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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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

Burrard Gateway: Revised Rezoning Application Submitted

After nearly 4 years on the drawing board, the partnership of Reliance Properties and Jim Pattison Developments have submitted a revised rezoning application in an effort to move the Burrard Gateway project forward.

Burrard Gateway 1The property, located at Burrard and Drake, is currently used as the Jim Pattison Downtown Toyota Dealership, with two small old house structures (non-heritage) and two small commercial buildings, one of which is currently housing a Scion Dealership. It was also reported in BIV this week that Reliance has secured the 7-11 site at the corner of Hornby and Davie, where it is expected a tower in the range of 28 storeys will become the 4th tower in the project.

The current plan calls for the following:

    • along Hornby Street, a 54-storey tower and a 36-storey tower, with a 7-storey podium, providing retail, office and residential uses, including rental housing;
    • along Burrard Street, a 14-storey office tower, including a 3-storey automotive dealership
    • an increase in the total number of residential dwelling units, from 619 units to 810 units;
    • a proposed density of 13.3 FSR (up from 11.8 in the previous proposal)
    • a maximum height of 525.7 ft.

Burrard Gateway 2Burrard Gateway 3

March 22, 2013by david.taylor@colliers.com
Development

Land Sale a ‘Windfall’ for West Vancouver Church: Neighbours

North Shore Outlook – Land sale a ‘windfall’ for West Vancouver church: neighbours.

A church in the British Properties wants to sell its land to a developer. What could be built in place of a church in the British Properties has caused quite a stir.

If the church’s land is sold, duplexes and single-family homes could go in the large lot. That’s 19 homes, consisting of 11 detached dwellings and eight duplexes, to be exact.

The congregation at North Shore Unitarian Church isn’t satisfied with the aging space, said representatives from the church. There’s no bus service so many seniors can’t make service by themselves and the 43-year-old building isn’t wheelchair accessible.

370-380 MathersSo the congregation should move somewhere else on the North Shore that’s more accessible, said a delegation of church members at a West Van council meeting on Monday. If the land at 370 and 380 Mathers Ave. is rezoned, the buyer, Darwin Construction, wants to develop the area.

Read more:http://www.northshoreoutlook.com/news/199187241.html

March 22, 2013by david.taylor@colliers.com
Development

FOR SALE: 5695 Lougheed Highway, Burnaby

5695 Lougheed Hwy_BRO Page 15695 Lougheed_Brochure

March 21, 2013by david.taylor@colliers.com
Market Research

Vancouver’s Vacancies Point to Investors, Not Residents

Nearly a quarter of condos in Vancouver are empty or occupied by non-residents in some dense areas of downtown, a signal that investors play a significant role in the city’s housing market.

And the city overall has a much higher rate of empty apartments and houses than other Canadian cities, with a rate closer to places like New York and San Francisco at the height of their mortgage crisis in 2010.

Downtown, the rate is so high that it’s as though there were 35 towers at 20 storeys apiece – empty.

That’s the latest discovery that adjunct UBC planning professor Andrew Yan made when he analyzed 2011 census numbers to try to add more information to the contentious debate over whether Vancouver is turning into a high-end resort or offshore investors’ holding tank.

Read more: http://www.theglobeandmail.com/life/home-and-garden/real-estate/vancouvers-vacancies-point-to-investors-not-residents/article10044403/

March 21, 2013by david.taylor@colliers.com
Development

Pacific Arbour puts Dunbar Seniors’ Plan on Hold

Developing Story: Pacific Arbour puts Dunbar seniors’ plan on hold.

It could be weeks or months before Pacific Arbour decides whether to submit a revised application to the city for a senior’s facility it hoped to build on property on the east side of the 4600 block of Dunbar Street between 30th and 31st avenues.

Earlier this month, the city rejected its rezoning application to build a six-storey seniors residence south of Stong’s grocery store. City staff cited concerns about affordability and how it fit into the Dunbar Vision Plan, which envisions buildings up to four storeys.

President Peter Gaskill told the Courier Pacific Arbour is not working on a revised application at this time and that, in the company’s opinion, a four-storey building is not financially feasible at current land prices.

Read more: http://www.vancourier.com/news/Killarney+pitches+call+action/7870838/story.html#ixzz2O5n1IUEv
March 20, 2013by david.taylor@colliers.com
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First Capital REIT acquired by Choice Properties and KingSett for $5.2-billion

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First Capital REIT --> Choice Properties REIT and Kingsett Capital are teaming up to acquire the Canadian real estate company in a deal valued at over $9 billion, including assumed debt. Choice Properties will acquire roughly five billion dollars worth of shopping centres, while

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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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