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

Proposal for Langara Gardens Site Includes 2,600 Condo, Rental & Social Housing Units

The formal rezoning application by Concert Properties and Peterson Group for Langara Gardens has been released publicly.

A rezoning policy statement for the 20.8 acre site had been completed in 2018 and the full rezoning application had been anticipated since that time.

The proposal is for the redevelopment of the site with buildings between 3 and 36 storeys. The existing four 18-storey towers would be retained. The proposal includes:

  • Approximately 430 social housing units;
  • Approximately 760 rental units (including 85 below-market units);
  • Approximately 1,430 strata units;
  • 3.1 FSR total density (2.7M SF);
  • A 69-space childcare facility;
  • Public open spaces, Cambie Park upgrades, a new 1-acre park.

The application is being considered under the Langara Gardens Policy Statement and the Issues Report: Direction for Intensification of Large Sites to include Moderate Income Rental Housing.

The full rezoning application can be viewed here.

The architect for the project is James Cheng Architects.

The site was originally sold by Colliers to Peterson Group in 2009 for $157,000,000. Concert Properties was brought on as a 50% partner in 2015.

September 20, 2023by david.taylor@colliers.com
Apartment, Development

Revised Proposal for Oak & 41st Site Includes More Rental Units/Density

Wesgroup has submitted a revised rezoning application to the City of Vancouver for a site that they own at the Southwest corner of Oak Street and West 41st Avenue.

A previous rezoning application for the site from 2020 envisioned 222 rental units in 8 and 16-storey buildings and a total density of 5.03 FSR based on the guidelines in the 2018 Cambie Corridor Plan.

The new proposal seeks to increase the density and overall number of units via an increase in building heights above what is prescribed in the Cambie Plan.

The revised plan for the site envisions a 25-storey and 17-storey building over a 6-storey podium and includes:

  • 357 rental units with 20% of the floor area secured for below market rental units (approximately 72 units);
  • 16,000 SF of retail space;
  • A total density of 7.31 FSR;
  • A building height of 258 ft. and 176 ft.; and
  • 224 vehicle parking spaces and 696 bicycle parking spaces.

The application makes note of the fact that the site sits adjacent three other large-scale projects that have taller towers, including the Louis Brier site (20-30 storeys), the Oakridge Transit Centre site (20-26 storeys) and the Jewish Community Centre site (25-27 storeys).

The architect for the project is Arcadis (formerly IBI Group).

September 20, 2023by david.taylor@colliers.com
Apartment, Development

175-Unit Rental Project Planned for Mount Pleasant Site

Fastmark Developments has submitted one of the first rezoning applications for a site in the Broadway Plan.

The 20,139 SF site at 523-549 East 10th Avenue is currently improved with five single family lots. The site is located on the North side of East 10th between St. George Street and Carolina Street, five blocks East of Main Street in Mount Pleasant.

The site is located in an area of the Broadway Plan (MRTB) which allows up to 5.50 FSR and 18-storeys, with a minor increase in height and density considered in exchange for ground level childcare space.

The proposal for the site is to allow for the development of a 19-storey mixed-use building that includes:

  • 175 total units;
  • 142 market rental units;
  • 33 below market rental units (20% of floor area);
  • Private childcare space for 25 children;
  • A total density of 6.0 FSR;
  • A building height of 329 ft.; and
  • 110 vehicle parking spaces and 344 bicycle spaces.

The architect for the project is GBL Architects.

The full rezoning application can be viewed here.

September 12, 2023by david.taylor@colliers.com
Condo, Development

5-Storey, 19-Unit Condo Building Proposed for West Van

A development application by Pelagos Properties has been approved by the District of West Vancouver for 2711 Rodgers Creek Place, in the Rodgers Creek/Mulgrave area of West Vancouver above the Upper Levels Highway.

The proposal for the 37,000 SF steeply sloped site includes a 5-storey condo building and:

  • 19 units;
    • 1 one-bedrooms, 5 two-bedrooms & 13 three-bedrooms;
  • a total density of 1.0 FAR;
  • three levels of underground parking with 35 stalls.

The architect for the project is Folio Studio Architecture.

The site was acquired in 2019 for $11,000,000, or $300 per buildable SF based on the application.

August 29, 2023by david.taylor@colliers.com
Condo, Development

21 Townhouse Units Proposed for North Van Site

A preliminary rezoning application has been submitted for a 30,000 SF site near Edgemont Village in North Vancouver.

The site at 3712-3718 Edgemont Boulevard is currently improved with a four-plex built in 1951 and designed by Fred Hollingsworth.

A previous application for the site included preservation of the existing heritage structure and the addition of 25-30 units but the proposal did not proceed.

The OCP designates this site Residential Level 3: Attached Residential, which permits a density up to 0.8 FAR.

The new proposal for the site includes:

  • 21 two-storey townhouses;
  • a total density of 0.8 FAR;
  • 41 underground parking spaces.

The architect for the project is Robert Blaney.

The site was listed for sale for $9,800,000 and sold earlier this year for $7,000,000 of $293 per buildable SF based on the application for townhouses.

August 28, 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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