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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, Office, Retail

Construction Update: Solo District

Here is a construction update on the second phase of Appia’s Solo District project in the Brentwood Area of Burnaby.

The first phase of the project included a tower branded ‘Stratus’, a 367-unit 45-storey tower which has just recently completed and which is substantially sold out. Burnaby’s first Whole Foods is an anchor of the retail component of the project.

The second phase of the project is ‘Altus’, a 48-storey tower at the corner of Lougheed and Willingdon that includes 284 condo units above 250,000 SF of office space on 12 floors. Pre-sales launched in 2013 and this phase of the project is also nearing sell-out.

Solo District Feb 2016 (1)

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

Solo District Feb 2016 (3)

photo courtesy mcminsen http://po.st/avE0BU via @imageshack

Solo District Feb 2016 (2)

photo courtesy mcminsen http://po.st/ut93EP via @imageshack

February 24, 2016by david.taylor@colliers.com
Development

Next Phase of Station Square Project Includes Metrotown’s Tallest Building

Development plans are going ahead for the 3rd and 4th phase of Station Square, a multi- phase mixed use development including five residential towers in Metrotown being developed by Anthem Properties in conjunction with the Beedie Group.

The rezoning for the project was granted back in 2012 at which time pre-sales commenced for the first phase, which included a 35-storey tower and 269 units. The first tower recieved occupancy in 2015. The second phase entailed two towers of 38 & 48 storeys, now under construction.

Plans for the 3rd and 4th phase, located along the Mackay Avenue frontage, total 758 new units, and includes:

Phase 3 Tower

  • 41-storey residential tower above a 3-storey podium
  • 461 ft tower height
  • residential, office and retail use
  • 334 residential units
  • 47,470 SF of commercial space
  • 612 parking spaces

Phase 4 Tower

  • 52-storey residential tower above a 3-storey podium (new tallest in Metrotown)
  • 565 ft tower height
  • residential, office and retail use
  • 424 residential units
  • 65,960 SF of commercial space
  • 627 parking spaces

station-square-rendering

http://www.vancouver-real-estate-direct.com/buzz/2012/07/burnaby-station-square-condos/

 

February 24, 2016by david.taylor@colliers.com
Development, Retail

19-Unit Building Proposed for Kingsway

A development application has been filed for a C-2 zoned site at 900 Kingsway, at St. Catherine’s Street, in East Vancouver. The plan, tentatively titled “Kensington Views”, is for a 4-storey building with:

  • 19 condo units (6 one-bedrooms, 8 two-bedrooms and 5 three-bedrooms)
  • 3,774 SF of retail space
  • one level of underground parking
  • a total density of 2.50 FSR

900 Kingsway_2900 Kingsway 900 Kingsway_1The architect for the project is Cornerstone Architecture.

February 23, 2016by david.taylor@colliers.com
Development, Retail

50-Unit Building Planned for Mount Pleasant

Port Living is planning to replicate the success of their Midtown project with another project nearby. They have filed a development application for a C-2C zoned site at 630 East Broadway, near Carolina Street. The proposed plan, tentatively titled “Midtown 2”, includes:

  • a 4-storey building
  • 50 residential units (35 studios and 14 one-beds)
  • a density of 3.0 FSR
  • 2 ground floor retail units
  • 2 levels of underground parking

630 East BroadwayThe architect is Studio B Architects.

February 18, 2016by david.taylor@colliers.com
Development, Office

Market Spotlight: City of Vancouver Public Hearings

A couple of rezoning applications make their way to public hearing next week. Public hearings are generally the last hurdle for proponents before formal enactment and development permits. Two projects going to council next week highlight some minor changes to previously proposed projects:

988 West Broadway

This 10-storey office tower project was originally approved way back in 2011, and finally went forward in 2015. The project, by BlueSky Properties, was rezoned under the Metro Core plan to allow a 5.22 FSR density, and site clearing began in late 2015.

Changes: An amendment is being requested to suit the needs of a “prospective tenant”. The original plan had been to have a common area space on the top floor. The plan now calls for the common area space to be located on the 2nd floor, with the top floor being expanded for a tenant’s use.

  • Density increase from 5.22 to 5.52 FSR (heritage density is being purchased + public art contribution)
Amended proposal with additional 10th floor space

Amended proposal with additional 10th floor space

1575 West Georgia

This Coal Harbour proposal by Bosa Properties was originally unveiled in 2014. The site is currently improved with a 3-storey office building, and a small city-owned surface parking lot.

The project is moving forward with only small revisions as a result of staff recommendations and public feedback, with a one-storey reduction in height, a reduction in the unit count from 184 units to 175 units, and a reduction in density from 10.83 to 10.59 FSR.

1575 West Georgia_3

Height context perspective. Note concept tower heights for 1500 West Georgia (Bosa) and 1550 Alberni (Westbank) and 1400 Alberni (Wall). Concept tower heights are also included on Cardero at Georgia and Alberni corners.

1575 West Georgia_5

 

February 18, 2016by david.taylor@colliers.com
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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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