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, Development, Office, Retail

92-Unit Rental Project Planned for New Westminster Site

Third Space Properties has submitted a rezoning application to the City of New Westminster to rezone a 26,700 SF site on East Columbia Street in the Sapperton area of New Westminster.

The proposed development aims to revitalize the area by replacing an underutilized asphalt parking lot, a vacant building and four vacant lots with a thoughtfully designed building that improves the urban experience while providing housing diversity and job space.

The site is designated (ML) Mixed Use – Low Rise in the OCP. This land use designation envisions the provision of low-rise commercial or commercial and residential mixed use buildings which create active and engaging principal streets.

The overall plan for the project envisions a 6-storey building that includes:

  • 92 market rental units;
  • 18 studios, 51 one-bedrooms, 17 two-bedrooms & 6 three-bedrooms;
  • 18,000 SF of office space;
  • 14,400 SF of retail space;
  • a total density of 3.70 FSR;
  • 197 underground parking spaces.

The architect for the project is Integra Architecture.

June 8, 2023by david.taylor@colliers.com
Development, Land

FOR SALE: Broadway Area High Density Residential Development Site

We are pleased to introduce this high-rise development site located at West 13th and Willow Street in Vancouver.

Please click here or contact us for further details.

June 6, 2023by david.taylor@colliers.com
Apartment, Development

77 Rental Units Proposed for Kerrisdale Site

Sightline Properties has submitted a development application to the City of Vancouver for a 2-lot land assembly at the Southwest corner of West 41st Avenue and Maple Street in Kerrisdale.

The 17,750 SF site was rezoned under the Secured Rental Policy to RR-3B in February. This designation allows 6-storey buildings with ground floor commercial uses.

The plan for the project includes:

  • 77 market rental units;
    • 20 studios, 30 one-bedrooms, 24 two-bedrooms & 3 three-bedrooms;
  • 6,280 SF of retail space;
  • A total density of 3.43 FSR;
  • A proposed height of 72 ft.;
  • Two levels of underground parking, providing a total of 44 parking spaces having vehicular access from the lane.

Under the site’s proposed RR-3B zoning, the application is “conditional” so it may be permitted. However, it requires the decision of the Director of Planning.

The architect for the project is Yamamoto Architecture.

May 18, 2023by david.taylor@colliers.com
Apartment, Condo, Development

567-Unit Condo & Rental Project Slated for Burquitlam Site

Rize Alliance has submitted a rezoning application to the City of Coquitlam for a 1.78 acre site at the corner of Elmwood and Westley in the Oakdale area within the Burquitlam-Lougheed Neighbourhood Plan.

The site is an assembly of 11 single family lots that are designated High Density Apartment Residential in the OCP. It is located 500 metres from the Burquitlam Skytrain Station.

The plan for the site is to develop a 38-storey condo tower, a six-storey condo building, and two six-storey purpose-built rental buildings. Overall details include:

  • 567 total residential units;
  • 404 condos;
  • 141 market rental units;
  • 22 below-market rental units;
  • a total density of 5.50 FSR;
  • $12.1M in density bonus;
  • $2.1M in Payment in-Lieu for Parking Reductions;
  • $521, 000 in voluntary Community Amenity Contributions (CACs);
  • 543 parking spaces with 458 EV parking spaces; and
  • 30, 516 SF of common amenity space.

The architect for the project is GBL Architects.

May 12, 2023by david.taylor@colliers.com
Apartment, Development

Revised Proposal for West End Tower Site Includes Rental & Social Housing Units

Strand Development has submitted a new rezoning application for a site they own at the corner of Burnaby and Thurlow Street in the West End.

The 17,286 SF site at 1068-1080 Burnaby Street was originally envisioned as a 30-storey luxury condo & social housing project at 9.01 FSR, and was approved for rezoning in 2018, though the zoning was never enacted.

More recent planning policy adopted by the City in 2022 allows for more flexibility in the delivery of rental housing in this subarea.

The new application is for a 34-storey residential building and includes:

  • 287 market rental units;
  • 10% residential floor area for social housing (approximately 24 units);
  • 6,600 SF floorplates;
  • A total density of 12.25 FSR;
  • A building height of 295 ft; and
  • 125 vehicle parking spaces and 515 bicycle parking spaces.

This application is being considered under the Criteria for 100% Secured Rental and Below-Market Housing as an Alternative to Inclusionary Social Housing in the Burrard Corridor of the West End Community Plan.

The architect for the project is BOP Architects.

May 5, 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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