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, Office, Retail

Mixed-Use Development Pitched for 4 Acre Richmond Site

Thind Properties has applied to the City of Richmond for permission to rezone a 3.9 acre site at 5740, 5760, and 5800 Minoru Boulevard, in the Lansdowne Village area of Richmond.

Thind acquired the site in 2018 for $60,000,000.

The proposed concept for the site was first unveiled in late 2019. The formal application now confirms a high-rise, high density, mixed use development to replace the existing older commercial/industrial buildings on site.

The project comprises a 12-storey office tower and three residential towers.

Details include:

  • 429 residential units;
  • 341 condos and 88 affordable housing units;
  • 162,000 SF of office space;
  • 25,000 SF of retail space;
  • a total gross density of 3.20 FAR;
  • 632 parking spaces.

Prior to rezoning adoption, legal agreements will be registered on title to limit subdivision by air space parcel or strata-title on a floor-by-floor basis (to ensure the development provides for flexible, large floorplate office spaces).

The architect for the project is IBI Group.

July 9, 2020by david.taylor@colliers.com
Condo, Development

Application Submitted for 48-Storey, 374-Unit Barclay Street Tower

The formal rezoning application has been submitted by Pacific Northern Developments for the site at 1063-1075 Barclay St, the initial designs for which were released at an online open house last month.

The proposal is to allow for the development of a 48-storey residential building under the rezoning guidelines in the West End Community Plan. The proposal includes:

  • 374 residential units;
    • 295 condo units;
    • 79 social housing units;
  • A total density of 19.1 FSR;
  • Building height of 469 ft.;
  • Five levels of underground parking with 357 vehicle parking spaces and 770 bicycle parking spaces.

The architects for the project are ACDF Architecture & IBI Group.

The site, currently occupied by an older 7-storey condo building, was acquired in 2018 for $113,000,000, or $343 per gross buildable SF based on the rezoning application.

July 7, 2020by david.taylor@colliers.com
Condo, Development

Polygon Planning 278 Units for Coquitlam Site

Polygon has submitted a rezoning application for a 2.8 acre site in the Burquitlam area of Coquitlam. The site is currently an assembly of 18 single family homes that are zoned RS-1 and RS-3.

The overall development would be divided into two sites that would be developed under two separate partnerships. The two sites are entitled ‘Cardinal’ and ‘Burquitlam East’. The two sites would include a total of three 6-storey buildings.

Details of the overall proposal include:

  • 278 condo units;
  • a total density of 2.3 FAR;
  • 207 underground parking stalls in the first phase (Cardinal);
  • $1,981,000 in DCC’s from Cardinal, $746,000 in CACs overall.

The architect for the project is Integra Architecture.

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

Burquitlam Land Assembly Slated for 63 Townhouses

Anthem Properties has submitted a rezoning application for a 6-lot, 66,000 SF land assembly in the Burquitlam area of Coquitlam.

The proposal calls to rezone 909, 913, 917,921, 925 and 927 Grant Street from RS-1 One-Family Residential to RT-2 Townhouse. The Burquitlam-Lougheed Neighbourhood Plan designates the subject properties for Townhousing and supports rezoning to RT-2.

The proposal calls to develop six buildings consisting of:

  • 63 stacked townhouse units;
  • 21 one-bedrooms, 39 three-bedrooms & 3 four-bedroom units;
  • 91 underground parking spaces;
  • a total density of 1.10 FAR.

The architect for the project is Integra Architecture.

The site was acquired in 2018 for $15,190,000, or $210 per buildable SF.

June 12, 2020by david.taylor@colliers.com
Condo, Development, Retail

Marcon Planning 242 Condo Units for Port Moody Site

Marcon has submitted a preliminary rezoning application for the site of the former Barnet Hotel at 2025 St. Johns Street in Port Moody.

Marcon acquired the site in 2019 for $18,800,000, or $97 per buildable SF.

The 97,059 SF site is now vacant and zoned C5. The OCP designates the site as ‘Mixed Use – Moody Centre’, which permits commercial and residential development ranging up to six storeys in height.

The proposal for the site is two 6-storey condo buildings, and includes:

  • 242 units;
  • 119 studios, 49 one-bedrooms, 70 two-bedrooms, 4 three-bedrooms;
  • 7,900 SF of commercial space at the Northeast corner of the site;
  • a total density of 2.23 FAR;
  • 322 parking spaces;
  • 9,000 SF of common amenity space.

The project describes the design rationale: “Given the gateway location of the site, the project seeks to elevate the architectural expression of the development in order create a memorable western entry into Port Moody center. This memory is firmly established by the interplay of multiple colourful glazed guards that populate the north and east facades of the project. These colourful panels, change with the day as the capture, reflect or cast coloured light onto the immediate surroundings.

Upper residential levels of the development sit upon a well-defined commercial base which is located at the intersection of Albert and St. John’s Streets. The commercial base is rendered in masonry which contrasts the corrugated metal cladding of the upper residential levels. The extent of this commercial occupancy is limited by the slope of the site in both the north/south and east/west directions. A glazed canopy wraps the commercial frontage, serving to further define the base while providing cover for those accessing the three commercial units. The masonry base is extended the full length of the development on both the east and north elevations by utilizing brick for the landscape walls. The expression of a strong base for the development is further accentuated by recessing and darkening the lowest level of the northern building.”

The architect for the project is Shift Architecture.

June 12, 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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