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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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Condo, Development, Rental, Retail

Bosa’s Revised Plan for Alberni Site Includes More Height, Units

Bosa Properties has submitted their revised rezoning application for 1706-1738 Alberni Street in the West End.

The site has had two previous applications/design iterations, with the first in 2020 and a subsequent design in 2021. The two designs had featured international architects and were presumably costly builds.

In July 2024, Vancouver Council approved amendments to the City’s view cone policy that relaxed a view cone (20.1) that previously restricted the Alberni site. Now, the building heights have been increased.

The proposal for the site is two mixed-use buildings at 44-storeys (east tower) and 41-storeys (west tower) above a 6-storey podium. The more conventional proposal includes:

  • 236 condo units (west tower);
  • 377 rental units (east tower);
  • 5,000 SF of retail space;
  • A total density of 16.11 FSR (east tower) and 14.60 FSR (west tower); and
  • Building heights of 385 ft. with additional height for rooftop amenity space.

This application is being considered under the West End Rezoning Policy.

The architect for the project is Henriquez Partners.

The full application can be viewed here: https://www.shapeyourcity.ca/1706-1738-alberni-st-and-735-bidwell-st

September 20, 2024by david.taylor@colliers.com
Condo, Development, Retail

82-Unit Condo Mixed Use Project Slated for Cambie Corridor Site

Matchpoint Development has submitted their rezoning application for the 600 Block of West 33rd Avenue, just West of Cambie Street.

The proposal is to allow for the development of a 5-storey mixed-use building that includes:

  • 82 condo units;
    • 18 studios, 17 one-bedrooms, 24 two-bedrooms, 15 three-bedrooms & 8 four-bedrooms;
  • 20,000 SF of commercial space (10 CRUs);
  • a total density of 2.65 FSR;
  • A building height of 55 ft.

This application is being considered under the Cambie Corridor Plan.

The architect for the project is GBL Architects.

The site was assembled in 2018 for $25,060,000 or $227 per buildable SF based on the application.

September 19, 2024by david.taylor@colliers.com
Land, Market Research

City of Vancouver to Adjust Social Housing Requirement in West End

The City of Vancouver will consider a recommendation to makes changes to the West End Rezoning Policy regarding social housing requirements.

The report indicates the following recommended changes in Areas 1 & 2 of the West End Plan (depicted below):

  • Reducing the inclusionary social housing requirements 25% of the residential floor area to 20% or one-for-one replacement of the existing rental housing, whichever is greater
  • Introducing a cash-in-lieu option that reflects the costs for the City to deliver such social housing offsite, including land and construction, which will be determined on a case-by case basis through the rezoning process.

The reduction to the inclusionary social housing requirement is recommended as an interim measure for two years until December 31, 2026, or until adoption of a new Inclusionary Zoning By-law that would supersede this rezoning policy.

Three projects have been approved for rezoning with the 25% social housing but have not yet started construction. These projects would require a new application to be granted the reduction.

The full report can be viewed here: https://council.vancouver.ca/20240924/documents/r1.pdf

September 18, 2024by david.taylor@colliers.com
Development, Rental

Proposal for Main Street McDonald’s Site Includes 371 Rental Units

Greystar has submitted their rezoning application for the 50,362 SF McDonald’s site at 1527 Main Street that they acquired last year for $80 Million.

The proposal is to allow for the development of a 22-storey and 18-storey rental building with a seven-storey podium and includes:

  • 371 market rental units;
  • a new 7,800 SF McDonalds on the ground floor’
  • a total density of 5.97 FSR;
  • A building height of 230 ft. with additional height for rooftop amenity space.

This application is being considered under the Secured Rental Policy and Southeast False Creek Official Development Plan.

The architect for the project is Dialog.

September 16, 2024by david.taylor@colliers.com
Development, Land

New Westminster Releases Vision for 22nd Street Station Neighbourhood

The City of New Westminster has released a report outlining their proposed vision for the 22nd Street Station area.

The 22nd Street Skytrain Station area is one of the lowest density Skytrain station areas in Metro Vancouver, and primarily a single family neighbourhood. The area was identified in the 2017 OCP for future planning consideration, which was originally commenced in February 2020 but put on pause until mid-2023. The Provincial TOA legislation has since informed the draft vision for the neighbourhood.

The overall concept for the area is a “Transit Village” that could house up to 30,000 new residents at full build out.

The indicated land use patterns align with the Provincial TOA legislation, allowing up to 5.0 FSR highrise development nearest the station, with 3.0 FSR lowrise development further out.

New Westminster intends on further public consultation this Fall, with a final draft to Council by December 2024, and OCP amendments to facilitate new rezoning applications in 2025.

September 13, 2024by 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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