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

Two Towers, 401 Condo Units Planned for West End Site

Bosa Properties, in partnership with Kingswood Properties, has submitted their rezoning application for the site they own at the Southwest corner of Alberni Street and Bidwell; half a block East of Denman Street in the West End of Vancouver.

The site is an assembly of two existing strata residential properties. The smaller strata building at 735 Bidwell was acquired in 2015 for $43,680,000.

The proposal, entitled “1700 Alberni” is to allow for the development of two residential towers (30-storey east tower and 34-storey west tower) over a five-storey mixed-used podium. The zoning would change from RM-5C to CD-1 District. The proposal includes:

  • 401 condo units;
  • 12 studios, 160 one-bedrooms, 199 two-bedrooms & 30 three-bedrooms;
  • 14,700 SF of ground floor retail;
  • a 24-space childcare facility;
  • A total density of 10.88 FSR;
  • Building heights of 345 ft. for the east tower and 385 ft. for the west tower;
  • 499 vehicle parking spaces, 20 visitor parking spaces, 3 commercial parking spaces, 2 childcare parking spaces, and 524 bicycle parking spaces

The application is being considered under the Rezoning Policy for the West End.

The architect for the project is Heatherwick Studio, in partnership with local team IBI Group.

The full rezoning application can be viewed here: https://shapeyourcity.ca/1728-alberni-st-and-735-bidwell-st

January 11, 2021by david.taylor@colliers.com
Condo, Development

133-Unit Condo Project Slated for Cambie Corridor Site

Alabaster Homes has submitted a rezoning application for a land assembly of 8 single family residential lots at 4992-5138 Ash Street, one block West of Cambie and just North of West 35th Avenue.

This area was redesignated as part of the Cambie Corridor Phase 3 Plan in 2018 to allow condo buildings up to 4-storeys, or rental buildings up to 6-storeys (buildings fronting West 35th are permitted up to 6 storeys for condo or 8 storeys for rental). In this case, Alabaster has elected to pursue a condo development.

The proposal for this site is to allow for the development of two 4-storey buildings and one 6-storey building and includes:

  • 133 condo units;
  • 7 studios, 39 one-bedrooms, 59 two-bedrooms & 28 three-bedrooms;
  • A total density of 2.0 FSR;
  • A building height of 67 ft.;
  • 185 vehicle parking spaces and 242 bicycle parking spaces.

The proposal also accomodates a City requirement to dedicate the Southern 35 ft. to allow a dedication for the extension of West 35th from Cambie to Ash Street.

The application is being considered under the Cambie Corridor Plan.

The architect for the project is GBL Architects.

December 1, 2020by david.taylor@colliers.com
Condo, Development, Retail

76 Condos Planned for Former Cambie Gas Station Site

Wesgroup has submitted a rezoning application for the former Chevron Station site that they own at the Southwest corner of Cambie & West 59th Avenue.

The 19,800 SF site at 7525 Cambie Street has been operating as a community garden since the gas station shut down a couple of years ago.

The rezoning proposal is to allow for the development of a 6-storey condo building with commercial uses at grade. Details include:

  • 76 condo units;
  • 5 studios, 42 one-bedrooms, 21 two-bedrooms & 8 three-bedrooms;
  • 7,895 SF of ground floor retail space;
  • A total density of 3.54 FSR;
  • A building height of 80.6 ft.;
  • 112 vehicle parking spaces and 160 bicycle parking spaces.

The application is being considered under the Cambie Corridor Plan.

The architect for the project is Yamamoto Architecture.

Wesgroup acquired the property in 2017 for $18,558,700, or $265 per buildable SF.

December 1, 2020by david.taylor@colliers.com
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, 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
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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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