DNV seeks input on Lynn Valley density.

District of North Vancouver residents who want to have a say in the future of the Lynn Valley core are invited to a series of workshops and open houses over the next three weeks.

The town centre is one of four spots in the district earmarked for concentrated growth over the next 20 years.

The Lynn Valley hub has been viewed as a means of addressing what Mayor Richard Walton called a “demographic exodus” among district residents between the ages of 20 and 40. By including affordable townhouses and mid-rise as well as highrise apartments, the district could attract young adults and young families back to the district.

While plans are subject to change, early designs for the town centre include a high-density pedestrian-oriented realm with a mix of retail, shops and housing. A major section of the mall would be retained in the 20-year plan.

Darwin Construction is proposing a 5-storey building, inclusive of 9,160 SF of retail at grade with residential above at 745 Marine Drive in North Vancouver, currently home to a Kia dealership. The residential may be rental or strata, or a mix of both. The total density proposed is 2.3 FSR. The Kia dealership would then be relocated as part of the proposal to 843-855 West 1st Street in a brand new dealership building.

Valuations are getting so high in Vancouver’s commercial market it is starting to affect deal flow, says a new report.

RealNet Canada Inc. says capitalization rates — the implied rate of return on a property — in British Columbia have gone so low that a 13% decline in sales in the first quarter can be attributed to the drop. The lower the cap rate, the more a property is worth.

“Transaction volumes experienced declines as the general market adjusts to changing value expectations in a record low cap rate environment,” said Paul Richter, director of research with RealNet, in the report. “Investment activity experienced a decline, however, demand for quality assets and development sites remains high.”

RealNet said there was 217 transactions of more than $1-million in the Vancouver market in the first quarter which amounted to $1.06-billion in activity. That was sharply down from the more than $1.2-billion in activity in the fourth quarter of 2012 but still 10% above the long-term quarterly average.

Construction on Telus’ new Downtown Vancouver headquarters is now progressing above ground. The 22-storey complex is scheduled to be complete in early 2015.

Telus Office Tower Construction

All photos courtesy of Built Form on SSP.