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.
Development

Another 300 Units Coming to Metrotown

A few older apartment buildings from the 1950s and 1960s could be replaced with a shiny new redevelopment in the Metrotown area.

The proposed 38-storey apartment tower with street fronting townhouses on Nelson Avenue and Dunblane Avenue and underground parking will go to a public hearing on Jan. 28, 2014.

The site includes 6616, 6642 and 6668 Nelson Ave. and 6635 Dunblane Ave., which currently have a single-family dwelling and older apartment buildings ranging from two to three storeys. The site is also in the heart of other new developments, including the 35-storey apartment building being constructed north of the proposed project.

“The development form has a strong street orientation on the site’s public frontages as well as a strong contextual relationship to the surrounding existing high and lowrise apartment developments,” states Lou Pelletier, director of planning and building, in his report.

A total of 304 units are proposed, ranging from 470 square feet to 1,686 sq. ft.

Read more: http://www.burnabynow.com/news/another-300-units-coming-to-metrotown-1.753554#sthash.snWI6yji.dpuf

December 17, 2013by david.taylor@colliers.com
Development

6-Storey Rental Project Proposed for Cambie & W 60th

South Street Development Group have applied to the City of Vancouver to rezone 506 West 60th Avenue and 7645-7675 Cambie Street from RT-1 to CD-1 to allow for two 6-storey buildings rental buildings. The project would be considered under the Rental 100 program.  The proposal consists of:

    • 138 secured market rental units;
    • 3,500 SF of assembly church space;
    • a density of 2.88 FSR;
    • a maximum height 71.5 ft; and
    • 90 parking spaces

506 West 60th Avenue

December 11, 2013by david.taylor@colliers.com
Investment, Office, Retail

1770 West 7th Avenue, Sold

Chip Wilson, former CEO of Lululemon, has reportedly acquired 1770 West 7th Avenue, a 5-storey, 75,000 SF office building located at Burrard and West 7th. The building, built in 1985, was sold for $32,625,000, or $430 per SF.

1770 West 7th Ave

December 11, 2013by david.taylor@colliers.com
Development, Investment

City of New West Sells 801 Columbia St. to First Capital

The city’s sale of 801 Columbia St., to the owners of the Shops at New West Station mall next door is expected to be completed this week, said Mike Lowe, B.C. region managing director for First Capital Realty.

New Westminster recently gave notice it was selling the property at the foot of the New Westminster SkyTrain station for $1,950,000 after paying $1,885,000 for it in 2008. The city has been using the property as a construction staging site for the Anvil Centre and Merchant Square office complex across Eighth. It will remain in the city’s possession until June 30, 2014.

“We haven’t got anything drawn up yet, but obviously we’re going to try and maximize density there and try to marry it up against our other project and all the other projects that are in the area. We have not finalized any plans on that,” said Lowe.

He added the company is willing to work with the city on figuring out what to do with the property.

Read more: http://www.newwestnewsleader.com/news/235255381.html

December 11, 2013by david.taylor@colliers.com
Development

Massive Edmonds Project Goes to Public Hearing

Although the deals offered at the Value Village in Edmonds will surely be missed, its replacement proposes to be a new community hub.

The rezoning application for a mixed-use development with three highrise residential towers, an office building, two-storey retail podium and underground parking in the Highgate area is headed to public hearing on Jan. 28, 2014.

The proposed redevelopment, at 7350 Edmonds Street and 7338 Kingsway Avenue, was first brought to council’s attention in July 2012. A Value Village and a multi-tenant building currently sit on the site.

value-village-redevelopment-burnaby

“We are excited to build a landmark project that will add to the growth of the neighbourhood,” Michael Sengara, development coordinator with Cressey Development Group, told the Burnaby NOW. “This particular corner of Kingsway and Edmonds is a prominent one, and the office building on the corner is a reflection of that.”

IBI/HB Architects put forward the rezoning application on behalf of the developer, Cressey Development Group.

Read more: http://www.burnabynow.com/news/massive-edmonds-project-goes-to-public-hearing-1.753477#sthash.v228QMtZ.dpuf

December 11, 2013by david.taylor@colliers.com
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