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, Market Research

Market Spotlight: Currently Proposed Rezoning Applications in City of Vancouver

Here is a look at the 31 rezoning applications in the City of Vancouver that have not yet been approved. The various applications have been ranked based upon the % increase in density.

[table id=17 /]

Some interesting observations:

  • The average proposed % increase in density is 157%. (Average existing density is 2.00 FSR compared to the average proposed density of 4.42 FSR)
  • The top 7 proposed increases in density are single family assemblies along the Cambie Corridor.
  • Outside the Cambie Corridor, the average % increase is relatively modest, only 98%.
  • Of the 31 rezoning apps:
    • 21 are on the Westside of Vancouver, 10 in East Vancouver
    • 14 contain some form of rental housing.
    • 19 will likely require some form of Community Amenity Contribution*
    • 13 propose mid-rise or highrise forms (only 6 outside Downtown)
August 28, 2013by david.taylor@colliers.com
Development

Regent International Proposing 70 Units at King Edward & Cambie

Regent International has applied to the City of Vancouver to rezone 563-571 West King Edward Avenue from RS-5 to CD-1. Regent had acquired the assembly of single family lots earlier in 2013563-571 King Edward. The property falls within the Cambie Corridor Plan.

 

The proposal is for a six-storey building and four townhouses, with:

    • a total of 70 condo units;
    • a floor area of 52,142 SF
    • a density of 2.43 FSR
    • a building height 70 ft
    • 44 underground parking spaces, including two car share spaces.

More information here.

August 27, 2013by david.taylor@colliers.com
Development

Rezoning Proposed for Stongs on Dunbar

The owners of the Stongs property at 4508-4560 Dunbar Street have applied to the City of Vancouver to rezone the property, and an adjacent single family lot from C-2 and RS-5 and to CD. Stongs Dunbar

The proposed project includes:

    • on the Dunbar Street site, a 6-storey mixed use building with new Stongs (20,124 SF) and two smaller commercial units on the first level and 72 condo units (74,935 SF) above the store.
    • on the West 30th Avenue property, 11 3-storey townhouses (12,579 SF)
    • a public plaza at the northeast corner of Dunbar Street and West 30th Avenue;
    • a combined density of 2.51FSR
    • 234 vehicle parking spaces, three loading spaces and 111 class A bicycle spaces (each site includes two levels of underground parking).

More information here.

August 27, 2013by david.taylor@colliers.com
Retail

Guildford Town Centre’s $280-million Reno

Guildford Town Centre’s $280-million renovation driven by bid for young shoppers.

METRO VANCOUVER — The kids have wallets, and they don’t want to wait. As Surrey’s Guildford Town Centre unveils a $280-million expansion this week — with 70 new stores and a 1,034-seat food court — general manager Peggy White says that online shopping does not pose a real threat to modern shopping centres like hers.

When fashion-conscious 15- to 25-year olds go shopping, “they want to take (their purchase) home and wear it that night. Sometimes they wear it right out of the store,” White said.

Guildford owner/developer Ivanhoe Cambridge has assembled a sparkling new mix of stores — including Forever 21 (at 23,000 square feet), H&M (25,000 square feet), Victoria’s Secret, Sephora, Aritzia, The Lego Store and Disney Store — to woo young shoppers back from the glitter of downtown Vancouver’s Robson Street and Burnaby’s Metrotown.

The expansion increases retail space to 1.2 million square feet from 980,000, and includes a facelift for the existing mall, with waterfalls, soft seating, a much larger food court, and a giant 10,000-plant living wall that covers a connector straddling 104th Ave.

Read more: http://www.vancouversun.com/Guildford+Town+Centre+million+renovation+driven+young+shoppers/8836516/story.html#ixzz2dBCHZdju
August 27, 2013by david.taylor@colliers.com
Development

Proposed Richmond High-rise Would House International Students

Proposed Richmond high-rise would house international students – Richmond Review.54844richmondglobaleducationcityrendering

A $150-million development proposed for north Richmond could become an international hub for education, boasting a potential to accommodate 600 foreign students, along with language schools, colleges and universities.

Dubbed Global Education City, the development would occupy a site on the west side of No. 3 Road, between Bridgeport Road and Sea Island Way, near River Rock Casino Resort.

Wensley Architecture Ltd. has submitted plans to city hall for a nine-storey office and campus building fronting Sea Island Way, a 15-storey dormitory building at No. 3 Road, and a six-level parkade and amenity building fronting Bridgeport Road, according to the city.

Planning staff are reviewing the proposal, which has yet to be considered by city council.

Read more: http://www.richmondreview.com/news/220748251.html

August 26, 2013by david.taylor@colliers.com
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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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