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, Retail

4-Storey Building Planned for Dunbar Street

A development application has been submitted for a full city block on Dunbar Street, on the East side of Dunbar between West 39th and West 40th Avenue, which is the northern extent of the commercial strip on Dunbar in the Southlands area. The site totals 12,170 SF in size. The site is currently improved with an older single storey commercial building and a community garden. The site is zoned C-2.

The plan for redevelopment is a new 4-storey mixed use building containing commercial/retail shops on the ground level and residential above. Details include:

  • 14 market condo units;
  • 5,693 SF of retail space;
  • A total density of 2.05 FSR;
  • A building height of 48.17 ft.
  • one underground level of parking, loading and bicycle parking having access from West 40th Avenue .

Under the site’s existing C-2 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 Wensley Architecture.

The site was acquired in early 2018 for $15,500,000, or $677 per buildable SF based on the application.

January 7, 2019by david.taylor@colliers.com
Condo, Development, Retail

Portliving Submits Plan for Next ‘Midtown’ Building

Portliving has submitted their development application for their fourth ‘Midtown’ project, tentatively titled ‘Midtown Four’.  The site is 16,104 SF in size and is zoned C-2C.

The proposed development consists of a 6 storey strata residential building with 2 levels of below grade parking, bike storage, as well as a large amenity space. There are two retained heritage buildings, the Carolina on the northeast corner in its existing location, and the Connacher House on Carolina Street next to the lane. The Connacher House is proposed to be moved from its present location along E Broadway. The project is being developed under a Heritage Revitalization Agreement (HRA). 

The overall development includes:

  • 65 condo units;
    • 42 studios, 9 one-bedrooms & 14 two-bedrooms;
  • A total density of 3.35 FSR;
  • 6,198 SF of retail space;
  • A proposed building height of 69.33 ft.; and
  • Two levels of below grade parking providing eighty-three (83) parking spaces, having vehicular access from the lane

The application describes the design rationale: “Our goal was ultimately to position the heritage assets comfortably along Carolina Street with the new modern building setting back respectively while comfortably integrated. The bulk of the new building is felt along E Broadway, a major artery. The lower mass generally adheres to the C2C Broadway street wall, as outlined in the Mount Pleasant Community Plan. The higher mass of two interlocking forms is setback more from the lane, in two steps, to minimize and incrementally climb to the sixth floor. This mitigates apparent mass and reduces overlook. Along E Broadway the upper mass also takes a substantial setback from the fourth floor to the sixth, thus minimizing the shadow on E Broadway and mitigating the apparent mass. These additional setbacks are to transition the higher building on all three sides, East, South and North, into the existing context. Insert massing diagrams.”

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 architect for the project is studio B architects.

The site was acquired in early 2018 for $15,500,000, or $287 per buildable SF based on the application.

January 7, 2019by david.taylor@colliers.com
Condo, Development

27-Unit Stacked Townhouse Project Planned for Marpole Site

A development application has been submitted for a two-lot, RM-9 zoned assembly in Marpole at 333 West 63rd Avenue.  The site is bounded by West 63rd Avenue to the south, Columbia Street to the east and a lane to the north.

The plan for the property is a new 4-storey stacked townhouse development that consists of:

  • 27 units;
    • 1 studio, 6 one-bedrooms, 3 two-bedrooms & 17 three-bedrooms;
  • A total density of 1.88 FSR;
  • A proposed height of 44 ft.;
  • One level of underground parking with vehicular access from the rear lane

The application describes the building program as follows: “The project provides 27 homes ranging in size with single storey units on the ground floor and 3-storey back-to-back townhomes above. The ground floor units are smaller in size and with mostly one and two bedrooms, making them affordable for first time buyers. The townhomes were
for Marpole 63 Development LTD. by Fougere Architecture designed with families in mind providing 3 bedrooms, in-suite storage, and a rooftop patio. Some of the larger units have an additional den on the ground floor. 

Under the site’s existing RM-9 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 Fougere Architecture.

January 7, 2019by david.taylor@colliers.com
Condo, Development

4-Storey Building Slated for West King Edward Site

A rezoning application has been submitted by Aragon for a two-lot assembly at 582-588 West King Edward Avenue, just West of Cambie at the Northeast corner of Ash Street. 

The proposal consists of one four-storey residential building and one two-and-a-half-storey townhouse building and includes:

  • 36 condo units;
    • 11 studios, 11 one-bedrooms, 10 two-bedrooms & 4 three-bedrooms;
  • a total density of 1.95 FSR;
  • a maximum building height of 61 ft.; and
  • 39 underground parking spaces and 51 bicycle spaces.

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

The architect for the project is RWA Architecture.

January 4, 2019by david.taylor@colliers.com
Condo, Development

Latest Brentwood Proposal Includes 164 Units

Amacon is proposing a 22-storey condo tower in the Brentwood area of Burnaby. First proposed back in 2017, the project site is located at 4455 Alaska Street, currently improved with an older industrial building. The total site area is 40,786 SF.

The Brentwood Town Centre Development Plan designates the subject site for high-density multiple-family residential development based on the RM4s Multiple Family Residential High Rise Apartment Tower with Street-Oriented Townhouses as a guideline, up to a maximum of 3.60 FAR.

The proposed development concept is for a single 22-storey tower above
structured and underground parking, with ground oriented townhousing fronting Alaska
Street. Details include:

  • 164 Units;
    • 18 studios, 58 one-bedrooms, 70 two-bedrooms & 12 three-bedrooms;
  • a total density of 3.60 FAR;
  • 182 parking spaces.

December 10, 2018by 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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