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, Condo, Development

FOR SALE: Medium Density Residential Site in Bainbridge Urban Village Plan

We are pleased to present an opportunity to acquire a woodframe development opportunity in Burnaby’s emerging Bainbridge Urban Village area.

Highlights

  • 39,600 SF site (150’ x 262’) with Bainbridge Urban Village Plan designation allowing up to 3.0 FSR 
  • Potential to assemble neighbouring lot at 7008 Greenwood Street for a combined site of 1.51 acres / 66,000 SF (250 ft. site frontage)
  • Gross density of 200,000 SF or approximately 250 residential units, with sufficient site area to provide inclusionary units in separate low-rise building
  • Located directly across from large scale concrete projects: Burnaby Lake Village and Burnaby Lake Heights that will provide significant new retail, park and amenity space

Please click here or contact us for further information including price guidance.

October 16, 2023by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

Canderel Planning 772 Unit Project in Lougheed Area of Burnaby

Canderel has submitted their rezoning application for a site they own at 3695 North Road in the Burquitlam area of Burnaby.

The 1.32 acre property is currently improved with a gas service station and an older two-storey office commercial building.

The proposal calls a 56-storey condo tower and a 43-storey non-market and market rental building, inclusive of a 10-storey commercial podium with an office component and street-fronting retail.

The rezoning would be based on the RM5s, RM5r and C3 zoning districts.

Details of the proposal include:

  • 772 residential units;
  • 456 condo units;
  • 239 market rental units;
  • 77 non-market rental units;
  • Building heights of 612 ft. and 504 ft.;
  • 164,000 SF of office space, 9,000 SF of retail space;
  • a total density of 13.10 FAR (750,000 SF);
  • 1,038 parking spaces.

The site sits adjacent to another large scale development proposal, including an 80-storey tower, by Pinnacle International.

The architect for the project is Chris Dikeakos Architects.

October 10, 2023by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

Bosa Development Proposing Two Residential Towers, 815 Units in Brentwood

Bosa Development has submitted its rezoning application to the City of Burnaby for a 76,000 SF site they own at the southwest corner of Willingdon Avenue and Halifax Street in the Brentwood area of Burnaby.

The proposal seeks to rezone the site from its existing CD zoning utilizing the RM5s, RM5r and C3 districts and the Brentwood Town Centre Development Plan as guidelines.

The overall proposal is for two high-rise residential towers atop a non-market residential rental and commercial/retail podium with underground parking. The development is anticipated to be constructed over two main phases, with Phase 1 encompassing the western half of the site, and Phase 2 the eastern half.

Details include:

  • a 60-storey condo tower (651 ft);
  • a 43-storey rental & office tower (479 ft);
  • 815 total units;
  • 472 condo units;
  • 266 market rental units;
  • 77 non-market units;
  • 200,000 SF of commercial space (13 floors of office);
  • a total combined density of 12.66 FAR (970,000 SF);
  • 1,794 parking spaces;
  • a new public square known as ‘Buchanan Square’.

It is estimated that the two phases will be built over a 7-year time horizon, although that will be ultimately determined by market conditions.

The architect for the project is Chris Dikeakos Architects.

October 10, 2023by david.taylor@colliers.com
Apartment, Development, Retail

63 Rental Units Planned for East 1st & Renfrew in East Vancouver

A rezoning application has been submitted for the redevelopment of the Poor Italian Restaurant site at the Southwest corner of East 1st Avenue and Rupert Street in East Vancouver.

The 16,100 SF site is currently zoned CD-1 and is located within the Rupert and Renfrew Interim Rezoning Policy boundary, adopted by council in 2022. This policy allows rezonings for rental apartments in advance of the overall area plan being finalized.

The development proposal anticipates replacing the existing restaurant building with a new 6-storey mixed-use rental building with the Poor Italian Restaurant on the ground floor over 2 levels of underground parking and includes:

  • 63 market rental units;
    • 16 studios, 27 one-bedrooms & 20 two-bedrooms;
  • 5,700 SF of new space for Poor Italian on the ground floor;
  • A total density of 3.34 FSR;
  • A building height of 71 ft.; and
  • 53 vehicle parking spaces and 106 bicycle spaces.

The architect for the project is Cornerstone Architecture.

September 28, 2023by david.taylor@colliers.com
Condo, Development

District of North Van to Reconsider Edgemont Townhouse Project

Wesgroup has submitted a new application to the District of North Vancouver to rezone and develop a townhouse project on a site in Edgemont Village.

A previous townhouse proposal for the 33,000 SF site was rejected by DNV council at fourth reading in 2018 amid concerns about the pace of construction and development in the Edgemont area.

The property is located in an area of the OCP that allows for townhouses up to 3-storeys and a density of 1.20 FSR. It is located at the southeast corner of Ridgewood Drive and Ayr Avenue, and is currently occupied by four single-family homes. The Grosvenor mixed-use development is across the street to the west and Amica Seniors Living is to the south.

The updated proposal for the site includes:

  • 32 townhouse units;
  • 12 two-bedrooms & 20 three-bedroom units;
  • 900 to 1,500 SF unit sizes;
  • a total density of 1.18 FAR;
  • one level of underground parking with 64 spaces;
  • $1.7 Million in off-site works;
  • DCC’s of $420,400;
  • CAC of $772,439 ($18.50 per SF).

The architect for the project is Integra Architecture.

The site was originally assembled by Boffo Properties in 2016 and later sold to Wesgroup following the rejection of the 2017 rezoning proposal.

September 27, 2023by 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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