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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

23-Unit Condo Building Proposed for West 41st Avenue

A rezoning application has been submitted for a two-lot land assembly on West 41st Avenue, East of Cambie. The site at 187-195 West 41st Avenue is 10,820 SF in size and zoned RS-1 (One-Family Dwelling). The proposal for the site consists of a 4-storey residential building and includes:

  • 23 condo units;
    • 8 one-bedrooms, 12 two-bedrooms & 2 three-bedrooms;
  • a total density of 1.80 FSR;
  • a building height of 41 ft.; and
  • 26 underground parking spaces and 50 bicycle spaces.

This rezoning application is being considered under the Cambie Corridor Plan.

The architect for the project is Integra Architecture.

June 21, 2019by david.taylor@colliers.com
Condo, Development, Office, Retail

61-Unit Condo Building Planned for East Broadway Site

A development application has been submitted by a partnership between Caulfield Rock, PortLiving and Hudson to the City of Vancouver for a long vacant Esso gas station site at 452 East Broadway at Guelph Street, a few blocks East of Kingsway. The plan for the 19,398 SF, C-2C zoned site is a 4-storey combination of woodframe and CLT building that includes:

  • 61 condo units;
    • 41 studios, 6 one-bedrooms and 14 two-bedrooms;
  • 12,864 SF of commercial space (retail, restaurant & office);
  • a total density of 3.0 FSR;
  • two-levels of underground parking with 115 stalls accessed from the lane.

The application describes the design rationale: “The massing generally attempts to present a strong solid corner element that conveys the significance as a corner. Due to the E Broadway shift in alignment, this corner is further highlighted in importance, especially approaching from the west. The mass along Broadway continues east with a more articulated bay system, adding a more playful rhythm, while re-enforcing a strong street wall.

The building honours Mount Pleasant’s legacy of forestry by celebrating wood construction employing a combination of light wood framing and Cross-Laminated Timber structure, exposed CLT wood ceilings in the dwelling units, wood accented lobbies and common spaces, and a hybrid wood cladding, both at and above grade.”

Under the site’s existing C-2C zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning.

The site was acquired in December 2018 for $15,625,000, or $269 per buildable SF based on the application. It had been listed for sale in early 2018 without an asking price.

The architect for the project is Formosis Architecture.

May 29, 2019by david.taylor@colliers.com
Condo, Development

27-Unit Building Planned for Nanaimo Street

A development application has been submitted for a 12,422 SF, three lot land assembly on Nanaimo Street near Kingsway (at Galt Street) in East Vancouver. The proposal consists of a 4-storey building, including:

  • 27 condo units;
  • a total density of 1.97 FSR;
  • a building height of 44.95 ft.;
  • two levels of underground parking providing a total of 33 parking spaces having vehicular access from the lane.

The building is split level and so the elevator will have two doors.

Under the site’s existing RM-9AN 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 Matthew Cheng.

May 24, 2019by david.taylor@colliers.com
Condo, Development

59 Townhouse Units Proposed for Cambie Phase 3 Site

Intergulf has applied to the City of Vancouver for permission to develop a 7-lot land assembly at 528-592 West 28th Avenue, just West of Cambie Street at the corner of Ash Street. The 48,781 SF site is located in the Cambie Corridor Phase 3 townhouse subarea that was rezoned by the City in 2018.

The plan for the project includes:

  • 59 condo units located in 8 stacked townhouse buildings;
    • 22 one-bedrooms, 22 two-bedrooms & 15 three-bedrooms;
  • a total density of 1.18 FSR;
  • a total building height of approximately 37.68 ft; and
  • one level of underground parking (70 stalls) having vehicular access ramp from rear lane.

Under the site’s existing RM-8A 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 Gateway Architecture.

Intergulf assembled the site in 2017-2018 for a total of $33,113,800, or $563 per buildable SF based on the application.

The full development application can be viewed here: https://development.vancouver.ca/pc528-592w28th/index.htm

May 8, 2019by david.taylor@colliers.com
Condo, Development, Retail

267 Market & Non-Market Units Planned for Two Downtown Eastside Sites

Onni has submitted concurrent rezoning applications for two sites located in the Downtown Eastside Area Plan. The concurrent applications allow Onni to consolidate the 20% social housing requirement of both sites onto one site.

The two sites/applications are summarized as follows:

1220-1298 East Hastings Street

This site is located at the Southwest corner of East Hastings Street and Clark Drive. The proposal for the 31,024 SF M-1 zoned site at 1220-1298 East Hastings Street is to rezone to allow three buildings – two 11-storey condo buildings and an 8-storey social housing building (receiving the social housing requirement from the concurrent application on Raymur Avenue, described below). 

This site sits at the very Eastern edge of the Downtown Eastside Plan, which allows rezoning for larger mixed use projects in this stretch of Hastings Street.

The proposal for the East Hastings site includes: 

  • 152 condo units;
    • 33 one-bedrooms, 102 two-bedrooms & 76 three-bedrooms;
  • 55 social housing units;
    • 38 studios, 11-two bedrooms & 6 three-bedrooms;
  • 9,709 SF of ground floor retail;
  • a total density of 6.0 FSR;
  • max building height of 120 ft.
  • 3 levels of underground parking with 229 vehicle parking spaces and 481 bicycle parking spaces.

The application describes the design rationale: “The proposed development is broken
down into three distinct buildings, each with its own entry lobby, circulation core and facade character. This approach was developed in order to limit the facade length and provide distinct buildings with smaller frontages. Two 12 storey residential market towers are separated by an 8 storey social housing component. The alternating height creates a sawtooth pattern in elevation which corresponds to smaller frontages
which echo the pattern established by the historic portion of Hastings Street. The towers are 80’ apart from each other and the west tower is 40’ from PL and 80’ from the flat-iron site to the west of the site. Each of the tower volumes is further broken down, to emphasize the verticality and slenderness and to reduce the scale of the streetscape elements. The mid-rise portions of the buildings are shifted to align with the northern face of the ground level retail. This establishes a strong street wall while creating south-facing outdoor space on top of the ground level podium that is sheltered from the East Hastings and Clark frontages.”


560 Raymur Avenue

The concurrent application is for a smaller site on the East side of Raymur Avenue, just South of East Hastings Street. The proposal for this I-2 zoned site is a 5-storey market housing building, and includes:

  • 59 condo units;
    • 39 two-bedrooms & 20 three-bedrooms;
  • a total density of 2.94 FSR;
  • a building height of 69.55 ft.;
  • ground level manufacturing space
  • 2 levels of underground parking with 97 vehicle parking spaces and 154 bicycle parking space.

Both applications are being considered under the Downtown Eastside Area Plan and the Rezoning Policy for the Downtown Eastside.

The architect for both applications is Yamamoto Architecture.

April 29, 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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