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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

Latest Cambie Corridor Proposal Features 56-Units

Mosaic Homes has applied to rezone a 34,720 SF site at the corner of West King Edward and Yukon Street; one block East of Cambie. The plan for 288-388 West King Edward calls for two 4-storey residential buildings with 2-storey townhouses and an amenity building at the lane. The proposal includes:

  • 56 residential units;
  • a building height of 50 ft.;
  • a density of 1.76 FSR; and
  • 74 underground parking spaces and 76 bicycle parking spaces.

This rezoning application is being considered under the Cambie Corridor Plan, and the architect is Shift Architecture.

288 W King Ed 288 W King Ed_1 288 W King Ed_2

October 5, 2015by david.taylor@colliers.com
Development

Westbank Unveils Plans for 1550 Alberni Site

After recent media coverage and speculation regarding Westbank’s new Coal Harbour project at 1550 Alberni, a formal rezoning applicaiton has now been filed with the City, providing some more details on the project. The 20,698 SF site, currently zoned DD and improved with a lowrise office building, is being redeveloped with a 43-storey condo building with commercial uses at street level, including:

    • a building height of 436 ft.;
    • a total of 188 residential units;
    • a density of 14.0 FSR;
    • 272,262 SF;
    • 271 underground parking spaces on six levels

The application is being considered under the Rezoning Policy for the West End and the  West End Community Plan. The site is located at Cardero and Alberni.

1550 Alberni_3

The unique design is a partnership between Japanese architect Kengo Kuma for the design and Associates, and local architects James Cheng and Merrick Architecture for the rezoning.

1550 Alberni_4The rezoning package describes the design:

“The design of 1550 Alberni Street is shaped by its environment. The 42-storey tower is carved by two emphatic scoops that form deep balconies furnished in wood. In both instances, the carvings create semi-enclosures that strengthen their relations to the street and to the views – to its urban and geographic context.

 

Because of the way the otherwise orthogonal tower is carved, its silhouette constantly changes, creating illusionary profiles of arching cantilevers. The reality is far more structured as the carved deductions are diagonally symmetrical, the lower portion helping to counterbalance the hanging volume above.

 

The tower meets the ground with two intersecting domes that embrace Alberni and Cardero Street. Under the arching structures, an extensive moss garden defines the entrance and flows to the swimming pool above. In keeping with Japanese spatial traditions, the emphasis is on the atmosphere rather than the object: without drawing attention to a particular point laden with meaning, the void elicits a serene visceral
experience that could be shared by all.”

 

1550 Alberni_1 1550 Alberni 1550 Alberni_2
October 2, 2015by david.taylor@colliers.com
Development

Four More Towers Coming to Brentwood

Four more towers are being proposed for the Brentwood Town Centre area of Burnaby in two separate rezoning applications that went to Burnaby City Council this week for first reading. They are:

2242 Alpha Avenue

2242 AlphaThis project is being built by Monark Group, who bought the site in February 2015 for $6,750,000. The plan for the 41,574 SF, M2 zoned site is for a high-rise residential tower atop a 4-storey above-grade parking podium and some underground parking. The above-ground parking is required due to groundwater conditions in the area. The anticipated density is 3.6 FAR under the RM4s designation.

2425 Beta Avenue

2425 Beta AvenueThis site is located on the West side of Beta Avenue between Dawson Street and the BNSF rail line, and is being developed by Thind Properties, who acquired it in 2013 for $31,500,000. The plan for the 201,247 SF, M2 zoned site includes three highrise residential towers atop a 4-storey parking podium. It is similarly seeking a 3.6 FAR density designation under the RM4s guidelines. The plan includes a 30 metre dedication to extend Alaska Street.

September 29, 2015by david.taylor@colliers.com
Development

8.2 acre Coquitlam School Site Up for Sale

Coquitlam’s School District No. 43 has placed a former elementary school site up for sale through an RFP process. The RFP describes the 8.2 acre site as a: “development property within a 5 minute walk of the Evergreen Line’s Inlet Centre Station. Conceptual development plans indicate the potential for 400 to 600 resident homes plus park space.”
The site actually sits on the border of Port Moody.

Tri-City News describes some of the background: http://www.tricitynews.com/news/for-sale-8-2-acres-of-school-land-in-coquitlam-1.2068704

The offer closing date is November 10, 2015.

135 Balmoral

September 24, 2015by david.taylor@colliers.com
Apartment, Development

23-Storey Rental Tower Proposed for West End Site

Larco Investments has applied to the City of Vancouver for permission to develop a site they own at Davie and Cardero with an additional new 23-storey building. The proposal for 1668 Davie St. includes the following:

    • 158 secured market rental residential units;
    • 105 studio and one-bedroom units, and 53 two & three bedroom units.
    • Retention of the London Drugs
    • Retail on the ground floor;
    • Building height of approximately 210 ft;
    • Total floor area of 123,895 SF; and
    • 95 underground parking spaces accessed from the lane.
    • Density of 6.1 FSR

The site is currently zoned C-5A and the application is being made under the existing zoning, which allows for planning to conditionally approve the proposal. The site also falls within the newer West End Community Plan, under the Lower Davie Village subarea, which allows up to 7.0 FSR.

The proposal calls for demolition of an existing parking garage next to the London Drugs.

The architect for the project is DA Architects & Planners.

1668 Davie 1668 Davie_1 1668 Davie_2

1668 Davie Street is just one of several existing and pending applications that have resulted from the 2014 West End Community Plan, including 1177 Jervis Street, a project three blocks East on Davie that is being developed by Intracorp. Several other sites are in the process of being sold for future applications.

September 24, 2015by 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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