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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Development, Hotel, Rental

Kitsilano Rental Project Revised to Include Hotel

Millennium Development has submitted a revised rezoning application for their site at 2158–2170 West 1st Avenue in Kitsilano, near the corner of Yew Street. The site was the subject of a 20-storey, 185-unit rental tower proposal in 2024, and that scheme was approved earlier this year. The new application is an amendment to add 6 floors and convert some of the space to hotel.

The 20,980 SF site is in the Kitsilano North – Area B policy area of the Broadway Plan. The revised proposal calls for a 26-storey mixed-use building over five levels of underground parking and includes:

  • 121 secured rental units, made up of 97 market rental units and 24 below-market units (20% of dwelling unit area);
  • 99 hotel rooms;
  • 6,294 SF of ground-floor commercial space, split into three retail units;
  • A total density of 8.73 FSR (183,200 SF total);
  • A building height of 301 ft., plus additional height for rooftop amenity and mechanical space.

How the Floors Are Organized

The podium holds retail and the lobbies at grade, with below-market rental on levels 2 and 3 and market rental on level 4. Level 5 is an amenity floor that includes hotel check-in. Levels 6 through 16 are hotel, and market rental sits above on levels 17 to 25, topped by a rooftop amenity level and a mechanical floor. The hotel makes up 77,611 SF of the total, and the residential component is 99,295 SF.

How It Compares to the Approved Scheme

Approved (2024 application)Revised (2026 application)
Storeys2026
Residential rental units185121
Hotel roomsNone99
FSR6.808.73
Height212 ft.301 ft.

The rental unit count drops by 64 units, or about 35%, while height rises by roughly 89 ft. and density by 1.93 FSR. The hotel rooms bring the total to 220 keys.

The Applicant’s Rationale

The application is being considered under the Broadway Plan and asks the City to consider height and density beyond current policy. Hotel use is not listed in the KKNB policy table. The applicant argues it is a minor geographic extension of hotel uses already contemplated in the adjacent KW4A and KKNC policy areas, within three blocks of the site, and that the added tower levels align with the Residential High-Rise 1 designation in the new Official Development Plan, which allows up to 26 storeys. The booklet also notes the Hotel Development Policy’s stated need for more hotel rooms across the city.

The typical tower floorplate grows to about 6,923 SF to fit a third elevator, up from the 6,800 SF the referral report had described as supportable.

Process

The full rezoning application can be viewed here: https://www.shapeyourcity.ca/2158-2170-w-1-ave-3

October 24, 2026by david.taylor@colliers.com
Apartment, Development, Rental

Arbutus Ridge: 6-Storey Rental Proposed for Single Lot at 2150 West 16th Avenue

The City of Vancouver is reviewing an application to rezone 2150 West 16th Avenue from R1-1 to CD-1 to permit a 6-storey, 100% market rental building. The site is a single 50-foot, mid-block lot on the south side of West 16th Avenue between Yew Street and Arbutus Street in Arbutus Ridge.

The application is being considered under the City’s Transit-Oriented Areas (TOA) Rezoning Policy. The site sits about 695 metres from the future Arbutus Station on the Broadway Subway, inside the 800-metre Tier 3 radius, where the policy supports six to eight storeys and up to 3.0 FSR for secured rental. The applicant is PCubed (P Square Engineering and Construction), with B Squared Architecture as architect.

  • Replaces a 1944 single-family house with a six-storey, wood-frame rental building
  • 24 market rental units: 16 two-bedroom (avg. ~865 SF) and 8 three-bedroom (avg. ~1,036 SF)
  • 2.89 FSR (about 21,695 SF)
  • 60 ft in height
  • Open-air exterior corridors and a single exterior stair
  • Rooftop amenity deck plus an indoor amenity room on level two
  • Underground parkade off the lane with 12 stalls (9 regular, 2 accessible, 1 shared loading) and 63 bike spaces
  • Envelope Pathway under the Green Buildings Policy, with electric heat pumps
  • CAC exemption sought under the TOA policy’s low-density provisions

Most TOA rental rezonings on the west side rely on assembling two or more lots. This one tests whether a single 7,496 SF lot can carry a six-storey rental building on its own, and the TOA policy sets no minimum lot size in Tier 3.

Full rezoning application: https://www.shapeyourcity.ca/2150-w-16-ave

October 20, 2026by david.taylor@colliers.com
Apartment, Development, Office, Retail

Marpole: 11-Storey Hotel, Office and Residential Project Proposed for Former Petro-Canada Site on Granville Street

A rezoning application has been filed with the City of Vancouver for the Petro-Canada site at 8072 Granville Street in Marpole. The proposal would replace the service station with an 11-storey mixed-use building combining residential, hotel, office and retail space. It’s one of the more ambitious proposals to come forward on the Granville corridor south of 70th Avenue.

The application asks to rezone the site from C-2A (Commercial) to CD-1 (Comprehensive Development), which is the route typically used for projects that go beyond what existing zoning allows.

What’s proposed

The building would rise 152 feet at a floor space ratio of 6.11. The mix of uses is stacked by floor:

  • Ground floor: 8,755 SF of commercial retail space
  • Levels 2 to 3: 34,841 SF of office space
  • Levels 4 to 6: a 65-room hotel
  • Levels 7 to 11: 65 residential strata units
  • Rooftop: an amenity space, over three levels of underground parking

Beyond the Marpole Community Plan

The application is being considered under the Marpole Community Plan, and the applicant has asked the City to consider height and density in excess of what the plan envisions. That is the key question for this site. Staff will review the proposal and report back, and the final project statistics will be set out in the referral report. The figures above are as submitted.

Why it’s worth watching

The mix of uses is unusual for Marpole. Hotel and office space are in short supply in this part of the city, and a project that adds both alongside strata housing and street-level retail would be a significant change for the Granville corridor. Marpole sits next to the Canada Line, and larger-format commercial and mixed-use sites along Granville rarely come up for redevelopment.

For owners of neighbouring commercial properties, the outcome of this application will be a useful indicator. If the City supports additional height and density here, it will inform how nearby sites along the corridor are valued for future redevelopment. If it holds closer to the community plan, that sets a different benchmark. The City’s Q&A period runs from December 2 to December 15, 2026.

If you own a commercial or redevelopment property in Marpole, South Granville or elsewhere in Vancouver and would like an opinion of current market value, I’d be happy to help.

The full application can be viewed here: https://www.shapeyourcity.ca/8072-granville-st

October 1, 2026by david.taylor@colliers.com
Condo, Development

Rezoning Application Proposes 26-Storey Condo Tower for Oakridge Petro Canada Station

The City of Vancouver has received a rezoning application for 5680 Oak Street, the Petro Canada station at the corner of Oak Street and West 41st Avenue.

Project details:

  • 26-storey condo tower
  • 193 condo units
  • 4,070 SF of ground-floor retail space
  • 10.92 FSR density
  • Building height of approximately 281 ft.
  • Five levels of underground parking

Unit mix:

  • 1 studio — avg. 492 sq. ft.
  • 46 one-bedroom — avg. 521 sq. ft.
  • 47 one-bedroom + den — avg. 641 sq. ft.
  • 48 two-bedroom — avg. 820 sq. ft.
  • 51 three-bedroom — avg. 981 sq. ft.

The application also proposes to amend the Vancouver Official Development Plan (ODP), adopted by Council on March 31, 2026, changing the site’s Generalized Land Use designation from Mixed-Use Mid-Rise to Mixed-Use High-Rise 1. The proposal is being considered under both the ODP and the Cambie Corridor Plan, which designates 13+ storey mixed-use towers for sites in this part of the corridor.

The site sits within walking distance of the Oakridge-41st Avenue Canada Line Station and the Oakridge Mall redevelopment, an area the City has identified as a key growth node along the Cambie Corridor as it transitions from low-rise commercial into a denser, transit-oriented district.

The architect for the project is MCM Architects.

Full application: https://www.shapeyourcity.ca/5680-oak-st

September 3, 2026by david.taylor@colliers.com
Condo, Development, Retail

19-Storey Mixed-Use Tower Proposed for 1394 Robson Street

Asia Standard has submitted a development application for a 19-storey condo/social housing building at 1394 Robson Street, at the northwest corner of Robson and Broughton in the West End.

The site is the former location of the Robsonstrasse Hotel, acquired by Asia Standard in July 2018 for $24,780,000. The current proposal replaces the 5-storey office and retail scheme submitted for the site in 2018, which contemplated 14,771 SF of retail, 9,966 SF of office and a density of just 2.86 FSR under the site’s existing C-6 zoning. The new application takes the site to the full density contemplated by the West End Community Plan.

Details of the proposal include:

  • 19 storeys, with a two-storey commercial podium and a residential tower above;
  • 72 condo units and 15 social housing units;
  • 14 studios, 26 one-bedrooms, 26 two-bedrooms and 6 three-bedrooms;
  • Commercial at grade and on the second level;
  • A total density of 8.75 FSR, of which 1.20 FSR is dedicated to commercial use;
  • A residential tower plate of 4,024 SF, below the 5,500 SF maximum set by the West End Community Plan;
  • Site frontages of 66 ft on Robson Street and 124 ft on Broughton Street;
  • Three levels of underground parking with vehicular access from the lane.

Residential entry is oriented to Broughton Street, with the commercial frontage and market residential entrances addressing Robson. Indoor and outdoor amenity space is proposed on top of the podium and within the podium and tower plates.

The architectural approach is described as a contextual response to the site’s position between the low-rise, brick-and-wood character of the West End and the glass-and-steel edge of Coal Harbour — a single uninterrupted rectangular mass with a repeating modular facade grid, clad in brick. The precedent projects cited are 520 Fifth Avenue and 130 William in New York.

The 2018 purchase price for the site equates to $327 per buildable SF based on the current application.

The architect for the project is Arcadis.

August 16, 2026by david.taylor@colliers.com
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David Taylor Personal Real Estate Corporation

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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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