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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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, Office, Retail

Condos & Office Space Proposed for Cambie Site

Vivagrand Developments has submitted a rezoning application for the site they own at 5812-5844 Cambie Street, at the corner of Cambie Street and West 42nd Avenue.

The site was previously proposed for a mixed-use development up to 10-storeys under the old Cambie Corridor Plan, which was revised for higher densities as part of the areas new designation as the Oakridge Municipal Centre.

The current proposal consists of a mixed-use development with a 32-storey condo tower and a 12-storey office tower over a four-storey podium. It includes:

  • 257 condo units;
    • 170 one-bedrooms, 57 two-bedrooms & 30 three-bedrooms;
  • 106,589 SF of office space;
  • 12,000 SF of retail space;
  • a 37-space public childcare facility and a youth centre;
  • a total density of 9.85 FSR; and
  • • 303 parking spaces and 536 Class A bicycle spaces over four levels of underground parking.

This application is being considered under the Cambie Corridor Plan.

The architect for the project is IBI Group.

November 13, 2019by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

Iconic Landmark Project Proposed for Burnaby

An “iconic landmark project” has been put forward by Pinnacle International for a 6.2 acre site in the Lougheed Town Centre area of Burnaby. Based on the preliminary design details, including towers up to 82-storeys in height outlined in the preliminary rezoning application, the towers may become the tallest in B.C..

The site, located at 9858 Gatineau Place has an enviable location directly next to the Skytrain Station and just South of Shape Properties’ 72-acre ‘City of Lougheed‘ / Lougheed Mall site, with its first phase now under construction. A master plan was created for both sites in 2016; however, the Gatineau Place site was subsequently sold to Pinnacle in February 2018 for $220,000,000. The site is currently improved with surface parking lots and a residential sales centre.

Preliminary details for the proposed project include:

  • Three residential towers (82-storeys, 67-storeys & 62-storeys);
  • up to 1.9 Million SF of market residential (11.91 FAR);
  • 20% rental housing (2.16 FAR);
  • estimated 430,000 SF of office, retail & hotel uses;
  • relocation of Gatineau Place to align with the new north-south Grand Promenade road;
  • new covered transit plaza adjacent to the SkyTrain station and bus loop;
  • a new pedestrian bridge over Austin Road to connect the covered transit plaza and subject site with the Lougheed Mall site to the north.

The application describes the design rationale: “The ground level for each tower will be animated with retail uses that will activate the public realm and integrate with the transit plaza. The second level will include retail components in each building together with a hotel lobby in the “East Tower” and an office lobby in the “West Tower”. The tower podiums will share common thematic elements and will be interconnected with sky bridges allowing pedestrian movement between buildings and a connection to the Lougheed Mall Precinct.

The three towers will vary in height, with the largest (East Tower) reaching 82 levels comprised of retail, hotel and residential uses. The West Tower will feature retail, office and residential components within 67 levels, while the “South Tower” will be 62 levels in height and will include retail and residential uses. The design is inspired by nature with the three buildings metaphorically representing an ensemble of flowers expressed through appropriate massing and architectural articulation.”

No renderings have been released publicly yet, and there is no word yet on design architects.

October 28, 2019by david.taylor@colliers.com
Condo, Development

Burquitlam Townhouse Site Slated for 69 Units

Anthem Properties has submitted rezoning and development permit applications for a stacked townhouse project on a 75,681 SF site in Burquitlam. The site is located on Ducklow Street.

The site is an assembly of seven single family lots that are designated as townhouse in the Burquitlam-Lougheed Neighbourhood Plan (BLNP).

The plan for the site includes:

  • Seven stacked townhouse buildings;
  • 69 units;
    • 16 one-bedrooms, 2 two-bedrooms & 51 three-bedrooms;
  • a total density of 1.15 FAR;
  • two levels of underground parking with 136 spaces;
  • $207,502 in voluntary CACs.

The architect for the project is Integra Architecture.

Anthem assembled the site in 2018 for $21,115,000, or $242 per buildable SF based on the application.

October 28, 2019by david.taylor@colliers.com
Condo, Development

467 Units Proposed for Burquitlam Site

Anthem Properties has submitted a rezoning and development permit application to permit the development of a 1.4 acre site located in the Burquitlam-Lougheed Neighbourhood Plan area of Coquitlam.

533 Cottonwood is located to the east of Clarke Road, and is currently bound by three and four-storey residential buildings to the north, a three-storey residential building to the east, Cottonwood Avenue to the south, and Whiting Way to the west.

The existing property contains an older 98 unit apartment building.

The proposal calls for a 42-storey condo tower, and a 6-storey rental building. Details include:

  • 332 condo units;
    • 193 one-bedrooms, 97 two-bedrooms & 42 three-bedrooms;
  • 135 market rental units (inclusive of 20 below-market units);
    • 2 studios, 72 one-bedrooms, 28 two-bedrooms & 13 three-bedrooms;
  • a total density of 5.5 FAR;
  • 531 parking spaces;
  • $8.95 Million in density bonus payments;
  • $244,000 in CACs.

The architect for the project is IBI Group.

Anthem acquired the site in 2018 for $40,500,000 or $117 per buildable SF based on the gross density in the application.

October 18, 2019by david.taylor@colliers.com
Condo, Development, Retail

78-Unit Condo Building Proposed Near Langara College

A rezoning application has been submitted for an 7-lot land assembly at the Northwest corner of West 49th Avenue and Manitoba Street, across the street from Langara College.

The site, 203-263 West 49th Avenue, totals 37,496 SF and is currently zoned RS-1. It includes 319 ft. of frontage on West 49th.

The proposal consists of a new 4-storey mixed-use building over two levels of underground parking and includes:

  • 78 condo units;
    • 1 studio, 49 one-bedrooms, 20 two-bedrooms & 8 three-bedrooms;
  • 24,836 SF of retail space at grade (8 CRUs);
  • A building height of 57 ft.;
  • A total density of 2.50 FSR;
  • 143 parking spaces and 280 bicycle spaces.

The application is being considered under the Cambie Corridor Plan.

The architect for the project is GBL Architects.

The site was assembled in 2017 for $26,760,000, or $286 per buildable SF based on the application.

October 9, 2019by 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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