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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Apartment, Condo, Development, Office, Retail

Grosvenor Brentwood Site to Include 6 Towers

The conceptual master plan for the 7.9 acre Grosvenor Brentwood site goes to Burnaby City Council next week.

The site, acquired by Grosvenor in 2020, includes five parcels at Lougheed and Alpha that were formerly occupied by a Chrysler dealership, and are currently being used for a weekend public market and food truck festival. The largest parcel, 4664 Lougheed Highway is occupied by an older office building.

The first step in the planning process for this transit oriented, high density site involves preparation of a Conceptual Master Plan for the site, and Committee and Council consideration of amendments to the prevailing land use framework of the current Brentwood Town Centre Plan.

The preliminary concept is summarized as follows: “The preliminary concept plan for the subject site is comprised of different districts, each with a distinct and unique architectural and landscape expression. These districts are described more fully in Section 3.4 of this report. The site sits at the centre of the Brentwood Town Centre and will become a hub of activity with a variety of open air shopping experiences, cafes and restaurants, office space, and highdensity rental and strata residential opportunities, all designed around new public plazas, and terraced open spaces. These changes will help create a new, high quality, integrated neighbourhood in Burnaby that will be a seamless extension of existing surrounding neighbourhoods.”

The site is envisioned to have multiple phases, broken down into 5 districts, as follows:

The High Street District

  • Corner of Alpha and Dawson
  • A condo tower between 30-45 storeys, over a podium with 3-storeys of condo and 2-storeys of commercial

Urban Gateway District

  • Northwest corner at Alpha and Lougheed, next to Brentwood Station
  • Two high-rise market rental towers between 45 to 65 storeys in height, over mid-rises with up to 9 storeys of non-market rental, with retail and flex office at grade

Civic Heart District

  • At centre of the site fronting Dawson
  • Comprises a community centre and pathways linking the site, described as a multi-story cantilevering structure designed to shelter outdoor areas on the south side and provide open sunny balconies and a sky park over the rest of the structure, with large recreational facilities cut into the grade of the sloping site to provide easy access for pedestrians, cyclists, transit users and motorists of all ages and abilities.

Oasis District

  • Northeast corner of the site at Lougheed and Beta
  • two high-rise market rental towers between 40 to 60 storeys in height, over mid-rises with up to 9 storeys of non-market rental atop retail, flex office and amenity space at the ground level.

Green Link District

  • Southeast corner of the site at Beta and Dawson
  • Condo tower between 35 to 45 storeys in height, over a 5-storey podium including condo and retail

The total proposed density for the site is 9.0 FAR, or 3,080,000 SF.

The site will be rezoned in multiple phases and utilizes the RM5s and RM5r Multiple Family Residential Districts; commercial utilizing the C3 General Commercial as guidelines and for a community centre utilizing the P3 Park and Public Use.

Below is a breakdown of the permitted and proposed density per the rezoning guidelines:

Virtual open houses will be held on March 16th and 17th.

Project website.

March 4, 2022by david.taylor@colliers.com
Apartment, Condo, Development, Office

High Density Mixed Use Plan Envisioned for Lougheed & Willingdon Corner

Bosa Developments got the ball rolling this week on a conceptual high-density mixed use development at the Northwest corner of Lougheed and Willingdon in the Brentwood Town Centre area of Burnaby.

The “Brentwood West” site is approximately 3.27 acres (142,542 sq. ft.) in size and is comprised of seven individual parcels. One of the parcels (4488 Halifax Street) is vacant, three parcels (4430 Halifax Street, and 1801, 1925 Willingdon Avenue) are occupied by older low-rise office buildings, two parcels (both addressed 4461 Lougheed Highway) are occupied by older low-rise retail uses, and one parcel (1967 Willingdon) is occupied by a Petro Canada gas station.

The sites require a Community Plan Amendment and Conceptual Master Plan. Bosa owns the three parcels located at 4430, 4488 Halifax Street, and 1801 Willingdon Avenue. The remaining parcels are currently held by three separate owners.

The preliminary concept is a transit integrated mixed-use employment and commercial gateway into the Brentwood
Town Centre. The site is envisioned to be developed in four main phases, each having a unique identity and relationship within the site. It is anticipated that each phase would be brought forward as a single, or related grouping of site specific rezoning applications.

Upon completion, the approximately 3.27 acres (142,542 sq. ft.) site is envisioned to accommodate four mixed-use residential and commercial towers, two new public open spaces, a new street linking Buchannan Street to Lougheed Highway, and a range of public realm and infrastructure upgrades, including the achievement of the Town Centre Street Standards along the development frontages.

Phase 1 – Bosa owned sites at 4430-4488 Halifax Street – single condo tower over retail, with 6-storey non-market rental podium

Phase 2 – Bosa owned corner of Willingdon & Halifax – “signature” rental tower, with office & retail podium

Phase 3 – Corner of Lougheed & Willingdon – “landmark” condo & rental tower, with office & retail podium

Phase 4 – 1925 Willingdon – condo & non-market rental tower over, with office & retail podium

The overall permitted maximum density is 14.3 FAR, as per the following:

February 6, 2022by david.taylor@colliers.com
Apartment, Condo, Development, Retail

Richmond Project to Include 1,341 Units

Polygon has submitted a revised formal application to the City of Richmond for permission to rezone a 13.5 acre
site at Cambie Road and Sexsmith Road. An earlier application from 2020 envisioned a similar overall plan, however, a revised proposal includes more affordable housing and more public space.

The assembly acquired by Polygon in 2018 for $147 Million sits on the Eastern edge of Richmond’s City Centre Area.

The proposal for the site, entitled ‘Talisman’, which has gone through a couple of rounds of feedback and revision, in part due to request for tree retention and more rental housing, includes development of a mixed-use, mid-rise and high-rise development consisting of two woodframe lowrise buildings and six concrete highrises. The overall master plan includes:

  • 1,014 condo units;
  • 156 affordable (low end of market) rental units;
  • 171 market rental units;
  • 8,438 sq ft of commercial space fronting Capstan;
  • 1.23 Million SF of total gross floor area;
  • 1.34 acres of new City Park;
  • 2.10 acres of public open space.

The site is to be developed in four phases, as follows:

The proposed unit mix is as follows:

The architect for the project is IBI Group.

November 24, 2021by david.taylor@colliers.com
Apartment, Condo, Development

Belford Planning 5 Towers For Metrotown

Belford Properties has submitted a series of revised, phased rezoning applications for four sites that they own in the Metrotown area of Burnaby.

Each of the sites was originally proposed for rezoning in 2017 & 2018; however, due to market conditions and changes to the City of Burnaby’s rental zoning policies, the projects have not moved forward until now.

The four sites in question are proposed to be rezoned concurrently, incorporating the rental use zoning and tenant assistance policy measures adopted in 2020. A phased development agreement (PDA) is required. Part of the overall proposals involves shifting density and consolidating the rental units on one site.

Overall, the proposal envisions 1,255 residential units (867 condos & 388 rentals) in five towers, located on four separate sites.

The sites in question are:

  • 6630 Telford Avenue (Site A)
  • 6366 Cassie Avenue & 6433 McKay Avenue (Site B)
  • 6444 Silver Avenue (Site C)
  • 4355 Maywood Street (Site D)

Site A (Telford) and Site B (Cassie/McKay) are proposed to be developed immediately and concurrently as part of Phase 1. Site C (Silver) and Site D (Maywood) are permitted to be developed at a later date, either concurrently or separately, based on market conditions.

Details for each site include the following:

6630 Telford Avenue

  • a 31-storey market & non-market rental tower & a 15-storey market rental tower;
  • 168 market rentals & 220 non-market rentals;
  • a total density of 8.11 FAR;

6433 McKay Avenue and 6366 Cassie Avenue

  • a 39-storey condo tower;
  • 337 condo units;
  • a total density of 4.45 FAR;
  • a building height of 411 ft.

6444 Silver Avenue

  • a 41-storey condo tower;
  • 254 condo units;
  • a total density of 5.97 FAR;
  • a building height of 412 ft.

4355 Maywood Street

  • a 32-storey condo tower;
  • 276 condo units;
  • a total density of 7.84 FAR;
  • a building height of 321 ft.

In each case, the rezoning is based upon the RM-4s guidelines.

The architect for the Telford site is indicated as DA Architects & Planners. The architect for the Silver Avenue project is IBI Group.

The 220 replacement rental units are required to be rented in accordance with the Rental Use Zoning Policy, i.e. right of first refusal to tenants displaced by the four rezoning applications, with subsequent tenancies being at 20% below CMHC median rates. Fifty percent (50%) of the additional rental units must be rented at CMHC median rental rates and the remaining 50% can be rented at market rental rates.

November 19, 2021by david.taylor@colliers.com
Apartment, Condo, Development

733-Unit, Two Tower Metrotown Project Planned by Wesgroup

Wesgroup is proposing two condo and rental towers with podium frontage in the Maywood neighbourhood of the Metrotown Downtown Plan.

The 78,550 sq ft site is located on Willingdon Avenue south of Beresford Street. The proposed development plan is for a 35-storey condo tower and a 38-storey condo and non-market rental tower. Both buildings will be oriented towards an internal court yard with an 8-storey podium.

The existing site contains two older lowrise apartments with a combined 116 rental units that will be replaced. The rezoning utilizes the RM5s and RM5r Multiple Family Residential District and Metrotown Downtown Plan as guidelines.

The project includes:

  • 733 total units;
  • 617 condos;
    • 61 studios, 309 one-bedrooms, 185 two-bedrooms, 62 three-bedrooms,
  • 116 non-market rental units;
    • 92 one-bedrooms & 24 two-bedrooms.
  • a total density of 7.13 FAR;
  • building heights of 342 ft and 394 ft.;
  • 804 underground parking stalls.

The architect for the project is Chris Dikeakos Architects.

November 10, 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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