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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Condo, Development

Keltic’s Plan for Rev’s Bowling Site Includes Three Towers, 1,665 Units

Keltic Development has been given approval to move to first reading on a rezoning application for the Rev’s Bowling site at 5502 Lougheed Highway in the Brentwood area.

Keltic acquired the site in 2023 for $94,000,000.

The site is located between Lougheed Highway to the north and Goring Street to the south and is designated for High Density Multiple Family Residential within the Brentwood Town Centre Development Plan.

The development proposal is for three residential towers (60-storeys, 54-storeys and 46-storeys) with common 5-storey podium that includes residential uses, live-work units, and commercial space on the ground floor, above a shared underground parkade. A two storey amenity building is proposed in the southeast corner of the site.

Details include:

  • 1,667 total residential units;
  • 1,432 condos;
  • 235 affordable rental units;
  • a total density of 7.17 FAR.
November 19, 2024by david.taylor@colliers.com
Apartment, Rental, Retail

Robson Street Site to be Redeveloped for Two Rental Towers with 393 Units, Retail

GWL Realty Advisors Inc. has applied to the City of Vancouver for permission to redevelop the 264 ft. of frontage that they own in the 1500 Block of Robson Street at 1525-1555 Robson, at the corner of Cardero Street.

The site is an assembly of two separate site acquisitions, with the latter of the two at 1555 Robson acquired in April 2024 out of foreclosure, for $58 Million.

The plan for the combined site is two rental towers, 29-storeys and 28-storeys, with retail uses at grade. Details include:

  • 393 market rental units;
  • 40,000 SF of retail space on two levels (1.2 FSR);
  • a total density of 9.625 FSR;
  • four levels of underground parking with 251 parking stalls.

The application is “conditional” so it may be permitted. However, it requires the decision of the Development Permit Board.

The architect for the project is Arcadis.

November 14, 2024by david.taylor@colliers.com
Condo, Development

A Rare Sighting: A 100% Condo Tower in the Broadway Plan

Bastion Development has submitted a rezoning application for their site at Arbutus & West 10th Avenue for a 20-storey condo tower. The site at 2120-2150 West 10th Avenue is 17,248 SF and located just one block from the Arbutus Station.

A previous proposal for the site in 2021 was for a 5-storey condo building with 42 units under existing zoning.

The project is the first application under the Broadway Plan seeking 100% condo use. Most sub-areas of the Plan require rental, or a mix of condo and social housing. This particular sub-area, known as Kitsilano Arbutus Broadway Sub area C, allows for 100% condo with a CAC payment.

Details of Bastion’s proposal for the site is a 20-storey tower that includes:

  • 86 condo units;
    • 71 two-bedrooms, 12 three-bedrooms & 3 townhouses;
  • 3,900 SF of retail space on the ground floor;
  • a total density of 6.93 FSR;
  • A building height of 217 ft.
  • 144 parking stalls on 4 underground levels.

The rezoning will require a CAC payment, yet to be determined.

The architect for the project is Arcadis.

The full application can be viewed here: https://www.shapeyourcity.ca/2120-2150-w-10th-ave

November 6, 2024by david.taylor@colliers.com
Apartment, Development, Hotel

29-Storey Hotel Proposed for West End Site

Marcon has submitted a rezoning application for 2030-2038 Barclay Street in the West End. The site is currently a 4-storey extended stay hotel property called Rosellen Suites.

The site was previously approved for a 10-storey, 19-unit condo project under the existing RM-5B zoning.

The new proposal is to allow for the development of a 29-storey hotel and long-term stay building and includes:

  • 292 units;
    • 65 short term stay rooms & 227 serviced apartments;
  • 2,800 SF of restaurant space;
  • a total density of 14.7 FSR; and
  • A building height of 329 ft.

The architect for the project is Henriquez Partners.

The full rezoning application can be viewed here: https://www.shapeyourcity.ca/2030-2038-barclay-st

November 4, 2024by david.taylor@colliers.com
Apartment, Development, Rental

115 Unit Rental Building Proposed for Commercial Drive Site

Fabric Living has submitted a rezoning application for a site at 3295-3333 Commercial Drive in East Vancouver for a new lowrise rental building.

The 33,158 SF site is located on Commercial Drive near East 18th Avenue.

The proposal is to allow for the development of a 5-storey residential rental building and includes:

  • 115 market rental units;
  • an outdoor pool;
  • a total density of 2.15 FSR; and
  • A building height of 67 ft.

This application is being considered under the Secured Rental Policy.

The full application can be viewed here: https://www.shapeyourcity.ca/3295-3333-commercial-dr

The architect for the project is TKA+D.

November 2, 2024by 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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