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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Condo, Development

Stacked Townhouses Planned for Port Moody Site

A rezoning application has been submitted to the City of Port Moody for a new stacked townhouse development on a land assembly consisting of five single-family lots totaling 43,555 SF

The site, located at 2213-2229 Clarke Street, has an OCP designation of ‘Multi-Family Residential and Mixed Use – Moody Centre’.

The proposal is for five 3-storey stacked townhouse buildings, and includes:

  • 40 units;
  • 30 two-bedrooms & 10 two-bedrooms;
  • a total density of 1.30 FAR;
  • 90 underground parking spaces.

Port Moody’s Inclusionary Zoning – Affordable Rental Units Policy does not apply to projects
proposing a residential density less than 2.0 FAR. As this application proposes a FAR of 1.3,
no rental or below market rental units are required or provided.

The application requires an OCP amendment as two of the lots require commercial uses, but only residential is being proposed.

The architect for the project is Igel Architecture.

June 17, 2024by david.taylor@colliers.com
Condo, Development

Rezoning Application Submitted for 23-Unit Townhouse Project in North Vancouver

A rezoning application has been submitted to the District of North Vancouver for a new stacked townhouse development on a 3-lot, 18,029 SF land assembly on Sandown Place, just West of Capilano Road in the Lower Capilano area.

The original preliminary application for the site was submitted in 2019.

The site is designated for up to 1.20 FSR under the Lower Capilano Village Centre: Peripheral Area Housing Policy & Design Guidelines.

The application comes just days following a nearby townhouse application that was rejected by District of North Vancouver council.

Details of the proposal 1900-1950 Sandown Place proposal include:

  • 23 townhouse units;
  • a total density of 1.16 FAR;
  • 42 underground parking stalls.
  • a CAC of $371,145 ($18 per SF)
  • Municipal DCCs of $232,991
  • Metro & Translink DCCs of $216,254

The architect for the project is Matthew Cheng.

June 13, 2024by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

Onni Presents Master Plan Concept for 7.2 Acre Coquitlam College Site

Onni is presenting their master plan development application for the Coquitlam College site.

The 7.2 acre site is located on Brookmere Avenue at Whiting Way in the Burquitlam area and is currently improved with the Coquitlam College school and several adjacent single family residences.

Onni submitted their initial application in late 2023, but the full master plan proposal is now at council for early stage review.

Details of the overall plan include:

  • Seven towers ranging from 28-50 storeys;
  • Approx. 2,500 residential units;
  • 1,813 condo units;
  • 595 market rental units;
  • 92 below market rental units;
  • 56,000 SF of office space;
  • 7,200 SF of retail space;
  • a total density of 6.71 FAR (2.1 Million SF)

Onni acquired the site in 2021 for $148,100,000, or $71 per gross SF based on the application.

The architect for the project is Boniface Oleksiuk Politano Architects.

May 24, 2024by david.taylor@colliers.com
Condo, Development, Hotel, Retail

New Westminster Condo/Hotel Project Moving Forward

Reliance Properties has submitted a rezoning and development permit application for their 811 Carnarvon project in Downtown New Westminster.

The 48,000 SF site is located at the corner of Carnarvon Street and Eighth Street. A pre-application for the site was made in 2018.

The proposed development for the site is a mixed-use condo, hotel project with retail along Eighth and Carnarvon frontages. Details include:

  • 44-storey condo tower;
  • 8-storey hotel;
  • 469 condo units;
  • 145 hotel rooms;
  • 11,000 SF of retail space;
  • 2,000 SF dog park;
  • a total density of 9.62 FSR;
  • a tower height of 493 ft.;
  • 407 underground parking stalls.

The architect for the project is Yamamoto Architecture.

March 21, 2024by david.taylor@colliers.com
Condo, Development, Rental

Amazing Brentwood One of First to Amend Master Plan Due to TOA Policy

Shape Properties has submitted a rezoning application to amend the master plan for their 28-acre ‘Amazing Brentwood‘ site in the Brentwood Town Centre area of Burnaby.

The master plan for the Amazing Brentwood site was originally approved in 2013 and included 11 residential towers in addition to substantial retail and commercial space. Subsequently, five towers have been completed (or under construction), with two further towers in the application phase. The remaining density on site is now subject to the City of Burnaby’s Rental Use Zoning Policy (RUZP), adopted in 2021.

Furthermore, on November 30, 2023, the BC Legislature granted Royal Assent to Bill 47- 2023
Housing Statutes (Transit-Oriented Areas) Amendment Act 2023. Bill 47 enables the Province to mandate specific densities, size, and/or dimensions of buildings within transit-oriented areas (TOAs) based on specific distances to transit stations, and restrictions on residential off-street requirements within these
TOAs. The Amazing Brentwood site is within a 200m radius of the Skytrain Station, thereby requiring the City of Burnaby to permit a minimum 5.0 FAR density for the site.

Shape is now proposing a variety of amendments to the Master Plan to accommodate the required additional nonmarket inclusionary rental density, associated offset density and new TOA policy.

The proposed changes are summarized as follows:

  • Increased tower heights up to 80-storeys at centre of site;
  • An additional 4.7 Million SF of residential density (2.4M SF minimum rental);
  • No additional commercial floor area (the RUZP allows 50% of comm density as rental residential);
  • Addition of childcare space;
  • Additional green space.
January 25, 2024by 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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