will appeal to a varied market of future tenants.”
June 13, 2016by david.taylor@colliers.com
Development

Two Options Being Considered for “Site 8” in North Vancouver

Polygon has prepared a proposal including two options for a development at 119 – 131 West Esplanade in North Vancouver, also known as “Site 8”. The site also includes lands owned by City of North Vancouver. The overall rezoning application seeks an amendment to the City’s OCP to increase the allowable building height and to rezone the site to allow the construction of a mixed-use building consisting of a residential tower over a commercial podium. This would be supported by four levels of underground parking.

The site was previously owned by Millenium Properties who proposed a 35-storey tower back in 2007, which was subsequently withdrawn. The site later sold to Polygon.

119 W Esplanade

Two development options are being presented for the City of North Vancouver’s consideration:

Option 1 – with Non-Market Office Space

  • 11-storey tower with 107 residential units
  • a building height of 122 ft.
  • a total density of 3.78 FSR
  • sale of City lands, transfer density and density bonus resulting is a cash contribution of $10.3 Million.
  • 6,000 SF of office space owned by Polygon and rented at below market rates to non-profits

Option 2 – with Community Amenity Space

  • 12-storey tower with 117 residential units
  • a building height of 139 ft.
  • a total density of 4.07 FSR
  • sale of City lands, transfer density and density bonus resulting is a cash contribution of $8.7 Million.
  • 16,155 SF of City-owned community space for a museum

In both scenarios, the site has to accommodate almost 100 parking spaces for off-site uses.

119 W Esplanade_2 119 W Esplanade_1

119 W Esplanade_3

View from Esplanade

The architects for the project are DYS Architecture and Nigel Baldwin Architects.

June 13, 2016by 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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