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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Development, Office

Electronic Arts Expanding Burnaby Campus

Electronic Arts is proposing a major expansion to it’s Burnaby campus at 3700 Gilmore Way, across Sanderson Way from their existing campus.

The project consists of two new office buildings for EA on a 12.57 acre site with M5 and M8 zoning. An existing 110,000 SF office building occupied by Schnieder Electric on the site will be retained.

The plan calls for two 3/5-storey (due to slope) buildings, that include:

  • 297,000 SF of office space;
  • a total density of 0.75 FAR inclusive of the existing building;
  • 3 levels of underground parking;
  • 624 parking spaces;
  • a new urban plaza connecting the two buildings.

The architect for the project is Dialog.

August 21, 2020by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

First Phase of Brentwood “The Grove” Project to Include Two Towers, 948 Units

A rezoning application is going to public hearing at the City of Burnaby next week for Phase One of Aoyuan‘s “The Grove” project in the Brentwood Town Centre area. Phase One is located at the corner of Willingdon and Dawson and extends along the North portion of the site to the corner of Alpha Avenue.

The 8-acre master plan project is located at the Southeast corner of Willingdon Avenue and Dawson Street. Aoyuan acquired the site, which consists of seven parcels currently improved with older industrial buildings. The master plan was approved in 2019.

Details of Phase one include:

  • Two condo towers, 36 & 43-storeys;
  • One 6-storey non-market rental building;
  • 868 condos;
  • 453 Studios, 95 One-bedrooms, 256 Two-Bedrooms & 69 Three-bedrooms;
  • 80 non-market rental units;
  • 55,000 SF of office and retail space;
  • a total density of 8.62 FAR;
  • Tower heights of 387 ft and 456 ft.;
  • 1,175 parking stalls.

The architect for the project is IBI Group.

August 21, 2020by david.taylor@colliers.com
Condo, Development, Retail

14-Storey Condo Tower Proposed next to Langara Station

A rezoning application has been submitted by Transca Development for a 29,019 SF, four-lot land assembly on West 49th Avenue, adjacent Langara/49th Station.

The proposal for 427-477 W 49th Avenue is to allow for a mixed-use development with a 14-storey market residential tower on top of a 4-storey podium.

Details include:

  • 128 condo units;
  • 24 studios, 45 one-bedrooms, 45 two-bedrooms & 14 three-bedrooms;
  • 11,000 SF of retail space;
  • 4,700 SF of childcare space on the 5th floor with outdoor space;
  • a total density of 3.99 FSR;
  • A building height of 173 ft.;
  • 130 vehicle parking spaces and 220 bicycle parking spaces.

The application is being considered under the Cambie Corridor Plan.

The application describes the design rationale: “Our proposed development deviates from the Phase 3 suggested massing as it proposes one single tower of 14 storey as opposed to 2 towers of 11 and 8 storeys respectively. A single tower form allows a for bigger separation to the future tower development to the north and expands the open space above the podium, which will form part of the proposed childcare facility.

The tower floorplate has been reduced from the allowable 6,500 sq.ft, to 6,000 sq.ft. in exchange for additional height. This minimizes the tower width and its impact on the properties to the north. The proposed tower has been pushed away from the west property line to allow for more openings on the west elevation and to achieve an 80 ft. separation from the future tower to the north.”

The architect for the project is GBL Architects.

The site was assembled in 2016 for $25,000,000 or $229 per buildable SF.

The site had been listed for sale in 2019.

August 18, 2020by david.taylor@colliers.com
Apartment, Condo, Development, Retail

Four Tower, 1,200-Unit Project Planned for Burquitlam Site

Intergulf has submitted a rezoning and development permit application to the City of Coquitlam permit the development of a high density residential development on a 3.8 acre land assembly at the Northeast corner of Clarke Road and Como Lake Avenue in the Burquitlam-Lougheed Neighbourhood Plan.

The existing site is comprised of six buildings including rental, strata, duplex and commercial buildings. The site is located 900 feet from Burquitlam Skytrain Station.

Details of the proposed multi-phase development include two condo towers of 40 and 33-storeys on top of a commercial podium, as well as a 5-storey non-market rental building in Phase 1, and a 27-storey condo tower and 30-storey market rental tower in Phase 2.

Overall details of Phase 1:

  • 663 condo units;
  • 47 non-market rental units;
  • 20,000 SF of retail space;
  • 6,000 SF of daycare space;
  • 1,044 parking spaces;
  • building heights of 420 ft & 365 ft.

Overall details of Phase 2:

  • 213 condo units;
  • 280 market rental units.

The overall density is 5.80 FAR.

The architect for the project is IBI Group.

July 24, 2020by david.taylor@colliers.com
Apartment, Condo, Development, Retail

120-Unit Tower Planned for Metrotown Site

SVM Homes has applied to the City of Burnaby to develop a 24-
storey condo and rental tower at 4330 Maywood Street, currently the site of an older 27-unit rental complex.

The 19,000 SF site is located within the Maywood neighbourhood of the Metrotown, which designates the site RM4s and RM4r Multiple Family Residential Districts. C2 Community Commercial District is also included given the site’s proximity to Maywood Park. Rental replacement units are also required.

The project is a 24-storey tower that includes:

  • 91 condo units;
  • 28 non-market rental units;
  • 1 market rental units;
  • 13,229 SF of retail space at grade;
  • 146 underground parking spaces;
  • a total density of 6.27 FAR.

The architect for the project is GBL Architects.

The site sold for $13,500,000 in 2018, or $153 per buildable SF market condo density based on the application.

July 24, 2020by 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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