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

12-Storey Building Planned for Southeast False Creek

Aurmon Development has applied to rezone a 24,160 SF site that it owns at West 2nd and Wylie Street in the Southeast False Creek area. 371 West 2nd Avenue is currently zoned M-2 (Industrial) and the proposal is for a 12-storey building (10 storeys plus 2 penthouse levels) above a 6-storey podium (5 storeys plus 1 penthouse level). The proposal includes:

    • 132 strata condo units;
    • 78 one-bedrooms, 38 two-bedrooms and 12 three-bedrooms
    • A height of 130 ft;
    • A density of 4.11 FSR
    • Three levels of underground parking

This proposal is being considered under the Southeast False Creek Official Development Plan (ODP).

372 West 2nd 372 West 2nd_1 372 West 2nd_2The full rezoning application can be viewed here.

The site was acquired by Aurmon in 2010 for $9,650,000, or $114 per buildable SF.

February 16, 2016by david.taylor@colliers.com
Development

7-Storey Residential Building Planned for Kits

A development permit application has been submitted for a 50′ x 120′ site at the Northwest corner of West 11th Avenue and Maple Street in Kits; across from Lord Tennyson Elementary School. The plan for the C-7 zoned site calls for retention of the two-storey heritage building on the lane redevelopment of the existing retail building into a 7-storey residential building. Details include:

  • 8 units in total
  • 3 townhouse units and 5-units in floors 3-7 (one suite per floor, all 3-bedrooms)
  • Total density of 2.44 FSR (18,316 SF)
  • 2 levels of underground parking
Existing site

Existing site

2001 West 11th_1The architect for the project is Ankenman Marchand Architects.

The site had been listed for sale with CBRE in 2015 for $4,988,000, and sold in September 2015 for $4,950,000; equivalent to $270 per buildable SF.

February 16, 2016by david.taylor@colliers.com
Development

Details Emerge for Westbank/First Baptist Church Redevelopment

After holding preliminary open houses late last year to unveil the First Baptist Church redevelopment to the public and the media, Westbank has now submitted their formal rezoning application for the Bing Thom designed project at 969 Burrard St. & 1019-1045 Nelson Street. The specific details of the project have now been finalized for rezoning application purposes.

Major details of the proposal includes:

    • restoration of First Baptist Church;
    • new church ancillary spaces, including a 37-space child daycare, a gymnasium, a counselling centre and offices;
    • a new 8-storey building containing 66 social housing units, owned by the church;
    • a new 56-storey tower containing 294 market strata residential units;
    • a combined total new floor area of 559,925 SF.
    •  a total density of 10.79 FSR;
    • 497 underground vehicle parking spaces.

This rezoning application is being considered under the Rezoning Policy for the West End and the West End Community Plan.

969 Burrard As the building sits at an elevation of 167 ft above sea level, it will appear as one of the tallest buildings on the Downtown skyline, only slightly shorter than Shangri-la and Trump Tower.

969 Burrard_4Further detail on the rezoning application can be found here: http://former.vancouver.ca/commsvcs/planning/rezoning/applications/969burrard/index.htm

February 11, 2016by david.taylor@colliers.com
Apartment, Development

50-Unit Apartment Building Planned for Cambie & King Edward Corner

A rezoning application has been filed for an 11,066 SF site at the Southwest corner of Cambie and King Edward; a site that had been orphaned from the adjacent development by Dava Development, “Parc 26” now under construction and nearly sold out. The proposed plan for 512 West King Edward Avenue is for a 6-storey residential building that includes:

  • 50 secured market rental units;
  • a building height of 67.75 ft
  • a density of 3.0 FSR;
  • 37 vehicle parking spaces and 71 bicycle spaces.

The application is being considered under the Cambie Corridor Plan and the Secured Market Rental Housing Policy.

512 West King Edward 512 West King Edward_1 512 West King Edward_2The architect for the project is Arno Matis Architecture.

February 10, 2016by david.taylor@colliers.com
Development, Office

Construction Update: 510 Seymour

Here is a construction update on Serracan Properties‘ latest office building project at the southeast corner of Seymour St. and West Pender St. in Downtown Vancouver.

510 Seymour will be 82,000 square feet and 10-storeys tall. Upon completion, the majority of the building will be occupied by Adler University and shoes.com.

UQpCqMCourtesy mcminsen http://po.st/eCGhJv via @imageshack

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Courtesy mcminsen http://po.st/zpoCdk via @imageshack

February 10, 2016by 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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