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, Retail

79 Rental Unit Proposal Submitted for Kingsway Site

Hudsonmorris Projects has submitted a rezoning application for the 7-11 site at the Southeast corner of Kingsway and Joyce in East Vancouver.

The proposal, entitled “J@K” for 3304 Kingsway is to allow for the development of a new 6-storey mixed use building. The zoning for the 13,530 SF site would change from C-2 and includes:

  • 79 market rental units;
  • 45 studios, 5 one bedrooms & 29 two-bedrooms;
  • 5,900 SF of retail space;
  • a total density of 3.93 FSR;
  • A building height of 74 ft.;
  • 31 vehicle parking spaces and 174 bicycle parking spaces.

The application is being considered under the Secured Rental Policy.

Hudsonmorris acquired the site in July 2020 for $4,850,000 or $86 per buildable SF based on the application.

The architect for the project is Yamamoto Architecture.

January 22, 2021by david.taylor@colliers.com
Apartment, Development

133 Rental Units Planned for Port Moody Site

PC Urban has submitted a preliminary rezoning application to the City of Port Moody for a 6-storey market-rental project on a four single-family lot assembly at 3316-3330 Dewdney Trunk Road.

The 33,233 SF site is located down the block from a 229-unit rental project built by PC Urban, now nearing completion.

Details of the new proposal include:

  • 133 rental units;
  • 52 one-bedrooms and 58 two-bedrooms;
  • a total density of 3.38 FSR;
  • 90 underground parking spaces.

The OCP indicates 4-storeys for this site, and so an OCP amendment is required.

The architect for the project is NSDA Architects.

January 18, 2021by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

Metrotown Mixed-Use Project Heads to Public Hearing

Westland Homes’ proposal for a 52,532 SF Metrotown land assembly at 6450-6508 Telford Avenue will head to public hearing next week.

The subject site is within the Maywood neighbourhood of the Metrotown Downtown Plan area and is comprised of four properties: two strata buildings, a rental building and a vacant lot.

The Metrotown Downtown Plan designates the subject site for high-density multiple family residential development under the RM5s Multiple Family Residential District as a guideline.

The site will be subdivided into two legal parcels. The proposal on the northern parcel is for a 51-storey high rise building comprised of 44 levels of market strata residential uses atop a commercial podium with 6 levels of offices and one level of street fronting retail. The southern parcel is proposed to be developed with a 22-storey market and non-market rental apartment building.

Details include:

  • 575 total residential units;
  • 408 condos;
  • 167 rental units;
  • 68,409 SF of office and retail space;
  • a total density of 9.13 FAR;
  • building heights of 575 ft and 222 ft.;
  • 1,170 parking stalls.

The architect for the project is Chris Dikeakos.

January 15, 2021by david.taylor@colliers.com
Apartment, Retail

573-Unit Rental Project Envisioned for SW Marine Drive Site

Chard Development has submitted their rezoning application for the Denny’s site at 622 SW Marine Drive in Marpole.

The proposal calls for the development of two towers at 28 and 32 storeys on top of two 6-storey podiums separated with a mid-block break. The proposal includes:

  • 573 market rental units w/ 20% of floor space allocated to below-market rental;
  • Market rental: 56 studios, 241 one-bedrooms, 153 two-bedrooms & 6 three-bedrooms;
  • Below market: 54 studios, 21 one-bedrooms, 36 two-bedrooms & 6 three-bedrooms;
  • 35% of the below-market rental floor space provided as social housing operated by the YWCA;
  • A total density of 6.68 FSR;
  • 16,700 SF of ground floor retail space;
  • 7,100 SF of second floor daycare space;
  • A building height of 335 ft.;
  • 276 vehicle parking spaces and 1096 bicycle parking spaces

The proposal also includes 35% of the below market units as social housing operated by the YWCA.

The application is being considered under the Marpole Community Plan and the Ashley Mar Issues Report (February 11, 2020).

The architect for the project is MCMP Architects.

Chard acquired the site through Colliers in December 2020 for $68,138,000, or $142 per buildable SF based on the gross density in the rezoning application.

January 13, 2021by david.taylor@colliers.com
Apartment, Development, Retail

6-Storey Mixed-Use Building Pitched for Kerrisdale Site

A rezoning application has been submitted for a site in Kerrisdale that was sold by our team in 2018.

The 15,310 SF site at the Northwest corner West 41st Ave and Maple Street burned down in a fire in 2017 and has sat vacant since.

The rezoning proposal calls for the development of a new 6-storey mixed-use building that includes:

  • 42 market rental units;
  • 6,800 SF of ground floor retail space;
  • 10,000 SF of daycare space on the 2nd floor;
  • 7,400 SF of co-tutor space on the 3rd floor;
  • Commercial retail units at grade;
  • A total density of 3.50 FSR;
  • A building height of 71 ft.;
  • 47 vehicle parking spaces and 65 bicycle parking spaces.

The application is being considered under the Secured Market Housing Policy (Rental 100).

The architect for the project is M Moser Associates in partnership with Gustavson Wylie Architects.

January 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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