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, 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
Apartment, Condo, Development, Retail

Market Spotlight: Oakridge Transit Centre

The long anticipated rezoning of the 14-acre Oakridge Transit Centre site at 949 West 41st Avenue and 5469-5507 Willow Street is nearing the final stages, with a referral to public hearing next week. The master planned project has required a number of minor revisions along the way.

The rezoning application for the site represents the culmination of a 6-year planning and sale process which included:

  • Oakridge Transit Centre and Adjacent Sites Policy Statement (2014-2015)
  • Sale of site by Translink to Modern Green Development for $440 Million (paid between 2017-2022) (2016)
  • Formal rezoning application (July 2019)
  • Revised (current) rezoning application (May 2020)

The finalized details of the overall development plan include the following:

  • 17 buildings up to 26 storeys in height;
  • 1,630 total residential units, including:
    • 1,120 condos;
    • 330 social housing units;
    • 180 market and below market rental units;
  • 24,000 SF of retail space;
  • 2.36 FSR gross density;
  • a 69-space childcare;
  • a 2-acre public park;
  • new dedicated streets & lanes linking with existing road network;
  • total DCLs of $31,246,346 (social housing units exempted)
  • public art budget of $2,357,465 ($1.98 /sq ft)
  • a total CAC of $80,711,050 – cash & in-kind including:
    • turn-delivery of social housing component ($65,911,050)
    • childcare facility ($8,000,000)
    • public park ($5,000,000)
    • $1,800,000 cash allocated to transportation improvements.

Overall site plan:

The OTC is anticipated to be developed in four phases over a timeline of 10-12 years. The phasing will begin in the southwest corner of the site with the secured rental housing and then move east and northward towards 38th Avenue as shown below:

The total CAC amount of $80 Million is equivalent to $77 per sq ft. of market residential and commercial space (excluding the social and rental housing components).

The total purchase price of $440 Million equates to:

  • $300 per buildable SF on the gross overall density
  • $372 per buildable SF on the condo/rental/retail density (excluding social housing & childcare space)

The architect for the project is James KM Cheng.

October 15, 2020by david.taylor@colliers.com
Condo, Development

22 Townhouses Proposed for Burnaby Site

A rezoning application has been submitted for 5168, 5180 and 5192 Sidley Street, a 24,000 SF three lot land assembly in the Royal Oak area of Burnaby.

The properties are currently zoned R5 Residential, and are proposed for
rezoning based upon the RM2 guidelines. Two of the three lots are owned by the City of Burnaby and their purchase is a prerequisite of the rezoning.

Details of the proposal, entitled ‘Ava Living’ include:

  • 22 two-bedrooms stacked townhouses;
  • a total density of 0.9 FAR;
  • 40 underground parking spaces on one level.

The architect for the project is Wilson Chang Architect.


September 22, 2020by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

Westbank Revises Plan for East Broadway Safeway Site

Westbank has submitted a revised rezoning application for the 2.5 acre East Broadway site, originally proposed in September 2019.

The main change to the proposal is a shift away from primarily condos, to primarily market rental units. The revision shows a decrease in the number of condos from 520 to 236, and an increase in the number of rental units, from 160 to 452 units. Details of the updated plan include:

  • 452 secured rental units;
  • 236 strata residential units;
  • Revised tower heights from 24, 27, & 30-storeys to 25, 29, & 30 storeys;
  • 63,000 SF of retail including 50,000 SF Safeway store;
  • 48,000 SF of office space;
  • Public plaza running parallel to the SkyTrain station;
  • 486 vehicle parking spaces and 1360 bicycle parking spaces.

The application is being considered under the Grandview Woodland Community Plan(External link).

The architect for the project is Perkins + Will.

September 17, 2020by david.taylor@colliers.com
Condo, Development

35-unit Condo Slated for Main & 35th

A rezoning application has been submitted by Bogner Development Group for a small site at the corner of Main and East 35th.

The 10,000 SF site is an assembly of 3 duplexes at 5107-5119 Main Street and 196 E 35th Avenue is currently zoned RT-2. The proposed redevelopment anticipates a 6-storey condo building that includes:

  • 37 condo units;
  • 4 studios, 16 one-bedrooms, 13 two-bedrooms, 4 three-bedrooms;
  • A total density of 2.34 FSR;
  • A building height of 65 ft.;
  • 32 vehicle parking spaces and 72 bicycle parking spaces.

The application is being considered under the Little Mountain Adjacent Area Rezoning Policy.

The architect for the project is Integra Architecture.

The site was purchased in 2018 for $9,915,000 or $351 per buildable SF based on the application.

September 16, 2020by david.taylor@colliers.com
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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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