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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

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
Apartment, Condo, Development

567-Unit Condo & Rental Project Slated for Burquitlam Site

Rize Alliance has submitted a rezoning application to the City of Coquitlam for a 1.78 acre site at the corner of Elmwood and Westley in the Oakdale area within the Burquitlam-Lougheed Neighbourhood Plan.

The site is an assembly of 11 single family lots that are designated High Density Apartment Residential in the OCP. It is located 500 metres from the Burquitlam Skytrain Station.

The plan for the site is to develop a 38-storey condo tower, a six-storey condo building, and two six-storey purpose-built rental buildings. Overall details include:

  • 567 total residential units;
  • 404 condos;
  • 141 market rental units;
  • 22 below-market rental units;
  • a total density of 5.50 FSR;
  • $12.1M in density bonus;
  • $2.1M in Payment in-Lieu for Parking Reductions;
  • $521, 000 in voluntary Community Amenity Contributions (CACs);
  • 543 parking spaces with 458 EV parking spaces; and
  • 30, 516 SF of common amenity space.

The architect for the project is GBL Architects.

May 12, 2023by david.taylor@colliers.com
Apartment, Condo, Development, Retail

Proposal for Lynn Valley Safeway Redevelopment Includes 417 Units, New Store

Crombie REIT has unveiled the latest design plan for redevelopment of the Lynn Valley Safeway site at 1170 East 27th Avenue in North Vancouver.

A preliminary application for redevelopment of the 2.8 acre site was first submitted in 2021. The design has now been revised and is ready for early input at District of North Vancouver council.

The proposal for the site is a mixed-use development with multiple residential buildings above a replacement Safeway store.

Details of the proposal include:

  • 417 residential units;
  • 269 condo units & 148 rental units (including below market/social);
  • building heights from 6-12 storeys;
  • a total density of 3.5 FSR;
  • 607 underground parking stalls;
  • a new 43,604 SF Safeway store;
  • 1,840 SF of new retail space.

The next step for the project will be a formal rezoning application.

April 21, 2023by david.taylor@colliers.com
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First Capital REIT acquired by Choice Properties and KingSett for $5.2-billion

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First Capital REIT --> Choice Properties REIT and Kingsett Capital are teaming up to acquire the Canadian real estate company in a deal valued at over $9 billion, including assumed debt. Choice Properties will acquire roughly five billion dollars worth of shopping centres, while

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West Vancouver condo project in receivership, causing 'heartbreak' in Dundarave

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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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