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

Third Space Planning 99 Rental Units for West 4th Site

Third Space has submitted a development application for the former gas station site at the Northeast corner of West 4th Avenue and Macdonald in Kits.

The 22,256 SF site is zoned C-2, which now allows 6-storey development for rental apartments.

The proposal includes:

  • 99 market rental units;
    • 15 studios, 43 one-bedrooms, 41 two-bedrooms;
  • 15,000 SF of retail space;
  • A proposed density of 3.70 FSR;
  • A proposed height of 71.7 ft.;
  • Two levels of underground parking, providing a total of 107 parking spaces having vehicular access from the lane

Under the site’s existing C-2 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.

February 16, 2023by david.taylor@colliers.com
Apartment, Development, Retail

Rezoning Proposal for Former MEC Broadway Site Unveiled

Reliance Properties and Quadreal have submitted their long-anticipated rezoning application for the former MEC site at 130 West Broadway. MEC moved into a new purpose built facility on West 2nd Avenue.

The site is owned by Quadreal and Reliance in a 50/50 partnership. Despite having acquired the site over five years ago and originally submitted a rezoning enquiry in 2017, the rezoning application was delayed as a result of the Broadway Plan process.

Located within the Broadway Shoulder Area (East) neighbourhood sub-area of the Broadway Plan, the project site encompasses a significant portion of the south side of the block between Columbia and Manitoba Streets, on West Broadway.

The rezoning proposal is to allow for a two-tower rental apartment complex that includes:

  • two towers, 29 & 28-storeys in height;
  • 524 secured market rental units;
  • Commercial space at grade and on level 2;
  • A 37-space child care facility;
  • A total density of 8.46 FSR;
  • significant rooftop amenity spaces;
  • Building heights of 328 ft. (east tower) and 325 ft. (west tower); and
  • 372 vehicle parking spaces and 1,151 bicycle parking spaces.

The application is being considered under the Broadway Plan.

The architects for the project are NMDA and Arcadis/IBI Group.

The full rezoning application can be viewed here: https://www.shapeyourcity.ca/130-w-broadway

February 15, 2023by david.taylor@colliers.com
Condo, Development

27-Unit Condo Building Proposed for Cambie Corridor Site

A rezoning application has been submitted b Ardor Homes for a two-lot assembly at 5515-5525 Elizabeth Street just South of Queen Elizabeth Park in the Cambie Corridor area.

The proposal is to allow for the development of a 4-storey condo building that includes:

  • 27 condo units;
  • Rooftop amenity space;
  • A total density of 2.0 FSR;
  • A building height of 45 ft.; and
  • 48 vehicle parking spaces and 67 bicycle parking spaces.

The application is being considered under the Cambie Corridor Plan.

The architect for the project is Andrew Cheung Architects.

February 13, 2023by david.taylor@colliers.com
Development, Office, Retail

CIBT Planning Hotel and Office Complex for Richmond Site

CIBT Education Group has applied to the City of Richmond for permission to rezone a site at 7780, 7800, 7804, 7820 and 7840 River Road in Richmond.

The 77,000 SF site is an assembly of underutilized commercial and industrial parcels. It is designated in the City of Richmond’s OCP as Urban Centre T5, which allows up to 3.0 FAR plus a bonus.

The proposal for the site includes:

  • an 11-storey hotel with 183 guest rooms;
  • an 8-storey office building with retail and restaurant space;
  • 2 ½ levels of underground parking;
  • a total density of 3.23 FAR (232,687 SF);
  • dike upgrades to City’s current standard (15 ft.)

The architect for the project is Urban Solutions Architecture.

January 29, 2023by david.taylor@colliers.com
Apartment, Development

Previous West End Condo Project Revised to Rental Apartments by GWL

GWL Realty Advisors has submitted a rezoning application for a site they own at 1055 Harwood Street in the West End area of Downtown Vancouver.

The site was previously proposed by Strand and Intracorp for a condo/social housing project in 2018 before being shelved due to market conditions. The site was subsequently sold to GWL in 2022 following a change in rezoning policy which deleted the required social housing in exchange for 20% of the units being below market rentals.

The new proposal is to allow for the development of a 32-storey rental building that includes:

  • 269 rental units
    • including 52 below market rental units
  • A density of 11.71 FSR;
  • A building height of 300 ft.; and
  • 134 vehicle parking spaces and 513 bicycle spaces.

The 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 GBL Architects.

January 29, 2023by 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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