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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Apartment, Development, Rental

Rental Tower Planned for Mount Pleasant Site

The latest Broadway Plan rezoning application is a site on East 16th in Mount Pleasant, between Quebec and Ontario Streets. The site is one of many tower sites in the Broadway Plan owned by Five Mile Holdings.

The 132′ x 122′ (16,154 SF) site is located mid-block and is designated in the Broadway Plan under the Mount Pleasant South Apartment Area – Area ‘B’ [MSAB] subarea.

The proposal is to allow for the development of a 17-storey rental tower and includes:

  • 145 rental units;
  • 20% below-market rental units;
  • 4,900 SF of retail space on the ground floor;
  • a total density of 6.80 FSR; and
  • A building height of 184 ft.

This application is being considered under the Broadway Plan.

The architect for the project is Studio One Architecture.

The full rezoning application can be viewed here: https://www.shapeyourcity.ca/45-e-16-ave

June 13, 2024by david.taylor@colliers.com
Condo, Development

Rezoning Application Submitted for 23-Unit Townhouse Project in North Vancouver

A rezoning application has been submitted to the District of North Vancouver for a new stacked townhouse development on a 3-lot, 18,029 SF land assembly on Sandown Place, just West of Capilano Road in the Lower Capilano area.

The original preliminary application for the site was submitted in 2019.

The site is designated for up to 1.20 FSR under the Lower Capilano Village Centre: Peripheral Area Housing Policy & Design Guidelines.

The application comes just days following a nearby townhouse application that was rejected by District of North Vancouver council.

Details of the proposal 1900-1950 Sandown Place proposal include:

  • 23 townhouse units;
  • a total density of 1.16 FAR;
  • 42 underground parking stalls.
  • a CAC of $371,145 ($18 per SF)
  • Municipal DCCs of $232,991
  • Metro & Translink DCCs of $216,254

The architect for the project is Matthew Cheng.

June 13, 2024by david.taylor@colliers.com
Apartment, Development, Rental

17-Rental Tower Proposed for Broadway Plan Site

A rezoning application has been submitted under the Broadway Plan for a 12,498 SF (100′ x 125′) site at 1171 West 12th Avenue, between Spruce Street and Alder Street in the Fairview neighbourhood.

The proposal is for a 17-storey rental tower that includes:

  • 111 rental units;
  • 20% below market units;
  • 55 studio units, 6 one-bedrooms, 39 two-bedrooms & 11 three-bedrooms;
  • a total density of 6.50 FSR;
  • A building height of 186 ft.
  • 58 underground parking stalls.

This application is being considered under the Broadway Plan.

The architect for the project is Stuart Howard.

June 13, 2024by david.taylor@colliers.com
Apartment, Development, Rental, Retail

Two Tower, 446-Unit Rental Project Slated for City Centre Motel Site on Main

Nicola Wealth Real Estate has submitted their rezoning application for the former City Centre Motel site at 2111 Main Street, on the West side of Main between East 5th and East 6th Avenues in Mount Pleasant.

Nicola acquired the 35,000 SF site in late 2020 and it has operated at an artists lodge since. The original motel, which occupies a full city block, was built in the early 1960s.

The site is located in Mount Pleasant Centre (MCE) subarea of the Broadway Plan.

The proposal is for two rental towers at 24-storeys and 22-storeys, and includes:

  • 446 rental units;
  • 22% studios, 38% one-bedrooms, 31% two-bedrooms & 10% three-bedrooms;
  • 20% of units below market;
  • 5,000 SF of arts & cultural space;
  • 14,710 SF of retail;
  • a total density of 9.93 FSR;
  • 197 below-grade parking stalls;
  • 1065 class A bicycle stalls;
  • 40% family housing (2 to 3-bedroom units)
  • A building height of 231 ft. with additional height for rooftop amenity space.

This application is being considered under the Broadway Plan.

The architect for the project is Musson Cattell Mackey Partnership.

The full application can be viewed here: https://www.shapeyourcity.ca/2111-main-st

June 10, 2024by david.taylor@colliers.com
Land, Market Research

New Westminster Designates TOAs

The City of New Westminster has now designated their five Transit Oriented Areas (TOAs), defined as all parcels within 800 metres of a Skytrain station that permit any residential uses currently.

From the staff report: “Rezoning will continue to be required for all development proposing increases to permitted density within TOD Areas, including for development with heights and densities outlined in the MD Framework. The TOD Area regulations do not change the existing rezoning process (e.g. application fees, submission requirements, staff review) or the ability to establish certain conditions of rezoning approval (e.g. tenant protections, off-site servicing requirements, etc.).

Generally:

  • Applications that meet but do not exceed the provincially mandated height and
    density would be supported when there is also alignment with other City policy,
    including that such applications must be 100% secured rental.
  • All applications will continue to be reviewed using the Interim Development
    Application Review Framework endorsed by Council January 29, 2024.
  • Applications that exceed the provincially mandated height and density may also
    be considered, where appropriate.”

TOA Maps with Tiers

The pdf version of the above maps can be viewed here: https://pub-newwestcity.escribemeetings.com/filestream.ashx?DocumentId=18719

June 9, 2024by 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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