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.
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

21 Townhouse Units Proposed for North Van Site

A preliminary rezoning application has been submitted for a 30,000 SF site near Edgemont Village in North Vancouver.

The site at 3712-3718 Edgemont Boulevard is currently improved with a four-plex built in 1951 and designed by Fred Hollingsworth.

A previous application for the site included preservation of the existing heritage structure and the addition of 25-30 units but the proposal did not proceed.

The OCP designates this site Residential Level 3: Attached Residential, which permits a density up to 0.8 FAR.

The new proposal for the site includes:

  • 21 two-storey townhouses;
  • a total density of 0.8 FAR;
  • 41 underground parking spaces.

The architect for the project is Robert Blaney.

The site was listed for sale for $9,800,000 and sold earlier this year for $7,000,000 of $293 per buildable SF based on the application for townhouses.

August 28, 2023by david.taylor@colliers.com
Apartment, Condo, Development, Retail

632 Units Proposed for ‘Seylynn Centre’ Site in North Van

A preliminary rezoning application has been reviewed by the District of North Vancouver for ‘Seylynn Centre’, a 3.1 acre assembly of 24 lots previously single family homes demolished in 2018. The site, owned by Denna Homes, is now being used as the construction staging for the neighbouring ‘Apex’ tower by Denna across Fern Street from the site.

A previous proposal was submitted in 2017 that envisioned a 19-storey tower and 6-storey building with 412 units and a density of 2.90 FSR.

The revised proposal for the site includes a 22-storey tower and 6-storey podium in the eastern portion of the site (“Phase 1”) and a 29-storey tower and 6-storey podium in the western portion of the site (“Phase 2”).

Details include:

  • 334 condo units;
  • 146 market rental units;
  • 152 student housing units;
  • 17,825 SF of retail space;
  • a total density of 3.90 FSR;
  • a public plaza on the southern portion of the site;
  • 597 parking spaces.

The current proposal includes a density of 3.9 FSR, exceeding the site’s envisioned density of 2.9 FSR, and the “CRMU3” land use designation which supports a density up to approximately 3.5 FSR. The applicant is seeking an OCP amendment for the additional density, with the provision of non-market student housing, which equates to 1 FSR and 24% of the proposal’s residential component, provided in support of this request.

Further information about the preliminary proposal can be viewed here: https://www.dnv.org/property-development/1505-1571-fern-st-520-540-mountain-highway-1514-1568-hunter-st-seylynn-centre

July 13, 2023by david.taylor@colliers.com
Condo, Development

Polygon Planning 284 Condo Units for Coquitlam Centre Site

Polygon has submitted a rezoning application to the City of Coquitlam for a 2.6 acre site on Inlet Street in the City Centre area.

The property is currently occupied by 36 strata townhouses. The strata owners voted to wind-up the strata and sell the property to Polygon.

The site is designated Medium Density Apartment Residential in the OCP.

The proposal for the site includes:

  • Three 6-storey buildings;
  • 284 condo units;
    • 34 one-bedroom units; 220 two-bedrooms units & 30 three bedrooms;
  • a total density of 2.30 FAR;
  • 385 parking stalls.

The architect for the project is Integra Architecture.

June 9, 2023by david.taylor@colliers.com
Apartment, Condo, Development, Office

902 Units, Two Towers Slated for Metrotown Site

Peterson Group has submitted their formal rezoning application to the City of Burnaby for 6645-6707 Dow Avenue in the Maywood Neighbourhood of Metrotown.

The 112,424 SF site is a five-lot assembly designated RM-5s and RM-4 under the Metrotown Downtown Plan which allow for high density residential development.

The subject properties are each improved with an older two to three storey rental apartment building which were constructed between the years of 1955 and 1964. In total, there are 112 existing rental units across the five sites proposed for redevelopment.

The proposed development for the site is for two condo towers (49 & 41-storeys), with a commercial podium, and a 6-storey non-market rental housing building.

Details include:

  • 902 total residential units;
  • 770 condos;
  • 132 rental units (median market, inclusionary & replacement);
  • 113,000 SF of office space (with option to convert to hotel);
  • a total density of 7.74 FAR (870,000 SF);
  • 1,241 underground parking stalls.

The architect for the project is BOP Architects.

June 9, 2023by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

Up to 4,000 Units Envisioned for Columbia Square Site in New Westminster

A preliminary rezoning application has been submitted by Edgar Developments for the 7.2 acre Columbia Square Plaza Shopping Centre site in New Westminster.

The site at 88 Tenth Street is a large triangular shaped lot located in the Downtown neighbourhood bounded by Royal Avenue and Columbia and Tenth Streets. It is located about 100 meters from the New Westminster Skytrain Station.

The existing strip mall includes Save-On-Foods, BC Liquor Store, several banks and Pharmasave.

The site is designated Mixed Use High Density within the Downtown Community Plan and the general form of development is expected to be tower residential with a mix of retail, office and residential podiums interfacing with grade.

The proposal seeks to establish a master plan that would facilitate a multi-phased high density development that includes:

  • 6 to 8 residential towers;
  • replacement of existing retail;
  • minimum 120,000 SF of office space;
  • between 1.7-3.0 Million SF of residential space;
  • 2,200 to 4,000 units;
  • 10% inclusionary units;
  • community and public spaces.

The application is still preliminary and requires Council direction to authorize planning staff to work with the owners to refine the proposal before a formal rezoning application will be considered.

The site was acquired by Edgar in 2022 for $136,000,000.

June 9, 2023by 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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