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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, Rental, Retail

7-Storey Rental Building Proposed for Vacant West 4th Site

A development application has been submitted for 1587 West 4th Avenue, near the NE corner of Fir Street. The site is one of the former CP Rail sites that was sold in 2022. The 5,645 SF site has been used for surface parking for over 20 years and is zoned C-2B, a commercial mixed use zoning that allows up to 3.5 FSR for rental development.

The current proposal is for a new 7-storey rental building that includes:

  • 22 rental units;
  • 2 studios, 12 one-bedrooms, 2 two-bedrooms & 6 three-bedrooms;
  • a 2,300 SF animal clinic on the bottom two floors;
  • a total density of 3.50 FSR;
  • a building height of 72 ft.;
  • 3 surface parking stalls at the rear lane.

The Granville Street bridge West 4th offramp extends over the Northern portion of the site, such that only 53% of the site is developable. As such, the application seeks a few relaxations under the zoning. Under the site’s C-2B zoning, the application is “conditional” so it may be permitted. However, it requires the decision of the Director of Planning.

The site was acquired in 2022 for $2,900,000 or $146 per buildable SF based on the application.

The architect for the project is Arno Matis.

April 2, 2024by david.taylor@colliers.com
Development, Rental

Two Towers, 394 Rental Units Pitched for Broadway Site

PC Urban has submitted a rezoning application under the Broadway Plan for a two tower rental project on West 13th Avenue at Willow Street, in the Uptown South neighbourhood of the Broadway Plan. The site is located just one block South of Vancouver General Hospital.

The Eastern half of this site was assembled by our team.

The proposal is to allow for the development of two 21-storey buildings and includes:

  • 354 rental units;
  • 20% of the floor area secured for below market rental units;
  • A 24-hour childcare facility;
  • A total density of 7.40 FSR;
  • A building height of 211 ft. with additional height for rooftop amenity space.

This application is being considered under the Broadway Plan.

The application is requesting additional density for the delivery of the childcare centre.

The architect for the project is Francl Architecture.

April 1, 2024by david.taylor@colliers.com
Development, Rental, Retail

Latest Broadway Plan Rental Application Features Tower at East 13th & Sophia in Mount Pleasant

The latest rezoning application has been submitted in the Broadway Plan for a site located at 270 East 13th, at the corner of 13th and Sophia in the Mount Pleasant neighbourhood.

The plan for the 18,065 SF site is to develop a single 20-storey rental tower that includes:

  • 167 market rental units;
  • 20% of the floor area secured for below market rental units;
  • 5,400 SF of ground floor retail space;
  • A total density of 6.80 FSR; and
  • A building height of 203 ft. with additional height for rooftop amenity space.

This application is being considered under the Broadway Plan.

The architect for the project is Studio One Architecture. The development manager for the project is JTA Development Consultants.

March 22, 2024by david.taylor@colliers.com
Development, Rental, Retail

Two rental towers, 397 Units Planned for Mount Pleasant Site

A rezoning application has been submitted under the Broadway Plan for a site located at East 12th Avenue and Quebec Street in the Mount Pleasant neighbourhood. The one acre site is currently improved with two older apartment buildings.

The proposal is to allow for the development of two 21-storey rental towers that include:

  • 397 rental units;
  • 20% of the floor area secured for below-market rental units;
  • 11,000 SF of retail space;
  • a density of 6.6 FSR;
  • A building height of 204 ft.

This application is being considered under the Broadway Plan.

The architect for the project is Studio One Architecture.

March 22, 2024by david.taylor@colliers.com
Condo, Development, Hotel, Retail

New Westminster Condo/Hotel Project Moving Forward

Reliance Properties has submitted a rezoning and development permit application for their 811 Carnarvon project in Downtown New Westminster.

The 48,000 SF site is located at the corner of Carnarvon Street and Eighth Street. A pre-application for the site was made in 2018.

The proposed development for the site is a mixed-use condo, hotel project with retail along Eighth and Carnarvon frontages. Details include:

  • 44-storey condo tower;
  • 8-storey hotel;
  • 469 condo units;
  • 145 hotel rooms;
  • 11,000 SF of retail space;
  • 2,000 SF dog park;
  • a total density of 9.62 FSR;
  • a tower height of 493 ft.;
  • 407 underground parking stalls.

The architect for the project is Yamamoto Architecture.

March 21, 2024by david.taylor@colliers.com
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David Taylor Personal Real Estate Corporation

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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