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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Development

SOLD: RM-9 Zoned Development Site in Marpole

I am pleased to announce the sale of a six-lot assembly on Yukon Street and West 63rd Avenue in Vancouver’s emerging Marpole neighbourhood to Marcon Homes. This 34,600 SF site represents one of the best and largest opportunities to develop within existing zoning in an established and mature residential neighbourhood near transit.

7900 Yukon_SOLD

 

November 5, 2014by david.taylor@colliers.com
Development

Another (Yes, Another) Cambie Development Proposal

Things aren’t slowing down along the Cambie Corridor, another rezoning application is in the works; this one near King Edward and Cambie.

Mission Group has applied to the City of Vancouver to rezone a site 467-495 West King Edward Avenue from RS-1 to CD-1 to allow a 6-storey residential building and two 2-storey buildings with townhouse units at the rear, including:

      • a total of 61 dwelling units;
      • a density of 2.37 FSR;
      • a maximum building height of 70 ft.;
      • 66 underground parking spaces; and
      • 85 bicycle parking spaces.

467 King Ed 467-2More info can be found here.

November 5, 2014by david.taylor@colliers.com
Development

48-unit Building Planned for Cambie Near 37th

An application has been made by an unnamed developer through GBL Architects to rezone a two-lot, 18,976 SF site at 5355-5387 Cambie Street to allow a 6-storey residential building and a 2-storey building with townhouse units at the rear, including:

    • a total of 48 residential units;
    • a density of 2.49 FSR;
    • a height of 71 ft;
    • 51 underground parking spaces; and
    • 60 bicycle spaces.

5355 Cambie_1

5355_2

The buyer had assembled these two adjacent lots in May 2014 for $6,300,000, or $133 per buildable SF . The corner lot on W 37th Ave (526 Cambie Street) is 68’ wide and contains a single family dwelling. Despite the efforts, the developer was not able to secure this corner property. GBL’s drawings demonstrate that this lot is developable, on its own, under the Cambie Corridor guidanceachieving 6 storeys and 2.6 FSR.
November 5, 2014by david.taylor@colliers.com
Development

New West Council Approves 1000 Quayside Drive Project

Two towers will soon stand sentry over the Westminster Quay. City council gave the green light to a proposal from Bosa Properties to construct a 28-storey and 23-storey tower at 1000 Quayside Drive.

The site next to the Inn at the Quay is currently a parking lot. The approval for the 519-unit residential project with 10,000 square feet of commercial space came despite opposition at a public hearing Monday night. Most complained about the project’s height or the traffic congestion it will create.10267newwest141031-1000Quayside-may2014

“If you load this city with these massive megalithic properties you won’t be able to live in this city,” said resident Bob McCullough.

The approval also came despite a petition signed by 56 residents living in the Plaza 88 complex across the railway tracks and Columbia Street from the proposed project. The signatures were collected by Arlene Hudlin who, like McCullough, lives at 898 Carnarvon St.

Read more: http://www.newwestnewsleader.com/news/280861482.html

October 30, 2014by david.taylor@colliers.com
Apartment, Development

Hollyburn Building Portfolio the Old Fashioned Way

Groundbreaking occurred yesterday for a project that has been in the making for years. Hollyburn Properties officially commenced construction of M2 (Marlborough Tower 2) yesterday, a 14-storey rental apartment building located at the corner of 14th and Chesterfield, directly adjacent City Hall. The project had originally been envisioned back in 2005 as part of a land swap with the City, but was left as a parking lot until now.

“We’re sort of in an environment where it’s a perfect storm of economic factors that allow for rental construction today that weren’t really available nine years ago,” said Hollyburn director David Sander to the North Shore News,  noting construction costs have come down and stabilized, the rental market has strengthened and financing for construction is at all-time low interest rates.

Thank you @CityOfNorthVan @DarrellMussatto, breaking ground w/ us on 14th & Chesterfield. Purpose built #rental pic.twitter.com/wLoB8xMuWA

— Hollyburn Properties (@HollyburnPpty) October 29, 2014

MARLBOROUGH+II_1 M2_2The building is expected to be ready for occupancy in Summer 2016 and will contain 130 units starting at $1,100 per month. The suite mix is as follows:

  • 10 Townhouses
  • 6 Penthouses
  • 50 – 2 Bedrooms
  • 70 – 1 Bedrooms

More info on the building can be found here: http://www.rentersguide.com/marlborough-tower-2 .

October 30, 2014by 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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