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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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Development

120 Rental Units Pitched for Oakridge Site

Align Properties (formerly Vivagrand Properties) has submitted a rezoning application for a four-lot land assembly in the Oakridge Town Centre area at 5589-5661 Baillie Street, between West 39th and West 41st Avenues.

The site is 30,000 sq ft in total and comprises four single family houses.

The site is within the Cambie Corridor OCP, Oakridge area designed for 6-Storey secured rental apartment developments up to 2.5 FSR. The new zoning would be based on RM-9.

The proposal is to allow for the development of two 6-storey rental buildings that include:

  • 120 market rental units;
    • 48 studios, 28 one-bedrooms & 44 two-bedrooms;
  • A total density of 2.50 FSR;
  • A building height of 65 ft.;
  • 76 vehicle parking spaces and 170 Class A bicycle parking spaces

The application is being considered under the Cambie Corridor Plan.

The architect for the project is Integra Architecture.

October 21, 2021by david.taylor@colliers.com
Condo, Development

MST Proposing 150-Unit Townhouse Development For West Vancouver Site

The MST Development Corporation has submitted a preliminary development application for a former Department of Fisheries and Oceans property at 4165-4195 Marine Drive in West Vancouver.

The site is approximately 5 acres and is located on Marine Drive near Burkehill Road and is currently vacant and unimproved.

The preliminary proposal for the site includes three 3-storey townhouse buildings above an underground parkade. Details include:

  • 150 townhouse units;
  • 30% one-bedrooms, 45% two-bedrooms & 25% three-bedrooms;
  • a total density of 0.73 FSR;
  • 165 underground parking stalls.

The proposal is being considered under Official Community Plan policy 2.1.4, which aims to increase missing middle housing options with ground-oriented, multi-family dwellings on appropriate sites along the Marine Drive transit corridor. 

The MST Development Corporation is a partnership of the Musqueam Indian Band, Squamish Nation and Tsleil-Waututh Nation. The site was acquired from the Federal Government as part of a joint venture with Canada Lands in 2014 along with the Jericho Lands and the Heather Lands.

A website for the project can be accessed here.

October 19, 2021by david.taylor@colliers.com
Condo, Development, Retail

4-Storey Condo/Retail Building Planned for Dunbar & 41st

Gryphon Development has applied to the City of Vancouver for permission to develop the former Scotiabank property at 5659 Dunbar Street, a 16,376 SF site at the Northwest corner of Dunbar and West 41st.

The site has been used as a presentation centre by Gryphon since their acquisition of the site in 2017.

The plan for redevelopment of the site is a 5-storey mixed-use building containing retail uses on the first and second floor and condos above, with:

  • 25 condo units;
  • 4 one-bedrooms, 14 two-bedrooms & 7 three-bedrooms;
  • 10,321 sq ft. of retail space;
  • a total density of 2.50 FSR;
  • A building height of 45.3 ft.;
  • Two levels of underground parking providing 48 parking stalls.

Under the site’s existing C-2 zoning(External link), 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 IBI Group.

The full development application can be viewed here: https://shapeyourcity.ca/5659-dunbar-st

October 18, 2021by david.taylor@colliers.com
Apartment, Development, Retail

60-unit Rental Building Slated for Main Street Site

Locarno Development has submitted a rezoning application for a site at 3970-3998 Main Street. The site is currently occupied by two older lowrise commercial buildings.

The proposal is to allow for the development of a 6-storey market rental building that includes:

  • 60 market rental units;
    • 15 studios, 20 one-bedrooms, 21 two-bedrooms & 4 three-bedrooms;
  • 6,600 sq ft of retail space at grade;
  • A total density of 3.97 FSR;
  • A building height of 83 ft.;
  • 53 vehicle parking spaces and 128 bicycle parking spaces.

The application is being considered under the Secured Rental Policy.

The architect for the project is Yamamoto Architecture.

October 14, 2021by david.taylor@colliers.com
Apartment, Condo, Development

Condos & Rentals Pitched for North Van Site

The Dammholz Group of Companies has applied to the District of North Vancouver to redevelop seven existing single-family lots to create two, 4-storey buildings: one condo, and one market rental.

The site is located on the north side of West 16th Street, with Pemberton
Avenue to the east and Marine Drive to the north. The site is 31,691 SF in area and is comprised of seven single-family lots, currently occupied by six houses.

The Official Community Plan (OCP) designates the site as “Residential Level 5″(RES5) which envisions low-rise apartments at a density of up to
approximately 1. 75 FSR.

Details of the proposal include:

  • 31 condo units;
    • 9 one-bedrooms, 16 two-bedrooms & 6 three-bedrooms;
  • 31 market rental units;
    • 9 one-bedrooms, 16 two-bedrooms & 6 three-bedrooms;
  • a total density of 1.75 FAR;
  • 70 underground parking stalls on one level;
  • a CAC of $1,002,795.

The architect for the project is Cornerstone Architecture.

October 12, 2021by 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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