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

Rezoning Proposed for West Georgia “Flatiron” Site

A rezoning inquiry goes before City of Vancouver council next week for a site located at 1445-1455 West Georgia Street. The two-lot assembly is owned by Brilliant Circle Group, who acquired the two buildings in 2012/2013. The City’s policy report describes the 18,200 SF site as “unique and prominent due to its triangular shape and its location at the intersection of West Georgia, West Pender and Nicola Streets“.

It was reported in a Globe and Mail article earlier this year that the architect for the project is James Cheng.

The rezoning inquiry anticipates demolition and redevelopment of the two existing lowrise office buildings currently on the property into one landmark residential tower on what is arguably Vancouver’s most prominent ‘flatiron’ sites. The site is currently zoned DD and while not located in the West End Plan like some of the recent nearby proposals by Westbank and Bosa, City staff do appear to support a rezoning in principal. The height can only be considered because it falls under the Granville Bridge view cone limit, which is 515 ft; in addition, the site’s location on Georgia, a main arterial, also qualifies. Preliminary details include:

  • a 44-storey residential tower
  • a building height of 515 ft.
  • 250,000 SF of residential density (13.7 FSR)

If Council gives its approval to move forward with a rezoning application, more design details will likely emerge next year.

1445 W Georgia 1445 W Georgia_2

Proposed Tower Height

Proposed Tower Height

December 10, 2015by david.taylor@colliers.com
Development

Grosvenor’s Edgemont Village Project Moving Forward

Following years of planning and community consultation, Grosvenor’s proposal for a mixed-use project on a 2.1 acre land assembly including the Super Valu site in Edgemont Village, which has been under the working name “Grosvenor Edgemont” goes to council on Monday for approval. The site sits on the Western edge of Village, and was acquired by Grosvenor in 2013 for $36,000,000. It went to a public hearing in June 2015.

Development potential for the site was previously limited in terms of density, but recent planning policy including the new DNV OCP and Edgemont Village Centre Plan both facilitated a rezoning above 1.0 FSR.

The overall plan for the site is for a 3-storey building with a partial 4th level. Details from the development permit application include:

  • a total density of 1.67 FSR
  • 84,503 SF of residential space
  • 61,567 SF of commercial space
  • a new Thrifty Goods grocery store
  • 82 residential units including 59 apartments and 23 townhouses
  • 371 underground parking spaces on two levels
  • housing agreement to ensure owners are not prevented from renting units
  • CAC equal to $15.00 per SF per increase in density above 1.0 FSR

Grosvenor Edgemont_1 Grosvenor Edgemont_2 Grosvenor Edgemont_3

Grosvenor Edgemont_4In addition to Grosvenor’s project website (linked above), the District of North Vancouver has a site with links to various info on the proposal: https://www.dnv.org/property-and-development/3260-edgemont-boulevard-grosvenor

December 4, 2015by david.taylor@colliers.com
Development

Construction Update: The Independent

The Independent by Rize Alliance is currently in the excavation phase. The 21-storey, 258 unit project at Main and Kingsway in East Vancouver was approved in late 2014 after a four year process which entailed a lengthy rezoning application process, at times contentious within the local community, and several revisions to the project.

From a marketing perspective, the project appears to have done quite well. Sales were launched in February 2015, and the project was substantially sold out within a few months.

Independent_Dec 15

Photo credit: mcminsen http://po.st/Nqc5eo via @imageshack

 

December 2, 2015by david.taylor@colliers.com
Development

Conceptual Plans Emerge for Langara Gardens

The City of Vancouver is currently holding open houses for the proposed redevelopment of Langara Gardens, a 21-acre apartment complex at Cambie Street and West 57th Avenue owned by Peterson Group in partnership with Concert Properties. Peterson acquired the property in 2009 for $157MM. In 2013, they began a process to create planning policy to redevelop the site, which in its present configuration is predominantly built out as lowrise and townhouse buildings.

Today, initial concept plans are being presented to the public. Some common concepts include:

  • retention of the four existing apartment highrises
  • new residential buildings varying in height
  • retention and enhancement of existing retail
  • construction of a new daycare
Concept b

One of three concept plans

concept c

Another concept plan

December 2, 2015by david.taylor@colliers.com
Development

Construction Update: Vancouver House

Here is a brief construction update for Westbank’s much anticipated Vancouver House project; a 375-unit, 600,000 SF, 59-storey condo tower expected to be complete in 2018. The project is near sell-out with only a few units remaining.

VanHouse (1)

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

VanHouse (2)Courtesy: mcminsen http://po.st/rtJB4I via @imageshack

November 25, 2015by 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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