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, Office, Retail

Plan for East Broadway Safeway Site Includes Three Towers

Westbank has submitted their formal rezoning application for the Safeway site on East Broadway, just East of Commercial Drive.

The site at 1780 East Broadway totals 105,965 SF and is currently zoned C-3A, but was redesignated to allow a site-specific rezoning as part of the Grandview Woodland Community Plan.

The proposal consists of a mixed-use development with three residential towers (including strata, rental and social housing units), retail, office, a childcare facility, and a new public plaza.

Details include:

  • 680 total residential units;
    • 520 condos
    • 160 rental apartments;
  • a 53,000 SF Safeway store;
  • 20,000 SF of additional retail space;
  • 61,300 SF of office space;
  • a childcare facility;
  • 652 parking spaces;
  • unique “hanging gardens” in the interior courtyard;
  • a 20,000 SF public plaza running parallel to the SkyTrain station; and
  • a total combined density of 5.87 FSR.

The application is being considered under the Grandview-Woodland Community Plan.

The full rezoning application can be viewed here: https://rezoning.vancouver.ca/applications/1780ebroadway/index.htm

The architect for the project is Perkins + Will.

September 25, 2019by david.taylor@colliers.com
Apartment, Condo, Development

Polygon Planning 122 Units on Former City-owned Site in Burnaby

Polygon has submitted a rezoning application for a site in the Edmonds area of Burnaby that it has acquired from the City of Burnaby by public tender in late 2017. The completion of the sale is subject to achieving the rezoning.

The 3.7 acre site is located at the northeast comer of Southridge Drive and Byrnepark Drive and currently vacant and treed. It is one of seven City-owned sites in a mostly wooded area of Edmonds. Four of those sites have been sold and developed (Ledgestone – 2003-2005 & Adera Green 2009-2010).

The proposal for the Polygon site is for a 5-storey residential building that includes:

  • 102 condo units;
    • 7 one-bedrooms, 41 two-bedrooms & 44 three-bedroom townhouses;
  • 20 affordable rental units;
    • 3 studios, 8 one-bedrooms & 9 two-bedrooms;
  • a total density of 1.09 FAR;
  • 194 at grade and below ground parking stalls.

The architect for the project is Integra Architecture.

September 20, 2019by david.taylor@colliers.com
Apartment, Condo, Development, Retail

Master Plan for Aoyuan Brentwood Site Envisions 5 Towers, up to 2.2 Million SF

Aoyuan International has submitted the rezoning application to develop the conceptual master plan for their 9 acre site in the Brentwood Town Centre area of Burnaby.

The site, entitled ‘the Grove’, is located at the Southeast corner of Willingdon Avenue and Dawson Street. Aoyuan acquired the site, which consists of seven parcels currently improved with older industrial buildings, in 2017 for $152,000,000.

The master plan for the site establishes general built form, maximum building heights, development densities, permitted uses, public open space requirements, and proposed subdivision and phasing pattern. A further site specific rezoning application for Phase I will come at a future date.

The overall highlights of the master plan include:

  • 5 condo towers ranging from 36 to 51-storeys in height;
  • 4 lowrise affordable rental buildings of 6-storeys;
  • a new 1.14 acre City park;
  • retail and restaurant space;
  • four development phases;
  • An overall max density of 2,206,557 SF;
  • 20% inclusionary rental units at 20% below CMHC average per new Rental Use Policy.

The application describes the concept: “the Grove is a pedestrian-oriented community that reflects the strong urban design principles and an urban form unique in the City. At its heart is a new City park framed by a mix of buildings with a variety of uses that all contribute to an energetic heart for the community. The park is to be connected to the Dawson High Street via a central north-south pedestrian linkage that bisects the entire site from Alaska Street to Dawson Street. From east to west, Alpha Avenue will be connected to the mix of residential and commercial retail / restaurant uses on Willingdon Avenue, via an extension of Juneau Street through the site.”

The City of Burnaby’s recently adopted Rental Use Zoning Policy requires 20% of the proposed strata units as affordable rental housing. This provides 0.85 FAR offset density available under the RM4s District.

The maximum density outlined above equates to 8.35 FAR, which includes 3.6 FAR (RM4s), 1.7 FAR (RM4r), 0.85 FAR (offset), and 2.2 FAR (C9 – Commercial) subject to Council approval and individual rezoning applications for each phase.

September 14, 2019by david.taylor@colliers.com
Condo, Development

36 Townhomes Slated for Oak Street Site

Listraor Homes has applied to the City of Vancouver for permission to develop a 41,417 SF, five-lot land assembly at the Southeast corner of Oak Street and West 52nd Avenue. The lots are zoned RM8-AN.

The proposal is for non-stacked courtyard townhouses over underground parking. Details include:

  • 36 three-bedroom townhouse units;
  • a total density of 1.2 FSR;
  • a building height of 33 feet;
  • 53 underground parking spaces.

Under the site’s existing RM-8AN zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning.

The architect for the project is Baldwin Architecture.

Listraor assembled the site in 2016 for $19,168,000, or $386 per buildable SF based on the application.

The full development application can be viewed here: https://development.vancouver.ca/pc6822oak/index.htm

September 9, 2019by david.taylor@colliers.com
Condo, Development, Retail

109 Condo Units Planned for East Broadway

Porte Homes has submitted their rezoning application for a full block site at the Northeast corner of East Broadway and Garden Drive in East Vancouver.

The site at 2406-2488 Garden Drive is an assembly of eight single family homes that combined create a site 33,867 SF in size. The site actually falls within two different subareas of the Grandview Woodland Plan. The North half of the site is located within the Grandview Transition Area, which allows consideration for up to 6 storeys and up to 2.65 FSR. The South half of the site is located within the Commercial Broadway Station precinct which allows up to 6 storeys with commercial at grade and up to 3.0 FSR density.

The combined proposal for the block consists of two 6-storey buildings over two levels of underground parking with:

  • 109 condo units;
    • 24 studios, 30 one-bedrooms, 38 two-bedrooms & 17 three-bedrooms;
  • 5,900 SF of retail fronting East Broadway;
  • a building height of 70 ft.;
  • a total density of 2.83 FSR;
  • 118 parking spaces and 261 bicycle spaces.

The rezoning application is being considered under the Grandview-Woodland Community Plan.

The architect for the project is Integra Architecture.

Porte assembled the site in 2018 for $24,900,000 or $258 per buildable SF based on the application.

The full rezoning application can be viewed here: https://rezoning.vancouver.ca/applications/2406-2488gardendrive/index.htm

September 3, 2019by 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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