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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, Retail

14-Storey Condo Tower Proposed next to Langara Station

A rezoning application has been submitted by Transca Development for a 29,019 SF, four-lot land assembly on West 49th Avenue, adjacent Langara/49th Station.

The proposal for 427-477 W 49th Avenue is to allow for a mixed-use development with a 14-storey market residential tower on top of a 4-storey podium.

Details include:

  • 128 condo units;
  • 24 studios, 45 one-bedrooms, 45 two-bedrooms & 14 three-bedrooms;
  • 11,000 SF of retail space;
  • 4,700 SF of childcare space on the 5th floor with outdoor space;
  • a total density of 3.99 FSR;
  • A building height of 173 ft.;
  • 130 vehicle parking spaces and 220 bicycle parking spaces.

The application is being considered under the Cambie Corridor Plan.

The application describes the design rationale: “Our proposed development deviates from the Phase 3 suggested massing as it proposes one single tower of 14 storey as opposed to 2 towers of 11 and 8 storeys respectively. A single tower form allows a for bigger separation to the future tower development to the north and expands the open space above the podium, which will form part of the proposed childcare facility.

The tower floorplate has been reduced from the allowable 6,500 sq.ft, to 6,000 sq.ft. in exchange for additional height. This minimizes the tower width and its impact on the properties to the north. The proposed tower has been pushed away from the west property line to allow for more openings on the west elevation and to achieve an 80 ft. separation from the future tower to the north.”

The architect for the project is GBL Architects.

The site was assembled in 2016 for $25,000,000 or $229 per buildable SF.

The site had been listed for sale in 2019.

August 18, 2020by david.taylor@colliers.com
Apartment, Condo, Development, Retail

Four Tower, 1,200-Unit Project Planned for Burquitlam Site

Intergulf has submitted a rezoning and development permit application to the City of Coquitlam permit the development of a high density residential development on a 3.8 acre land assembly at the Northeast corner of Clarke Road and Como Lake Avenue in the Burquitlam-Lougheed Neighbourhood Plan.

The existing site is comprised of six buildings including rental, strata, duplex and commercial buildings. The site is located 900 feet from Burquitlam Skytrain Station.

Details of the proposed multi-phase development include two condo towers of 40 and 33-storeys on top of a commercial podium, as well as a 5-storey non-market rental building in Phase 1, and a 27-storey condo tower and 30-storey market rental tower in Phase 2.

Overall details of Phase 1:

  • 663 condo units;
  • 47 non-market rental units;
  • 20,000 SF of retail space;
  • 6,000 SF of daycare space;
  • 1,044 parking spaces;
  • building heights of 420 ft & 365 ft.

Overall details of Phase 2:

  • 213 condo units;
  • 280 market rental units.

The overall density is 5.80 FAR.

The architect for the project is IBI Group.

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

120-Unit Tower Planned for Metrotown Site

SVM Homes has applied to the City of Burnaby to develop a 24-
storey condo and rental tower at 4330 Maywood Street, currently the site of an older 27-unit rental complex.

The 19,000 SF site is located within the Maywood neighbourhood of the Metrotown, which designates the site RM4s and RM4r Multiple Family Residential Districts. C2 Community Commercial District is also included given the site’s proximity to Maywood Park. Rental replacement units are also required.

The project is a 24-storey tower that includes:

  • 91 condo units;
  • 28 non-market rental units;
  • 1 market rental units;
  • 13,229 SF of retail space at grade;
  • 146 underground parking spaces;
  • a total density of 6.27 FAR.

The architect for the project is GBL Architects.

The site sold for $13,500,000 in 2018, or $153 per buildable SF market condo density based on the application.

July 24, 2020by david.taylor@colliers.com
Apartment, Condo, Development

Condo & Non-Market Rental Project Planned for Metrotown Site

Qualex Landmark has applied to the City of Burnaby for permission to rezone the site they own at 4275 Grange to allow a 31-storey high-rise condo building, and a 5-storey non-market rental apartment building.

The site, currently a 53-unit strata building, was sold by Casey Weeks and Morgan Iannone of Colliers in January 2019, and the site area is 45,661 SF.

The Metro Downtown Plan designates the site RM4s and RM4r. In accordance with the City’s Rental Use Zoning Polic the project is required to provide rental units equivalent to 20% of the proposed strata units. The required rental units are to be set at 20% below CMHC median rents.

Details of the proposed development include:

  • 274 condo units;
  • 26 studios, 122 one-bedrooms, 97 two-bedroom & 2 three-bedrooms;
  • 32 non-market rentals;
  • 21 two-bedrooms & 11 three-bedrooms;
  • 294 parking spaces;
  • a total density of 5.13 FAR.

The architect for the project is RWA Architects.

July 24, 2020by david.taylor@colliers.com
Condo, Development

67-Unit Infill Development Proposed for West Van Site

Sterling Pacific Developments have put forward a preliminary development proposal for a 4.5 acre site in the Eagle Harbour area of West Vancouver, located between Caulfield and Glen Eagles. The site is on Daffodil Drive and is bordered by the CN Railway, Westport Road and Eagle Creek.

A previously approved subdivision plan anticipated 10 large single family lots for 5,500 – 7,000 SF houses.

The preliminary plan for the project, entitled ‘Aquila’, includes:

  • 67 townhouse and duplex units;
  • 3 and 4 bedrooms units ranging from 1300 to 2400 SF;
  • Unit prices ranging from $1,100,000 to $1,900,000;
  • a total density of 0.52 FAR;
  • a new playground.

The architect for the project is Formwerks.

The application is only preliminary and seeking public consultation before moving to a formal application.

July 23, 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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