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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, Retail

100-Unit Rental Building Planned for Fraser & 28th Site

A rezoning application has been submitted by Strand and Locarno for a 6-lot assembly comprising a full city block on Fraser Street between East 28th and East 29th Avenues in East Vancouver.

The full city block comprises 24,009 sq ft.

The proposal follows Strand’s current 121-unit rental development of ‘The Fraser‘ just five blocks North on the other side of Fraser Street.

The proposal for the 28th and Fraser site is to allow for the development of a 6-storey mixed-use rental building that includes:

  • 100 market rental units;
  • 16 studios, 36 one-bedrooms, 42 two-bedrooms & 4 three-bedrooms;
  • 3,600 sq ft of restaurant space;
  • 5,500 sq ft of retail space;
  • A total density of 3.65 FSR;
  • rooftop amenity space;
  • A building height of 79 ft.;
  • 97 underground vehicle parking spaces and 200 bicycle parking spaces.

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

The architect for the project is Integra Architecture.

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

127-Unit Rental Building Planned for Vacant Kingsway Site

A rezoning application has been submitted by Kerkhoff for the long vacant gas station site at the corner of Kingsway and Rupert Street in East Vancouver.

The 25,000 SF triangular site at 2970 Kingsway is zoned C-2 and has sat vacant for several years. The new rezoning proposal is a 6-storey rental building with retail at grade, and includes:

  • 127 market rental units;
  • 36 studios, 46 one-bedrooms, 39 two-bedrooms & 6 three-bedrooms;
  • 13,000 SF of ground floor retail space;
  • A total density of 3.96 FSR;
  • A building height of 78 ft.;
  • rooftop amenity space;
  • 99 vehicle parking spaces and 254 bicycle parking spaces.

The application describes the design rationale: “The proposed massing carries the full 6-storeys at both Kingsway facing corners, with the building form overhanging the commercial units below. This strategy articulates the corners as urban markers, responding to the presence of the street intersection in a unique manner, and further accentuated by wrapping building form and extending residential balconies.

The Kingsway frontage of the property is over 345’-0” / 105m long, so breaking this facade into smaller components is a fundamental requirement. By varying the unit types along this facade (and hence the unit widths) and exploring different balcony conditions, a significant amount of relief and interest in the building massing is created. This infill portion, book-ended by the larger massing components at the corners, is planar with the commercial units below, but setback at the top floor.”

The application is being considered under the Secured Rental Policy.

The architect for the project is Formosis Architecture.

The site had been listed for sale in 2019 with an asking price of $9,750,000 or roughly $100 per buildable sq ft based on the application.

August 6, 2021by david.taylor@colliers.com
Condo, Development

27-Unit Condo Building Slated for Cambie & 64th

A rezoning application has been submitted for a site at 7969-7989 Cambie Street.

The proposal is to allow for the development of a 6-storey residential building and includes:

  • 27 condo units;
  • 16 one bedrooms, 9 two-bedrooms & 2 three-bedrooms;
  • A total density of 2.46 FSR;
  • A building height of 69 ft.;
  • 34 vehicle parking spaces and 69 bicycle parking spaces.

The application is being considered under the Cambie Corridor Plan.

The architect for the project is GUD Group.

The site was acquired by South Cambie Holdings in 2016 for $5,100,000 or $200 per buildable sq ft.

August 5, 2021by david.taylor@colliers.com
Apartment, Development, Retail

9-Storey Rental Building Planned for Granville Street Site

A development application has been submitted to the City of Vancouver to develop a new mixed-use rental apartment building on the Granville Strip. The site at 1250 Granville Street is 8,998 sq ft and is currently occupied by the National Rental Car building and parking lot.

The redevelopment plan for the site is a 9-storey passive house rental apartment building with retail on the ground floor.

The application comes following the City’s current planning work to consider allowing more rental housing on the two block stretch of Granville between Helmcken and Drake Streets. Previous policy allowed a maximum of 3.50 FSR.

Details of the proposal include:

  • 61 market rental units;
  • 46 one-bedrooms & 15 two-bedroom units;
  • 2,425 sq ft of ground floor retail space;
  • a total density of 4.54 FSR;
  • a building height of 95 ft.;
  • shared rooftop amenity space;
  • 22 parking stalls on one level of underground parking having vehicular access from the lane.

Under the site’s existing DD-K3 zoning, the application is “conditional” so it may be permitted. However, it requires the decision of the Development Permit Board.

The architect for the project is Lang Wilson Practice in Architecture Culture.

August 5, 2021by david.taylor@colliers.com
Development

42 Condo Units Planned for Arbutus & 10th Site

Bastion Developments has applied to the City of Vancouver for permission to develop a 5-storey, mixed-use building at the Southwest corner of Arbutus & 10th, formerly Gordon’s Auto Body. The C-8 zoned site is 17,248 sq ft.

The proposal for the site is a mass timber, passive house condo building with:

  • 42 condo units;
  • 21 one-bedrooms & 21 two-bedrooms;
  • 2,700 sq ft of retail and restaurant space;
  • a total density of 2.36 FSR;
  • A height of 60 ft.;
  • Three levels of underground parking providing 82 parking spaces having vehicular access from Cranberry Drive at the rear.

The architect for the project is Stephane Laroye.

The full development application can be viewed here: https://shapeyourcity.ca/2120-w-10-ave

Bastion acquired the site in 2018 for $23,000,000 or $529 per buildable sq ft based on the application.

July 26, 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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