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

DNV Mulls Lower Capilano Draft Plan

DNV mulls Lower Capilano draft plan.

District of North Vancouver council appears poised to pass its Lower Capilano – Marine Village Centre Implementation Plan.

If approved next month, the plan will set the stage for the next 20 years of growth and a total redevelopment in the area between Marine Drive and Fullerton Avenue on either side of Capilano Road.

Lower Capilano PlanThe plan envisions about 1,200 more units of housing in townhouses, mid-rise condos and highrises, 100,000 square feet of commercial space, as well as a public plaza, green space and a new community centre. At an informal workshop Monday, council members reflected on the draft and the two years of consultation that produced it.

“I’m very excited to see the draft at this stage because it has been informed by so much community engagement, right down to the kitchen table,” said Coun. Alan Nixon. “I feel really confident the temperature that has been taken within the community is 98.6 F and we’re in good shape. There are going to be a few tweaks but the most common comment I hear is ‘When can we get on with it?'”

Read more: http://www.nsnews.com/news/mulls+Lower+Capilano+draft+plan/8306484/story.html#ixzz2RrXykKYf
April 29, 2013by david.taylor@colliers.com
Development

Seylynn Village Project Launches Sales

seylynnThe Seylynn Village project website has been launched: www.seylynn.ca . The 720 unit, 3-tower project is being built by Denna Homes and marketed by Pacesetter Marketing. It appears that each tower will comprise a separate phase.

April 26, 2013by david.taylor@colliers.com
Development

Stuck in Redevelopment Limbo Near Brentwood

Burnaby NewsLeader – Stuck in redevelopment limbo near Brentwood.

Wiinton Williams will likely one day get a nice windfall from the sale of a property he owns in the Brentwood area. Today, though, his industrial property has a breathtaking property tax bill based solely on its development potential. If only he could develop it.

2450 Alpha Ave

2450 Alpha Ave

 For now, with the taxes so high, he’s having trouble just leasing out the place. Williams says he can’t redevelop his property and sell it for what it could be worth because Burnaby city hall has been slow to come up with an area plan.

Since 1993, his company, Vernon-based Sako Pacific Properties Ltd. has owned the property at 2450 Alpha Ave. in Burnaby where it also owned and operated Universal Concrete Accessories, a business that first opened there in 1970.

Starting in 1995, Burnaby city hall started sending Williams’ company notices about redevelopment plans for the Brentwood area, including the industrial lands south of Dawson Street where Sako’s property is located.

Read more: http://www.burnabynewsleader.com/news/204309651.html

April 25, 2013by david.taylor@colliers.com
Development

508 Helmcken Street Tower Redesigned

508 Helmcken_2As we reported back in February, Brenhill Development is planning a 36-storey mixed use building at the corner of Richards and Helmcken with 344 market residential strata units (including 5, 2-level townhouses at grade), 110 market rental units and a private school.

In response to comments from the Urban Design Panel, the tower has been redesigned to lower the density slightly from 17.40 FSR to 17.10 FSR, and to reduce the floorplate from 10,300 SF to 10,130 SF. The site is a 15,000 SF site which is being expanded to 21,000 SF through the acquisition of lanes to the west and north.

The project consists of a proposed land swap with a site owned by Brenhill across the street at 1077/1099 Richards Street; the existing tenants at 508 Helmcken will be relocated to a new City-owned building on that site which will be constructed in advance of the new Helmcken residential tower in order to provide continuity of service.
April 24, 2013by david.taylor@colliers.com
Development

Onni Seeks Rezoning in Steveston

Richmond Review – Onni seeks rezoning in Steveston.

40311richmondonniproposedrezoning1Onni has formally submitted a proposal to rezone its new riverfront commercial units in Steveston.

The developer’s six low-rise buildings—built on the last piece of land at Imperial Landing—feature apartments on upper floors and commercial units on the ground floor. But the commercial zoning only allows for maritime-related businesses.

At two open houses last year, Onni tested the waters of public opinion to change the restrictive zoning to allow businesses such as a grocery store, pharmacy and fitness centre.

On April 16, city council’s planning committee heard that Onni has officially submitted a rezoning proposal, and noted the Steveston Merchant’s Association has already responded to it. In an April 10 e-mail to the city, association president Jim Van der Tas said any change needs to be carefully reviewed.

Read more: http://www.richmondreview.com/news/204165321.html

April 23, 2013by david.taylor@colliers.com
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David Taylor Personal Real Estate Corporation

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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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