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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

145-Unit Terraced Condo Building Proposed for Port Moody Site

Atti Group has submitted an OCP amendment and rezoning application for a 4.3 acre site in Port Moody. The site was previously given third reading in 2012 pending geotechnical, stormwater and environmental reports for development permit approval. Subsequently, the site was sold in 2018.

The site is located at the southwest corner of Buller Street and Henry Street. It is bounded by Coquitlam to the south, unopened City of Port Moody road right-of-way to the east, undeveloped medium-density townhouse residential (RM4) lots across Henry Street to the north, and older Multi family to the west.

The site itself is vacant and primarily covered with second growth forest at a steep grade of 25-35%. 

The proposal is a unique U-shaped, terraced 11-storey terraced residential development, including:

  • 145 condo units;
  • A total density of 1.33 FAR;
  • a 1.2 acre park dedication;
  • $870,000 CAC;
  • 268 parking spaces on three levels of underground parking.

With the grade of the site, the building is up to 6-storeys in height above grade at any given point.

A video rendering of the project can be viewed here:

The architect for the project is Ankenman Marchand.

February 12, 2019by david.taylor@colliers.com
Condo, Development

35-Storey Tower Proposed for Hornby & Drake

A rezoning application has been submitted for 1290 Hornby Street, a 14,995 SF site at the Northeast corner of Hornby Street and Drake Street in Downtown Vancouver. The site is currently zoned DD which allows a density of 5.5 FSR in this subarea, though the rezoning application seeks to more than double that density.

The proposal calls for a 35-storey mixed residential tower, and includes:

  • 159 condo units;
    • 100 1-bedrooms, 43 two-bedrooms and 16 3-bedrooms;
  • a total density of 10.28 FSR;
  • a building height of 349 ft.;
  • 10,531 SF of cultural amenity space on the ground, mezzanine and second levels to be owned by the City of Vancouver;
  • 6 levels of underground parking with a total of 105 parking spaces and 345 bike stalls.

The application describes the design rationale: “The proposed project seeks to maximize density and height on the site, to the extent that an appropriate response to the surrounding context and the City will accept. The corner site on the northeast corner of Hornby and Drake Streets is small at 14,955 sf, and surrounded by taller and larger projects. To the east is 41 storey ‘Tate’, nearing completion, and across Drake Street to the south is 31 storey ‘Salt’. Burrard Place to the west across Hornby is under construction and when complete will be a dominant neighbourhood landmark at 53 storeys. The north property line is shared with ‘Pure’, a 15 storey mixed use project that sits only 25 feet from the common property line.

Given the close proximity to other buildings, it was understood at the outset of the project that any redevelopment in tower form would have to be tall, elegant and slender, and demonstrate a character that would make it ‘stand out in a crowd’. The project was seen as an opportunity to demonstrate that redevelopment of small sites is not only feasible, but can enhance the built environment through unique and original architecture.

The challenge to achieve feasibility has been much more difficult than anticipated, primarily due to two significant encumbrances on the property that were not fully anticipated at the outset. To achieve the City mandated 80 foot separation between towers, a setback on the north side of the property had to be increased from the typical 40 feet to 55 feet, due to the atypical proximity of ‘Pure’ to the common property
line. This condition meant that the tower floor plate of the proposal could not be much greater than 5,000 sf, which limits efficiency and the number of suites per level. It also forced a 2 versus 3 elevator solution, to keep the core as small as possible.”

This rezoning application is being considered under the Downtown Potential Benefit Capacity Policy.

The architect for the project is Merrick Architecture.

February 11, 2019by david.taylor@colliers.com
Condo, Development, Office, Retail

Second Phase of Oakridge Centre Project Includes Three Towers, 615 Units

The development permit application has been filed for Oakridge Centre’s second phase. Oakridge Centre is owned by Quadreal and Westbank who previously rezoned the 28-acre site to allow a reconfigured mall, with several residential towers, office space, amenities and a public park.

The first phase of ‘Oakridge Vancouver‘ (Buildings 3 & 4 on the Northern portion of the site fronting West 41st Avenue) were approved for a development permit in late 2018 and subsequently launched for pre-sale. 

This second development permit application consists of Southeast corner of the site at Cambie and 45th, currently home to the Safeway and surface parking lot.

Details of this phase of the project include:

  • Three towers, 32, 17 and 34-storeys in height;
  • 615 condo units;
    • 199 one-bedrooms, 326 two-bedrooms and 90 three(+)-bedrooms;
  • a podium containing retail and office uses;
  • 358,397 SF of retail space including new below-grade grocery and liquor store;
  • 119,582 SF of office space;
  • a total density of 0.95 FSR (based on total Oakridge site);
  • 3 levels of underground parking;
  • A portion of the future 9-acre park;
  • A “Summer House” pavilion to act as a stage for performances.

The application describes some of the design rationale:

“Building 6 & 7 –  Skin & Bones Concept
The metaphor of skin and bone is the ordering principal for the architectural tectonic for buildings here and elsewhere in the project. It is derived from the idea of draping the mall with a landscaped park. The acts of wrapping and revealing are used to help define the relationship between the landscape and buildings, as an approach to break down the mass of the buildings, as a passive solar strategy to have the buildings respond to their environment, and for providing way finding and programmatic identity. 

Building 8 – Mountain Concept
While much of the Oakridge project is conceived as a topographical emergence of architecture from landscape, Building 8 is more geologically expressive as if smoothed by eons of wind and water as it terraces up from the Woodland Park. The building seen as a newly formed mountain, we can analyze its parts: the forested valley floor at its base, the spur ascending to the summit, and the precipitous east and west faces.”

The architect for the project is Henriquez Partners Architects.

February 6, 2019by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

Onni Submits Application for Three Tower Coquitlam Centre Project

Onni has submitted their rezoning and development permit application a large scale mixed-use development on a primarily vacant site at the Southeast corner Pinetree Way and Glen Drive in Coquitlam City Centre. The 2.7 acre site is vacant and was partially previously owned by the City of Coquitlam. The site sits just 500 feet from Lincoln Skytrain Station.

Directly to the East is another application for a 40-storey tower by Polygon at 1108 Westwood Street. The two sites were acquired via public sale of the lands in 2016.

The site can be rezoned per the City Centre Area Plan from City Centre
Commercial (C-4) and One-Family Residential (RS-l) to CD-11 Comprehensive
Development (CD-ll), based on the C-4 Zone, and the overall development plan includes three residential towers over retail and office space. Details include:

  • Towers of 49, 45 and 25-storeys above a podium;
  • 891 residential units
    • 705 condos;
      • 321 one-bedrooms, 289 two-bedrooms & 95 three-bedrooms;
    • 186 market rental units;
      • 40 studios, 66 one-bedrooms, 49 two-bedrooms & 31 three-bedrooms;
  • 17,000 SF of retail space;
  • 46,520 SF of office space on floors 2-5 of the podium;
  • a total density of 7.32 FAR;
  • total tower heights of 514 ft, 472 ft and 258 ft. respectively;
  • 67,000 SF of common amenity space;
  • An 8,500 SF daycare;
  • 1,329 parking spaces;
  • $31 Million in density bonus funds and CACs.

The architect for the project is Cicozzi Architecture.

February 1, 2019by david.taylor@colliers.com
Condo, Development

87-Unit Building Planned for Grandview Woodlands Site

Epix Developments has filed a rezoning application for a single family land assembly at 2209-2249 East Broadway, between Garden Avenue and Lakewood Drive in the Grandview Woodland area of East Vancouver.

The rezoning proposal anticipates a 6-storey residential development, including:

  • 87 condo units;
  • a total density of 2.65 FSR;
  • a building height of 65 ft.;
  • 95 underground parking spaces; and
  • 109 bicycle spaces.

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

The architect for the project is Taylor Kurtz Architecture and Design Inc.

January 28, 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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