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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

Market Update: Burnaby Rezoning Applications

Here’s the latest on a few projects at various stages of rezoning in the City of Burnaby:

  • 2450 Alpha Avenue

2450 Alpha_2An application was submitted last year for this 41,603 SF site in the Brentwood Town Centre area owned by Solterra. It is now moving toward public hearing next month. The plan calls for a 29-storey, 169 unit condo tower with ground oriented townhouses and below and above ground parking. It is currently zoned M-2, but is designated for high-density residential based on RM-4s. The total density is 3.6 FAR.

  • 6050 Sussex Avenue

6050 SussexA preliminary rezoning application has been filed by Townline Homes for a triangular 30,237 SF site in Metrotown. The proposed rezoning is for a new residential highrise as well as a replacement of the existing Burnaby West United Church on site.

The maximum permitted density on the site would be 4.83 FAR.

  • 6837-6875 Royal Oak Avenue

6837 Royal OakA preliminary application has been submitted for a site on the west side of Royal Oak Avenue south of Imperial Street. The site comprises two City-owned properties as well as a privately owned single family home. Under Sub-Area 7 of the Royal Oak Community Plan, the site can be rezoned under C9 Urban Village guidelines, which allows 2.2 FAR.

 

  • Gold House (6280 Cassie Avenue)

Gold House MapThis proposal by Rize Alliance for a 41-storey tower and 26-storey tower in Metrotown was give second reading and public hearing last summer, and has now met the prerequisite conditions imposed by the City of Burnaby. It will now move forward for final approval and should begin construction later this year. A registration site for the project is up already and says “Coming early 2015”

January 27, 2015by david.taylor@colliers.com
Development

Tower Planned for West Van Site

Cressey is proposing to build a 15-storey market residential tower on the site at 2290 Marine Drive that they acquired in 2014. When it was placed on the market in 2013, it was highly coveted as one of only a few potential tower sites with existing zoning. No information is available on pricing yet, but these will certainly fall into the “luxury” category.

Details include:

  • 35 units averaging 2,940 SF per unit
  • 102,900 SF (1.75 FAR)
  • 89 underground parking stalls
  • 2 to 3 units per floor

2290 Marine 2290 Marine_2 2290 Marine_3 2290 Marine_4

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

Construction Update: Trump Tower

Trump Tower is a few floors away from its full height. The building is now over 60% sold:

Photo courtesy Jenn Chan

January 22, 2015by david.taylor@colliers.com
Development

Heritage, Land Use Studies on 2015 Planning Agenda

Vancouver’s planning department will grapple with subjects ranging from heritage buildings to policy statements for large parcels of land in 2015.

In a sit-down with the Courier earlier this month, Brian Jackson, the city’s manager of planning and development, outlined priorities for the coming year.

Finding more ways to protect heritage buildings remains a top concern. A series of reports related to the city’s Heritage Action Plan will be brought forward in stages in 2015.

Last June, council approved a one-year prohibition on demolishing pre-1940 homes in the First Shaughnessy District so the city could review the area’s official development plan and determine what steps can be taken to conserve heritage property in the district.

Jackson expects a report on that issue will be brought forward in March or April followed, in June, by recommendations on how to save more of the city’s character homes. In the fall, another report on additional heritage preservation techniques or methods, as well as how to finance them, will be unveiled, along with an update to heritage register — the first update in almost 30 years.

Read more: http://www.vancourier.com/news/developing-story-heritage-land-use-studies-on-2015-planning-agenda-1.1737933

January 22, 2015by david.taylor@colliers.com
Apartment, Development

North Van Rental & Condo Tower Passes Public Hearing

A plan by FDG Property Management to rezone a site at 161-165 East Keith Road has gone through public hearing. The plan is for a 17-storey, 93 unit residential development, of which 52 units will be stratified and 41 units will be secured as rental in perpetuity as a density bonus. Parking will be provided underground and accessed from East 6th Street. A density transfer is being proposed from adjacent City land (closed road).

161 East Keith Rd_6 161 East Keith Rd_2 161 East Keith Rd_3 161 East Keith Rd_4 161 East Keith Rd_5

January 21, 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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