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, Condo, Development

8-Storey Building Pitched for Marine & Taylor Way Site

Executive Group has submitted a rezoning application for the 54,000 sq ft. site they own at the Northeast corner of Marine Drive and Taylor Way in West Vancouver.

The proposal is to construct an 8-storey residential building, and designate the existing office building at 660 Clyde Avenue as a protected heritage resource. The proposal includes:

  • 68 condos;
  • 21 rental units;
  • a total density of 2.0 FAR;
  • new pedestrian connections and plazas, a separated bike path, a “parkette,” and new landscaping;
  • 112 underground parking spaces.

The architect for the project is DYS Architecture.

September 16, 2021by david.taylor@colliers.com
Apartment, Development

Adera Planning New 60-Unit Rental Building for Upper Lonsdale

Adera has submitted a rezoning application to the City of North Vancouver for a property they own at 2762 Lonsdale Avenue in the Upper Lonsdale area of North Vancouver.

The 17,353 sq ft site is located mid-block on the east side of Lonsdale Avenue between 27th and 29th Streets. The site is currently improved with an older 3-storey walkup apartment building with 26 units.

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

  • 60 rental units;
    • 21 studios, 19 one-bedrooms, 11 two-bedrooms & 9 three-bedrooms;
    • 54 market units & 6 mid-market units;
  • a total density of 2.33 FSR;
  • 36 parking spaces.

The architect for the project is Integra Architecture.

Adera acquired the site in 2020 for $9,450,000 or $227 per buildable sq ft.

September 16, 2021by david.taylor@colliers.com
Apartment, Development

Revised Plan for ‘Gardenworks’ Property in North Van Includes 70 Rental Units

A new rezoning application has been submitted by Lotus Capital and Omicron to the City of North Vancouver for 705 West 3rd Street, currently home to Gardenworks.

A previous proposal from 2017 proposed a 6-storey condo building with 55 units. Now, the application has been revised to reflect land dedications for an new and improved rapid bus stop, market conditions and government financing incentives.

The site is designated Mixed-use Level 2 in the OCP.

The new proposal is a 6-storey rental building. Details include:

  • 70 market rental units;
    • 4 studios, 47 one-bedrooms, 12 two-bedrooms & 7 three-bedrooms;
  • a private child care facility on the ground level;
  • a total density of 2.50 FSR;
  • 87 parking stalls on two levels of underground.

The architect for the project is Ankenman Marchand.

September 16, 2021by david.taylor@colliers.com
Apartment, Condo, Development

188-Unit Condo/Rental Tower Planned for Metrotown Site

A rezoning application by Beijing Shokai Development for a site at 6540 Marlborough Avenue is heading to public hearing at the City of Burnaby.

The site is located in the Marlborough area on the Eastern edge of Metrotown just South of Kingsway, and is currently improved with an older 30-unit walkup apartment building.

The 21,756 sq ft. site is designated RM4s and RM4r in the Metrotown Plan.

Plans for the site include a 22-storey highrise with, 14-storey of condos above 7-storeys of market and non-market rental units. Details include:

  • 132 condos;
    • 21 studios, 56 one-bedrooms, 51 two-bedrooms & 4 three-bedrooms;
  • 26 market rental units;
  • 30 non-market rental units;
  • a total density of 6.15 FAR;
  • a total building height of 224 ft.;
  • 182 underground parking spaces.

The architect for the project is IBI Group.

The site was acquired in 2020 for $22,000,000 or $164 per gross buildable sq ft. based on the application.

September 16, 2021by david.taylor@colliers.com
Apartment, Development, Office

PCI Proposing 12-Storey Mass Timber Rental Building for Port Moody

PCI Group has submitted their OCP amendment, rezoning and development permit application to the City of Port Moody’s Advisory Design Panel for 2933-3005 Murray Street, a 45,000 sq ft site just east of the Moody Street overpass in the Moody Centre area. The site sits directly North across the train tracks from Moody Centre Station.

The current OCP designation for the site is 6-storeys and mixed use commercial, industrial and residential.

The application proposes to amend the OCP and rezone to allow a 12-storey, mass timber building containing:

  • 207 market rental units, including 21 (10%) below-market units;
    • 156 studios and one-bedroom units, 48 two-bedrooms & 3 three-bedroom units;
  • 8,400 sq ft of mixed employment space;
  • 1,000 sq ft of ground floor affordable artist space;
  • a total density of 3.31 FSR (after dedication);
  • 15,000 sq ft dedicated as protected land for Slaughterhouse Creek;
  • a total of 139 parking spaces.

The application describes the overall concept: “The proposed development is configured in a U-shape with two narrow east and west facing wings, served by external single-loaded corridors above a two-storey podium. This creates a south facing outdoor courtyard between the two wings on top of the podium. This site layout along with the 12-storey building form means that when the development is viewed from Murray Street, as well as the east and west, the massing may appear somewhat bulky and overwhelming given the relatively small site size, especially given that the OCP envisages a six-storey form of development along Murray Street.”

The architect for the project is Perkins + Will.

September 14, 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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