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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Condo, Development, Retail

73 Condo Units Slated for East Broadway Site

Enso Group has submitted a rezoning application for a 5-lot land assembly on East Broadway and Semlin, near Commercial Drive. The proposal for the 20,000 SF site at 1961-1995 E Broadway and 2465 Semlin is to allow for the development of a 6-storey mixed-use building with retail space at grade.

The application is being made under the Grandview-Woodland Community Plan.

Details include:

  • 73 condo units;
    • 46 one-bedrooms, 20 two-bedrooms & 7 three-bedrooms;
  • A total density of 3.0 FSR;
  • A building height of 23 m (75.3 ft.); and
  • 91 vehicle parking spaces and 150 bicycle parking spaces.

The architect for the project is Urban Solutions Architecture Ltd.

October 28, 2022by david.taylor@colliers.com
Condo, Land

Cambie & 27th Block Sells in $34 Million Deal

A full city block on the West side of Cambie Street between West 27th and West 29th has sold to Aria Pacific Development for $34,000,000 or approx. $336 per buildable SF based on an anticipated density of 2.50 FSR per the site’s 6-storey designation in the Cambie Corridor Plan.

The site had previously been assembled between 2016 and 2020 for a total of $40.8 Million by developer Amy Washington. It had been listed for sale since 2021 with a combined asking price of $39,920,000.

October 20, 2022by david.taylor@colliers.com
Apartment, Development, Retail

One of First Broadway Plan Rezonings Proposes 25-Storey Rental Tower for Main

Westbank Corp. has submitted their formal rezoning application for a site at the Southwest corner of Main & 4th. This is one of the first rezoning applications to be put forward under the Broadway Plan.

The project, entitled ‘Prototype’ is envisioned as a case study of open-source mass timber construction and ‘Net Zero Lifecycle Carbon’. The concept was unveiled last year as a 21-storey tower and has since been refined, with an increased building height and fewer units.

The proposal is to allow for the development of a 25-storey mass-timber building on the southern portion of the site. The proposal includes:

  • 210 total rental units;
  • 168 market rental units;
  • 42 below market rental units;
  • 3,800 SF of retail space at grade;
  • A total density of 6.22 FSR;
  • A building height of 256 ft. with additional height for a rooftop amenity space;
  • No vehicle parking spaces and 377 bicycle parking spaces;
  • Mass timber construction; and
  • Retention of the existing building on the northern portion of the site.

The application is being considered under the Broadway Plan.

The architect for the project is Henriquez Partners.

The application describes a potential second phase on the North portion of the site that WeWork currently occupies:

“The overall site is proposed to be redeveloped in two phases, with the surface parking lot redeveloped as part of Phase 1 and the existing office building to be redeveloped as part of a future Phase 2. The Phase 1 redevelopment of the surface parking lot at the south portion of the site is the subject of this rezoning application.

We are proposing a hybrid mass timber rental housing tower with a density of 4.59 FSR for the residential tower, and a total of 6.22 FSR for Phase 1 (this rezoning application) including the existing M1 office building on the site. A future rezoning application for Phase 2 will include the demolition of the existing M1 building, to be replaced by a new retail podium and M6 tower, up to the maximum permitted 8.5 FSR.”

October 18, 2022by david.taylor@colliers.com
Apartment, Development, Retail

Rental Building Proposed for Main Street Site

A rezoning application has been submitted by Vorden Development Corp. for an 18,487 SF site at 4906-4958 Main Street, at the southeast corner of Main Street and East 33rd Avenue within the Riley Park-Little Mountain neighbourhood of Vancouver.

The proposal plans to replace this 5-lot assembly with a new 6-storey rental building that includes:

  • 72 market rental units;
    • 22 studios, 24 one-bedrooms, 14 two-bedrooms & 12 three-bedrooms;
  • 8,000 SF retail space at grade;
  • a total density of 3.20 FSR;
  • A building height of 21.5 m (70.5 ft.); and
  • 75 vehicle parking spaces and 147 bicycle parking spaces.

The application is being considered under the Affordable Housing Choices Interim Rezoning Policy.

The architect for the project is WT Leung.

October 15, 2022by david.taylor@colliers.com
Apartment, Development, Retail

192-Unit Rental Building Pitched for Port Moody Site

Anthem Properties has submitted a rezoning and development permit application to the City of Port Moody for a 1.1 acre site at 3121-3127 St. Johns Street and 110-118 James Road.

The site is located across James Road from Moody Middle School and is comprised currently of a parking lot, a house and a duplex.

The location of the site is identified as a candidate for rezoning in the Port Moody OCP as 6-Storey Mixed Use.

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

  • 192 units
    • 6 studios, 118 one-bedrooms, 46 two-bedrooms & 22 three-bedrooms;
  • 4,900 SF of retail space;
  • a total density of 3.0 FAR;
  • 241 vehicle parking spaces on 2 underground levels accessed off James Road, 289 long term resident bicycle storage spaces and 23 short term visitor bicycle spaces; and
  • an outdoor, amenity courtyard.

The architect for the project is Integra Architecture.

October 15, 2022by 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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