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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Apartment, Development

Market Update: City of Vancouver Rezonings

Here is an overview of the rezoning applications that will be considered by Vancouver City council next week:

(click on addresses for greater detail regarding the projects)

3063-3091 West Broadway

3091 West Broadway_2The plan for this site at Broadway and Balaclava includes 78 market rental units under the Rental 100 program. Currently on the site is a two-storey building with commercial uses at grade and two residential rental suites on the second floor. The rezoning was originally filed back in April 2015.

 

4162-4188 Cambie Street

4162 Cambie_2This rezoning application was brought forward in March 2015 by Pennyfarthing Homes. The plan for the 22,166 SF site at Cambie and 26th Ave calls for a 6-storey condo building with 56 units. The site is directly across the street from Parc 26, a similar development now in pre-sales. 68% of the units will be 2 or 3 bedroom units.

 

2312-2328 Galt Street

2312 Galt_2The plan for this Norquay Village rezoning is a 28-unit, 4-storey apartment building under the Rental 100 program. The site is currently zoned RS-1, but was redesignated in the Norquay Village area plan for apartments.

 

 

26 East 1st Avenue

26 East 1st_2This is a rezoning amendment for a sitea at 1st and Ontario Street in the Olympic Village area owned by Pinnacle International and originally rezoned in 2006. The new plan calls for an 18-storey condo tower with 137-units and a density of 6.98 FSR.

 

201 West 2nd Avenue

1768 Cook_1Concord Pacific has applied to the City of Vancouver for permission to develop their 57,365 SF site, which is comprised of a full city block at West 1st Ave and Columbia Street. The site is one of the larger remaining undeveloped parcels in the SEFC area and was originally proposed by Concord back in 2012; having been rezoned previously in 2008. It will include 247 condo units. The architect for the project is GBL.

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

Stacked Townhouse Project Planned for Norquay Village

Here is another example of the type of gentle densification that the City of Vancouver should be encouraging more of. An application has been made to develop a stacked townhouse project at 2115 East 33rd Avenue in the Norquay Village area. The site comprises three single family lots which are being developed into 12 units under the RM-7 zoning. The architect is Wilson Chang. Details include:

  • 12 units with 4 lockoff units
  • 10 two bedrooms and 2 three bedroom units
  • Unit sizes of 967 SF to 1,177 SF
  • 8 surface parking spaces on the lane

2115 East 33rd 2115 East 33rd_1 2115 East 33rd_2

 

September 23, 2015by david.taylor@colliers.com
Development

Construction Update: The New Jubilee House

Here is a construction update for a project that many people aren’t aware of outside of the media buzz surrounding its work stoppage earlier this year. The New Jubilee House is a new 13-storey, 162-unit affordable housing project located at the corner of Richards and Helmcken. The project is replacing an existing 87-unit building located across the street, which will subsequently be replaced by a condo tower by Brenhill Development. The project was designed by GBL Architects.

IMG_7816

September 23, 2015by david.taylor@colliers.com
Apartment, Investment

SOLD: 16-Unit Kits Apartment Building

I am pleased to announce the sale of 1609 Cypress Street, a 16-unit apartment building in Kits. The building was sold to a local investor for $4,400,000.

1609 Cypress_SOLD

September 23, 2015by david.taylor@colliers.com
Development

SOLD: Granville & 62nd Land Assembly

I am pleased to announce the closing of another land assembly sale, this one at the corner of Granville Street & West 62nd Avenue. The 3-lot site was acquired by Coromandel Properties and now has development approvals in place under the new RM-9N zoning for a 40-unit project, in pre-marketing as “The Leveson“, expected to be complete in 2017.

7810 Granville

 

September 18, 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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