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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

Another Little Mountain Project is Proposed

An application has been made for an 18,314 SF site at West 35th Avenue and Quebec in the Little Mountain area. The plan calls for rezoning the site at 5021-5079 Quebec Street from RS-1  to CD-1 to allow a 6-storey building that includes:

    • 42 residential units;
    • a building height of 65 ft. from grade;
    • a density of 2.3 FSR; and
    • 51 underground parking spaces and 66 bicycle spaces.

The application is being considered under the Little Mountain Adjacent Area Rezoning Policy.

This is the third project planned in the Little Mountain Adjacent Area, bringing the total number of units planned so far to 121. 5030 Quebec Street by Boffo Properties was approved in February 2015. 5037 Main Street, also by Boffo was approved in March.

5021 Quebec 5021 Quebec_1 5021 Quebec_2

July 31, 2015by david.taylor@colliers.com
Development

247-unit Southeast False Creek Tower Going Ahead

Concord 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. The current plans call for a 17-storey curved residential building and includes the following:

  • 247 dwelling units;
  • 200,540 SF total building area
  • a density of 3.5 FSR
  • 249 off-street parking spaces in 2 levels of underground parking
  • 154 feet in total height
  • 139 1-bedroom units, 96 2-bedroom units and 12 lofts/3-beds
  • 28,000 SF of outdoor common area including urban agriculture, water features, playground and BBQ areas

Concord bought the property back in 2011 for $25,000,000.

1768 Cook 1768 Cook_3

1768 Cook_2 1768 Cook_1

July 30, 2015by david.taylor@colliers.com
Development

31-Unit Condo Project Planned for King Edward

Aragon Properties has applied to rezone a 19,510 SF site at the Northwest corner of Ash Street and West King Edward Avenue to allow a 4-storey building with 2-storey townhouses on the lane. The proposal includes:

    • 31 residential units;
    • a building height of 64 ft.
    • a density of 1.93 FSR;
    • 46 underground parking spaces; and
    • 40 bicycle parking spaces.

This rezoning application is being considered under the Cambie Corridor Plan. The architect for the project is PUBLIC.

633 West King Ed_2

633 West King Ed_1

July 28, 2015by david.taylor@colliers.com
Development

SOLD: Queensborough Townhouse Development Site

I am pleased to have acted on behalf of the Vendor in the sale of a 3.6 acre townhouse site in the Queensborough area of New Westminster. The site is expected to yield over 80 townhouses. The property sold for $7,550,000 after a comprehensive marketing process.

Aerial

July 28, 2015by david.taylor@colliers.com
Development, Office

Oxford Properties Unveils Plans for Melville Street Tower

Oxford Properties has formally applied to rezone their property at 1133 Melville Street; a 30,510 SF site currently occupied by a 7-storey parkade and office building topped with two floors of vacant multi-residential.

The project, rumoured for the last couple of years, calls for a 33-storey office building with retail at grade, including:

    • a building height of 524 ft.;
    • 658,687 SF of office and retail space;
    • a density of 22.65 FSR; and
    • 287 underground parking spaces.

This rezoning application is being considered under the Rezoning Policy for the Central Business District (CBD) and CBD Shoulder, General Policy for Higher Buildings and Rezoning Policy for Sustainable Large Developments.

Once completed, it will be one of the tallest and largest office buildings in Vancouver. Comparable nearby shorter towers include Bentall 5, which contains 583,000 SF of office space; Park Place at 596,000 SF; and Bentall IV at 548,000 SF.

1133 Melville_2

1133 Melville 1133 Melville_1

The architect team of KPF and Kasian, describes the project in the application:

“The tower consists of multiple volumes. A step creates green terraces and demarcates volumes. A diagonal cut through the building reduces shadow impact and creates an iconic crown to cap the tower, alluding to the surrounding layered landscape of Vancouver’s mountain backdrop.

The project stands at 33 storeys. Typical floor plates are approximately 20,000 SF with a five storey bustle on the west side of the tower separating the tower volume from the adjacent Loden Hotel and providing 5 floors with a 23,000 SF floor plate. The ground floor is programmed with both lobby and active retail space.”

Oxford acquired the property in 2010 for $27,650,000. The property was previously owned by Amacon who developed the Loden Hotel next door. Amacon had originally planned a hotel and office tower project on the property, but later elected to sell it.

July 27, 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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