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

Condos & Rentals Proposed for West End Site

Skyllen Pacific has submitted a development application to the City of Vancouver for permission to develop a 30,000 SF site at 1116-1140 Pendrell Street, just West of Thurlow Street in the West End. The site is immediately West of the Central Presbyterian rental tower developed in 2018.

The site is an assembly of two lots zoned RM-5B, a 43-unit strata, and a 16-unit rental lowrise. Skyllen acquired the two lots in 2018 for a combined $57,200,000.

The plan for the site includes a new 18-storey condo tower flanked by two 3-storey market rental buildings. The proposal includes the following:

  • 109 condo units;
  • 69 one-bedrooms, 37 two-bedrooms & 3 three-bedrooms;
  • 16 market rental units;
  • 4 studios, 6 one-bedrooms & 6 two-bedrooms;
  • a building height of 175 ft;
  • a total density of 3.03 FSR;
  • four levels of underground parking having access from the lane.

The application describes the design rationale: “The tower massing is reminiscent of books standing on end of varying heights, shiftingback and forth. The rental buildings are massed as simple boxes shifting in plan and in elevation in 1,2 and 3 storeys. It is a playful massing serving a counterpart to the tower’s shifting books. Materials consist of burgundy brick masonry along the first storey and a cream coloured fibre cement horizontal siding on the upper levels. The tower is clad in the same burgundy brick masonry along the side elevations and cream coloured terracotta panels along the front and lane. The natural earth tone materials are meant to anchor the building in the proposed park setting and complement the historic houses.”

Under the site’s existing RM-5B zoning, the application is “conditional” so it may be permitted. However, it requires the decision of the Development Permit Board.

The architect for the project is W.T. Leung Architects.

November 3, 2020by david.taylor@colliers.com
Condo, Development

FOR SALE: 1.24 Acre Townhouse Development Opportunity Adjacent Van Dusen Gardens

We are pleased to present this phenomenal opportunity to secure a 6-lot, 54,044 SF land assembly located at the Southwest corner of Oak Street and West 37th Avenue, directly across the street from Vandusen Gardens and Oak Meadows Park.

The site is designated for rezoning to RM-8AN per the Cambie Corridor Plan and would support the development of approximately 70 ground oriented units.

Please click here or contact us for further details.

October 27, 2020by david.taylor@colliers.com
Condo, Development, Office, Retail

Mixed-use Redevelopment Envisioned for ‘Telus Boot’ Site in Metrotown

A redevelopment plan for the Telus Boot site includes 4 high-rise residential towers above mixed use podiums, with retention of the iconic building and significant densification of the site.

The preliminary rezoning application was submitted this week by PC Urban for a major redevelopment of 3777-3791 Kingsway, the 6.6 acre site which is home to the iconic “Telus Boot” building. The building, also known as Brian Canfield Centre, is located at Kingsway and Boundary Road in the Metrotown area of Burnaby.

Existing site aerial

The existing building is a 22-storey, 690,000 SF L-shaped office building built in 1976 as the headquarters for BC Tel (now Telus), although it no longer functions as the company’s head office. A large portion of the overall site is improved with surface parking ripe for development.

Under the Metrotown Downtown Plan, the site is now designated for high-density mixed-use development.

Existing site aerial view

The preliminary plan outlined in a report going to city council next week describes the following concept:

  • a high-density mixed-use infill development including new office, residential and retail space;
  • retention of the 21- storey “Telus Boot” building;
  • removing other existing structures on site;
  • four high-rise towers atop mixed-use podiums with activated street frontages along Boundary Road & Kingsway;
  • improved site circulation and underground parking;
  • open space amenities.

Further details including concept massing, renderings and an architect will be revealed in a future report as the application progresses.

A 50% interest in the property was last sold to a fund managed by Crestpoint Real Estate in 2014 for $86,500,000. H&R REIT had previously acquired the entire property for $150,000,000 in 2006.

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

Major Revision to Oakridge Centre Development Includes Increased Rental & Office Density, Heights

A revised rezoning application has been submitted for Oakridge Vancouver, the 28-acre mall site that is currently under construction.

The full rezoning of the site took several years to complete, with full approval granted in 2018. The first phase is now under construction.

The new proposal seeks to increase building heights for the remaining phases above those approved in 2018, with up to 9 additional storeys per building. The proposed changes also include changing building form such as tower floor plate size; converting some condo density to rental; and adding new office space.

The majority of the site that is affected by the proposed rezoning is outside of the scope of the first phase of construction, which is projected to take four years to complete.

Overall details include:

  • 775 new housing units, including 319 additional market rental units and 94 moderate income rental units;
  • 377,260 sq. ft. of new office space;
  • Increase in overall density from 3.71 to 4.10 FSR;
  • Increase maximum heights for Buildings 2, 5, 6, 7, 9, 10, 11, 12, 13, 14 and the northeast office building;
  • No changes to buildings 1, 3, 4 & 8 (First two approved phases).

One of the more significant changes is to Building 5, previously a 43-storey condo building, which will now be converted entirely to market rental housing with 52-storeys and 587 units. The tower will be 477 ft. in height making it the tallest all rental tower in Vancouver.

A full summary of the proposed changes is outlined in the application (summarized below):

Revised renderings:

Details of the rezoning application can be viewed here: https://shapeyourcity.ca/650-w-41-ave

October 20, 2020by david.taylor@colliers.com
Condo, Development, Retail

84 Condos, Two Buildings Planned for Broadway & Arbutus Shell Site

Bastion Development has submitted two development applications for a proposal to redevelop the Shell gas station site at the Northwest corner of Broadway and Arbutus Street, as well as an adjacent peice of property at West 8th and Arbutus.

Bastion acquired the combined 29,000 SF site in 2013, long before the formal announcement of a Millenium Line Broadway extension which will see a stop located at the Northeast corner of this intersection.

The proposal(s) seek redevelopment of these sites under the existing C-3A and RM-4 zoning guidelines, rather than a lengthy and uncertain rezoning process.

Here is a breakdown of the two applications:

2103 West Broadway (Shell site):

  • An 11-storey condo building
  • 79 condo units;
  • 40 one-bedrooms, 36 two-bedrooms & 3 three-bedrooms;
  • 4,800 SF of retail space;
  • A height of 120 ft.;
  • A total density of 3.30 FSR;
  • Two levels of underground parking, providing a total of 120 parking spaces having vehicular access from the lane.

Under the site’s existing C3-A zoning, the application is “conditional” so it may be permitted. However, it requires the decision of the Development Permit Board.

2106 West 8th Avenue (adjacent 6,000 SF parcel)

  • A 3-storey condo building containing 5 units;
  • A height of 34.3 ft.;
  • A total density of 1.45 FSR;
  • 10 parking spaces provided in the adjacent development on Broadway.

Under the site’s existing RM-4 zoning(External link), the application is “conditional” so it may be permitted. However, it requires the decision of the Development Permit Board.

The architect for the project is Francl Architecture.

The site was acquired for $15,350,000 or $182 per buildable SF based on the two combined applications.

October 20, 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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