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

32-Storey Condo Tower Proposed for Joyce Street

A rezoning application has been submitted for a site at 5163-5187 Joyce St. in the Joyce-Collingwood area of East Vancouver.

The proposal is to allow for the development of a 32-storey mixed use building with commercial use at grade and a proposed public library occupying the entire 2nd floor.

The proposal includes:

  • 293 condo units;
  • 177 one-bedrooms, 87 two-bedrooms & 29 three-bedrooms;
  • 5,200 SF of retail space;
  • 15,000 SF of 2nd floor library space;
  • A total density of 13.10 FSR;
  • A building height of 309 ft.;
  • 228 vehicle parking spaces and 588 bicycle parking spaces.

The application is being considered under the Joyce-Collingwood Station Precinct Plan.

The architect for the project is J + S Architect.

The site sold in 2017 for $38,000,000, or $164 per buildable SF based on the application.

November 13, 2020by david.taylor@colliers.com
Apartment, Development, Office

City of Vancouver Considering Major Changes Near Marine & Cambie

The City of Vancouver is considering new guidelines for height and density that would impact approximately 40 properties around Marine and Cambie in South Vancouver that have potential for social housing or commercial/industrial development.

The area has been the subject of guidelines under both the Marpole Community Plan and Cambie Corridor Plan; however, more recent decisions by Council have directed staff to review the area for new guidelines. These decisions include:

  • In February 2020, Council directed staff to consider rezoning enquiries and applications for social housing sites around the Marine Drive Station area beyond the heights envisioned in the Marpole Community Plan to address Council’s affordable housing priorities (PDF).
  • In October 2020, Council also supported intensification of job space in key areas, including Marine Landing, through the Employment Lands and Economy Review (ELER) (PDF). Intensive employment sites in Marine Landing that deliver 100% job space projects with a multi-storey light industrial space may be considered for greater heights and/or densities than identified in the Marpole Community Plan and Cambie Corridor Plan.

The new analysis of the areas planning guidelines will provide new direction for building heights, densities, public realm improvements, built form and urban design, public amenities and upgrades to utilities and public transportation.

A full FAQ page is located here for further background: https://shapeyourcity.ca/marine-landing-review/widgets/61466/faqs

It is expected that a report will go to Council in Spring 2021.

The full review page is located here: https://shapeyourcity.ca/marine-landing-review

November 8, 2020by david.taylor@colliers.com
Apartment, Condo, Development

Rezoning Application Details Next Phase of ‘Southgate City’

Ledingham McAllister has submitted a rezoning bylaw amendment application to proceed with development of the next phase of Southgate City, the massive redevelopment project on the 52 acre site in the Edmonds area of South Burnaby.

Southgate City was approved via rezoning for a master plan in 2015 to include up to 5.9 Million SF of residential density. This particular phase had a rezoning application in 2016, however, that application did not proceed and the City of Burnaby’s Rental Use Zoning Policy now applies to the overall master plan of the project.

This first phase is located in the Gateway Neighbourhood, comprising two City-owned lots that will form the Western entrance to the overall master planned site.

The site will be divided into three lots: the City will retain ownership of Lot B, the eastern lot fronting Eighteenth Street, and lease it to BC Housing for development of non-market rental housing. The City would also retain ownership of the western lot fronting Griffiths Avenue, which would include an urban trail and park. The central lot, Lot A, which is to front the future Southgate Boulevard, is intended to be the subject of a land exchange between the City and Ledingham for an equally sized and designated site within the remaining Southgate Master Plan. The central lot would be developed by Ledingham for a condo tower.

The plan includes a 41-storey condo tower over a six-storey podium, and a 37 storey non-market residential tower over a six-storey podium. Further details include:

  • 926 residential units;
  • 421 condos;
  • 37 studios, 160 one-beds, 197 two-bedrooms & 27 three-bedrooms;
  • 505 non-market rental;
  • 94 studios, 205 one-beds, 164 two-bedrooms & 42 three-bedrooms;
  • a total density of 6.16 FAR (see table below);
  • 16,000 SF in amenity facilities;
  • construction of new roads including Southgate Boulevard;
  • 740 underground parking stalls.

The architect for the project is IBI Group.

November 8, 2020by david.taylor@colliers.com
Development

PCI Acquires Cambie & 41st Site

PCI Group has acquired the prominent former Esso gas station site, now vacant, at the Northeast corner of 41st and Cambie from Coromandel Properties for $40,000,000.

The 130′ x 122′ C-2 zoned site was acquired by Coromandel from Imperial Oil in 2014 for $15,800,000.

Site diagram from a previous (now expired) development application for the site.

There have been no rezoning applications submitted to date, although the Cambie Corridor Plan identifies the site for a tower up to 150 ft. in height.

November 5, 2020by david.taylor@colliers.com
Development, Investment, Retail

SOLD: 4575 Main Street, Vancouver

I am pleased to announce the sale of 4575 Main Street in Vancouver, a single tenant retail property with future development potential.

Our well-crafted marketing campaign launched in June 2020 was able to generate multiple offers and ultimately achieve a sale price over asking.

Please contact me to learn more about this sale.

November 4, 2020by david.taylor@colliers.com
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West Vancouver condo project in receivership, causing 'heartbreak' in Dundarave

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Greater Vancouver commercial real estate transactions down 8.3% in 2025 via @westerninvestor

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David Taylor Personal Real Estate Corporation

Colliers International

DT

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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