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

Amacon Planning 61-storey Condo/Hotel Project for Brentwood Site

Amacon has submitted a rezoning application to the City of Burnaby for 46,640 SF site at 2211-2271 Rosser Avenue in the Brentwood Town Centre area.

The application proposed a highrise development as well as a density transfer from a nearby site at 5166 Halifax Street.

The Rosser site is currently improved with older industrial units and a residential sales centre. Under the Brentwood Town Centre Development Plan, the site is designated for medium to high-density mixed-use development utilizing the RM4, RM4s, RM4r, and C9 Districts as guidelines.

The proposal for the Rosser site includes:

  • a 61-storey highrise;
  • 541 residential units, including:
  • 442 condos
  • 27 market rentals;
  • 72 non-market rentals;
  • 172 hotel rooms in 11-storey podium;
  • a total density of 11.45 FAR;
  • 614 underground parking spaces.

Regarding the density transfer, the City notes: “A density transfer will facilitate the replacement of ageing rental units at the Halifax Site, as well as provide additional non-market and market rental units, while maintaining a scale of development that is in keeping with the intent of the Plan and adjacent developments. As outlined in that report, the construction of both sites will be phased, with the subject site (Rosser Site) proceeding to occupancy prior to the redevelopment of the Halifax Site. This would provide the opportunity for residents of the Halifax site to relocate to the Rosser Site on an interim basis, until the Halifax Site attains occupancy and their replacement rental units can be occupied.”

October 26, 2023by david.taylor@colliers.com
Apartment, Condo, Development

824-Unit, Two Tower Project Proposed for Brentwood Site

Millenium Development has submitted a rezoning application to the City of Burnaby for a 1.3 acre site at 4141 Lougheed Highway in the Brentwood Town Centre area.

The site is located on the north side of Lougheed Highway between Madison Avenue and Gilmore Avenue and sits in the recently approved Buchanan West Master Plan subarea. The site is currently improved with an older industrial warehouse building and surface parking.

The proposed rezoning is for a two tower mixed use development utilizing the RM5s, RM5r
and C3 districts.

Details of the proposal include:

  • 62-storey & 54-storey towers;
  • 10-storey hotel podium;
  • 824 residential units, including:
  • 488 condos;
  • 246 market rental units;
  • 80 non-market rental units;
  • 280 hotel rooms;
  • a total density of 13.33 FAR;
  • 794 underground parking stalls on 8 levels.


Millenium has previous experience in developing condo/hotels including the L’Hermitage building on Richards Street in Downtown Vancouver which is a 28-storey condo project with a 60-unit boutique hotel on the bottom floors.

October 26, 2023by david.taylor@colliers.com
Apartment, Condo, Development

Beedie Envisions 1,000+ Units for Bainbridge Area Site

Beedie Living has submitted an application to rezone a 10-acre site that they own at 3676 Bainbridge Avenue in the Bainbridge Urban Village area of Burnaby.

The site is currently improved with older lowrise industrial buildings zoned M2 and M5 industrial.

The site became designated for mixed use residential when the Bainbridge Urban Village Community Plan was adopted by the City of Burnaby in 2022.

The preliminary application indicates that the overall development will include “a mixture of 6-storey below-market rental buildings, 6-12 storey strata buildings, and 4-storey stacked townhomes.”

Other details include:

  • 1,000 – 1,100 residential units;
  • 20% affordable rental units at 20% below CMHC median rents;
  • a total density of 2.20 FAR (970,000 SF)
  • road upgrades and new public green space.

The site has a current assessment value of $80,789,300.

This site is located near a similarly designated development site that we have just listed at 7022-7036 Greenwood Street.

October 17, 2023by david.taylor@colliers.com
Condo, Development

Another Edgemont Townhouse Project Seeking Public Hearing

Domus Homes has applied to the District of North Vancouver to redevelop three existing single-family lots in the Edgemont Village area of North Vancouver into 12 three-bedroom townhouse units.

A preliminary proposal for the 24,703 SF site at Ridgewood Drive and Brookridge was first developed in 2018, but was later shelved. A neighbouring townhouse development “Edgemont Walk” was subsequently completed in 2019.

A revised proposal for the site has now been put forward with some design changes following staff and public input.

The site is located in the Edgemont Plan area, which designates this part of Ridgewood Drive for 2.5 storeys and up to 0.8 FAR.

The updated plan for the site includes:

  • 12 three-bedroom units;
  • unit sizes from 1,829 SF to 2,023 SF;
  • a total density of 0.8 FAR;
  • 27 underground parking spaces;
  • a CAC of $335,947 ($17 per SF);
  • an additional $200,000 for pedestrian/traffic improvements.

The site was assembled in 2016 for $5,451,000 or $275 per buildable SF.

The architect for the project is Boldwing Continuum Architects Inc.

October 16, 2023by david.taylor@colliers.com
Apartment, Condo, Development

FOR SALE: Medium Density Residential Site in Bainbridge Urban Village Plan

We are pleased to present an opportunity to acquire a woodframe development opportunity in Burnaby’s emerging Bainbridge Urban Village area.

Highlights

  • 39,600 SF site (150’ x 262’) with Bainbridge Urban Village Plan designation allowing up to 3.0 FSR 
  • Potential to assemble neighbouring lot at 7008 Greenwood Street for a combined site of 1.51 acres / 66,000 SF (250 ft. site frontage)
  • Gross density of 200,000 SF or approximately 250 residential units, with sufficient site area to provide inclusionary units in separate low-rise building
  • Located directly across from large scale concrete projects: Burnaby Lake Village and Burnaby Lake Heights that will provide significant new retail, park and amenity space

Please click here or contact us for further information including price guidance.

October 16, 2023by david.taylor@colliers.com
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David Taylor Personal Real Estate Corporation

Colliers International

DT

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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