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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Apartment, Development

53-Unit Rental Building Eyed for Former Gas Station Site In Lower Lonsdale

Pattison Developments has submitted a rezoning application for the former Husky Gas Station at West 3rd and Forbes in the Lower Lonsdale area of North Vancouver.

The 15,000 SF triangular shaped site at 351 West 3rd Street is located at the south-east corner of West 3rd Street and Forbes Avenue. In the current OCP, the site is designated Residential Level 5 which allows a maximum density of 2.60 FSR (including 1.0 bonus FSR), and a maximum height of 6-storeys.

The proposal for the site is a 6-storey market rental building that includes:

  • 53 rental units
    • 5 studios, 36 one-bedrooms, 6 two-bedrooms & 6 three-bedrooms;
  • 6 of the units will be mid market rental units;
  • a total density of 2.60 FSR;
  • 28 underground parking spaces.

The architect for the project is MGBA.

The site was acquired by Pattison in March 2021 for $7,075,000 or $181 per buildable SF based on the application.

The rezoning may be one of the first in Metro Vancouver to proceed without a public hearing based on the recent Provincial amendments to Section 464 of the Local Government Act. The amendments require municipalities not to hold a public hearing if an OCP is in place for the subject site; the bylaw is
consistent with the OCP; the development is residential.

January 19, 2024by david.taylor@colliers.com
Condo, Development

29-Storey Condo Building Planned for Hornby & Davie Site

Reliance Properties has submitted their formal rezoning application for 902 Davie Street, a site at the Southwest corner of Hornby and Davie in Downtown Vancouver.

The 15,000 SF site was initially envisioned for rezoning as far back as 2015. The site is encumbered by view cones which have resulted in a sculpted design.

The proposal is to allow for the development of a 29-storey mixed-use building and includes:

  • 179 condo units;
    • 22 studios, 67 one-bedrooms, 73 two-bedrooms & 17 three-bedrooms;
  • 4,716 SF of retail space;
  • 36,708 SF of office space;
  • a total density of 12.91 FSR;
  • A building height of 348 ft.; and
  • 219 vehicle parking spaces and 437 bicycle spaces.

This application is being considered under the Downtown Official Development Plan and the Potential “Benefit Capacity” in Downtown Policy.

The architect for the project is Neil M. Denari Architects and Bingham + Hill.

The full rezoning application can be viewed here: https://www.shapeyourcity.ca/904-920-davie-st

January 18, 2024by david.taylor@colliers.com
Apartment, Development

24-Storey Rental Tower Slated for Kingsway & Fraser Site

Qualex Landmark has submitted an application to rezone a site at the Northeast corner of Kingsway and Fraser Street for a new highrise rental project under the Broadway Plan.

The 18,000 SF site at 701 Kingsway is currently a strip centre built in 1987 and is zoned C-2 .

The rezoning proposal is to allow for the development of a 24-storey building that includes:

  • 201 rental units;
  • 41 below market rental units (20%);
  • Commercial space on the ground floor and on Level 2;
  • A total density of 8.50 FSR;
  • A building height of 277 ft. with additional height for rooftop amenity space and mechanical appurtenances.

This application is being considered under the Broadway Plan.

The architect for the project is RWA Architecture.

The full rezoning application can be viewed here: https://www.shapeyourcity.ca/701-kingsway

January 16, 2024by david.taylor@colliers.com
Development

Vancouver Skyline

Vancouver Skyline
January 14, 2024by david.taylor@colliers.com
Apartment, Condo, Development

Cressey Opts for Townhouses on Quilchena Gardens Site

Cressey Developments has submitted a development application to the City of Vancouver for the redevelopment of ‘Quilchena Gardens’, a 3.0 acre site at the corner of Arbutus and West 32nd on the Westside of Vancouver.

The site is currently improved with 1960’s era lowrise buildings and has been the subject of speculation regarding redevelopment for the last several years.

A rezoning enquiry by the previous owners contemplated a medium density redevelopment with upwards of 500 rental, condo and social housing units in buildings up to 14-storeys; however, that plan never proceed to a formal rezoning and the site was eventually sold to Cressey in 2022 for $76,000,000.

Rather than pursue a complex rezoning process for the site, Cressey has decided to pursue a development under the existing zoning from 1963, with two-storey townhouses.

Details of the proposed development include:

  • Twenty 2-storey townhouse buildings;
  • 102 total units;
    • 33 rentals (20 one-bedrooms, 13 two-bedrooms)
    • 69 condos (two and three-bedrooms from 1,417 SF to 2,539 SF)
  • One level of underground parking, accessed from lane.

Under the site’s existing CD-1 (26) zoning, the application is “conditional” so it may be permitted. However, it is subject to approval of the Form of Development, and it requires the decision of the Development Permit Board.

The architect for the project is Formwerks Architectural.

January 14, 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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