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.
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

New Master Plan for Larco’s New Westminster Site

New Westminster and Larco Investments have come up with a new master plan for developing its waterfront site.

28736newwest131204-660Quayside

It’s been nearly two decades since discussion on what to do with the Larco land located between the Fraser River Discovery Centre and Westminster Pier Park currently being used for parking. Previous plans called for five towers, with above-grade parking, but with nothing happening on it, the city went to Larco looking for more dynamic plans that could improve the connection between the waterfront and the Downtown, have better sightlines and still be economically viable for Larco.

The latest master plan revealed in a report to city council Monday calls for more open space, three towers instead of five to maintain sightlines, a dedicated park site of two acres, an extended waterfront esplanade, and a hotel.

It’s expected work could begin on amending the zoning in early 2014.

The plans call for three tall, slender towers on the western portion of the site with about 800 residential units. Townhouses would be incorporated into the base of the third tower while retail would be in the other two.

Read more: http://www.newwestnewsleader.com/news/234112961.html

December 2, 2013by david.taylor@colliers.com
Development

City Forms Truce with Marpole Residents

The City of Vancouver has quelled Marpole residents’ furor over their draft community plan — at least for now — through additional consultation.

The city started holding a series of “coffee talks” in the neighbourhood in mid-November offering residents individual discussions with planners. Two more coffee talks are scheduled next week on Dec. 3 and 4, while “community dialogue sessions” are set for Nov. 30 and Dec. 7.

Planners have also been meeting informally with small groups for “kitchen table talks,” including with members of the Marpole Residents’ Coalition.

Council voted, at the end of September, to extend consultation on the plan based on residents’ complaints about consultation and issues such as the proposed rezoning of some single-family areas to allow stacked townhouses and low-rise apartment buildings.

Read more: http://www.vancourier.com/news/developing-story-city-forms-truce-with-marpole-residents-1.715293#sthash.LgrqhmNR.dpuf

December 2, 2013by david.taylor@colliers.com
Development

Port Moody Meeting Tackles OCP Density, Waterfront Issues

There was standing room only at Inlet Theatre Wednesday as more than 300 people flooded Port Moody council chambers to throw bouquets and brickbats to council for the city’s draft official community plan.

Dozens called for the preservation of the ocean waterfront instead of towers while others lauded higher density proposed along the Evergreen Line route. Several people suggested the city purchase the Mill and Timber site — currently an operating mill with about 80 employees — and use it for park space.

“We will lose what we value most, namely the small-town feel, charm and ambiance,” said Reiner Specht, who has formed an ad-hoc group called Port Moody Citizens’ Coalition to oppose the OCP changes. “A lot of people don’t want skyscrapers,” said Ron Simpson. “Let’s see growth on a human scale.”

Rod MacVicar, the city’s 2012 environment award winner for his work promoting marine research on the inlet, said the city could get a good deal if it bought the Mill and Timber property. “We are losing an opportunity to pick up this site and do something with it,” he said.

Others said the city will benefit from higher density because it would preserve greenspace while adding more services close to people’s homes.

Read more: http://www.tricitynews.com/news/233777201.html

November 29, 2013by david.taylor@colliers.com
Market Research

City of Vancouver Looks to Update Heritage Conservation Program

Next week, City of Vancouver Council will consider an action plan to update and strengthen the City’s Heritage Conservation Program. The action plan recommends a number of “quick start” changes for immediate action, as well as more comprehensive medium and long-term changes.

Immediate Actions:

#1 – Clarify Direction on Conditional and Discretionary Zoning

The action proposed here is to make it clear that the Director of Planning and/or the Development Permit Board will not look favourably on applications seeking a conditional use or density in the zoning, where there is degradation or demolition of a heritage asset, or a property with heritage value. For example, in the C-3A zone where the outright density is 1.0 FSR, if the Property in question contains a heritage building, it will only be able to reach the conditional approval density of 3.0 FSR if the heritage resource is preserved in some fashion.

#2 – Streamline Rezoning, Development Permit and HRA Approval Processes for Heritage Retention Applications

One idea proposed is to eliminate the requirement for a review of the developer’s proforma for applications under a certain size. General administrative simplifications are also proposed.

#3 – Increase Demolition Fees for Pre-1940 Houses

A number of disincentives will be incorporated to prevent the loss of buildings constructed pre-1940, including significant increases in permit fees and waste disposal.

#4 – Solicit Senior Government Support For Rehab Tax Incentives

The City will lobby the federal government to endorse recommendations supporting heritage conservation through incentives.

#5 – Update the Vancouver Heritage Register

The City is proposing to update the Heritage Register over the next 18 months. As of 2013, there were a total of 2,200 buildings on the Register, with a total of 58 added over the past 6 years. Which buildings are likely targets for placement on the Register? The City is targetting themes that are presently under-represented on the Register such as First Nations sites and places with cultural and social meaning to communities (see: The Waldorf Hotel debate?)

Vancouver's Heritage Register

Vancouver’s Heritage Register

Medium to Long Term Actions

#6 – Amend RS Zoning to Encourage Heritage Retention

This seeks to replicate the model in newer RT zoning by providing incentives in RS zones to preserve character and heritage buildings.

#7 – Review and Update the First Shaughnessy Official Development Plan

The idea is to address the issues of an increase in the number of demotion proposals in Shaughnessy. The City is recommending that it be changed to a Heritage Conservation Area (HCA) similar to what is common in some of Victoria’s older neighbourhoods.

#8 – Extend Existing Incentive Programs in the Downtown Eastside

Staff are recommending a two-year extension to the two incentives currently available in the DTES: the Heritage Building Rehabilitation Program (HBRP) and Heritage Facade Rehabilitation Program (HFRP).

#9 – Examine Incentive Program for Applicability Elsewhere

A general review will be undertaken to determine the applicability of heritage incentives in all areas of Vancouver. Incentives are presently limited to the DTES.

#10 – Develop an Enhanced Deconstruction Strategy

#11 – Improve Public Awareness of Amendments to Facilitate Heritage Conservation

#12 – Develop an Energy Retrofit Program for Existing Buildings

#13 – Identify Cultural Facilities in Heritage Buildings

#14 – Greater Protection of Trees and Landscapes

Source: http://former.vancouver.ca/ctyclerk/cclerk/20131204/documents/ptec8.pdf

November 28, 2013by david.taylor@colliers.com
Development

Maple Ridge to Push Commercial over Condos

Maple Ridge’s downtown condo-building incentive plan worked so well it kickstarted $100 million of construction in the downtown and cost the district only $1 million.

Now, Maple Ridge wants to see if the same trick will bring in more business and industry.

Council voted on a one-year extension of the commercial part of the town centre investment incentive program Tuesday, in an attempt to get every possible penny focused on commercial growth.

Under the three-year residential incentive plan, which expires Dec. 31, developers who built in the downtown got priority processing for their applications, fee reductions, tax exemptions and cash grants to put up their projects.

With that now ending, the commercial incentives only will be extended another year, ending in December 2014 – providing council approved the plan on Tuesday.

Read more: http://www.mapleridgenews.com/news/233538401.html

November 27, 2013by 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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