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

35-Unit Building Planned for Site Across from Langara College

A rezoning application has been submitted for a 17,935 SF, three lot land assembly at the corner of West 49th Avenue and Manitoba Street, directly North from Langara College. The project is entitled Langara House.

The site is currently zoned RS-1 (One-Family Dwelling). The proposal consists of a 4-storey woodframe mixed-used building and includes:

  • 35 condo units;
    • 1 studio, 16 one-bedrooms, 14 two-bedrooms & 4 three-bedrooms;
  • 5,700 SF of retail space;
  • a total density of 2.27 FSR;
  • a building height of 61 ft.; and
  • 53 underground parking spaces and 44 bicycle spaces.

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

The architect for the project is Billard Architecture.

August 12, 2019by david.taylor@colliers.com
Development

Third Phase of Oakridge Vancouver to Include Community Facilities and Social Housing Tower

The development permit application has been filed for Oakridge Centre’s third 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 and second phase of ‘Oakridge Vancouver‘ comprise the buildings along the North and East portion of the overall site and were approved for a development permit in late 2018 and early 2019.

This third development permit application consists of Northwest corner of the site, where the Bay surface parking currently is.

The application for this phase includes the following:

  • a new 5-storey Civic Centre comprising:
    • a Fitness Centre, Library, Child Daycare Facility, 55+ Senior’s Centre, Youth Services Hub, Performance Space, Artist-in-Residence Studios, and associated ancillary Cultural/Recreational spaces
  • a new 22-storey tower containing 187 Social Housing Units;
  • three levels of underground parking with 208 stalls;
  • A portion of the future 9-acre Park;
  • A total Floor Space Ratio of 0.11 FSR.

This is one of two non-market portions of the overall project. A future 10-storey building with 102 social housing units will be built as part of a later phase.

The application describes the design rationale: “The architectural expression of the DP4 scope of the project facilitates a gradual transition from the Oakridge buildings into the low-rise surrounding neighbourhood, serving as a gateway into the site. The corner of the West 41st Avenue and New Street is at the confluence of shifting urban scales. The Civic Centre and Social Housing tower bridge the urban scale between Buildings 3 & 4 and the surrounding low-rise neighbourhood to the west. Similarly, the Social Housing tower massing transitions to the south into a ribbon of mid-rise buildings along New Street, echoing the scale of the surrounding neighbourhood. The curved massing of the Civic Centre delineates and embraces the at-grade Civic Park, acting not just as a pedestrian and vehicular gateway to the site along West 41st Avenue, but also from the neighbourhood to the park through its central atrium. Around the Civic Centre, active plazas and public spaces help mediate between the surrounding urban scales.”

The architect for the project is Henriquez Partners.

August 8, 2019by david.taylor@colliers.com
Condo, Development

15-Unit Townhouse Project Planned for Mount Pleasant Site

A development application has been submitted for a 12,134 SF site on East 7th Avenue, half a block West of Clark Drive in East Vancouver. The site is currently improved with three older single family homes and features a significant slope.

The application permission to develop the RM-4 zoned site with a new 5-storey stacked townhouse project that is proposed to be built to the Passive House standard. Details of the proposal include:

  • 15 stacked townhouse units;
    • 7 two-bedrooms & 8 three-bedrooms;
  • two buildings with a central courtyard;
  • a total density of 1.52 FSR (with passive house bonuses);
  • 15 parking stalls and 44 bike stalls in one level of underground.

Under the site’s existing RM-4 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 Cornerstone Architecture.

August 8, 2019by david.taylor@colliers.com
Apartment, Development, Office, Retail

Previously Approved Rental 100 Project Revised Under Moderate Income Policy

A rezoning application has been submitted for a site in Mount Pleasant that was previously approved for rezoning under Rental 100.

445 Kingsway and 2935 St. George Street, currently the Destination Hyundai dealership, received rezoning approval from City of Vancouver council in 2016 for a 109-unit rental apartment project with a new Honda dealership at grade. The rezoning was never enacted, and a new application has surfaced in its place.

The new application is being made under the City’s Moderate Income Rental Housing Pilot Program, which allows proposals up to 14-storeys on arterials. The existing 46,576 SF site is zoned C-2.

The proposal calls for two 14-storey towers above a podium, and includes:

  • 215 rental units (with 20% of the residential floor area assigned to moderate income households);
  • 54 studios, 86 one-bedrooms, 54 two-bedrooms & 21 three-bedrooms;
  • 31,000 SF of retail and office space;
  • 96,000 SF commercial car wash and vehicle storage in the underground parkade;
  • a total density of 4.84 FSR (above grade);
  • a building height of 150 ft.; and
  • 224 underground parking stalls and 443 bike spaces (including underground vehicle storage).

The commercial car wash is intended to serve the nearby Kingsway Honda dealership and service centre located at the Stella mixed-use development at Kingsway and East 12th Avenue.

The application is being considered under the Moderate Income Rental Housing Pilot Program.

The architect for the project is Acton Ostry.

August 7, 2019by david.taylor@colliers.com
Development, Office, Retail

Lululemon HQ Proposal Includes Over 500,000 SF of Office Space

lululemon has submitted their formal rezoning application for their proposed new headquarters on Great Northern Way in the False Creek Flats. The company currently has four offices around the City, including the existing Cornwall Street building, and these will be consolidated. It is expected that the new building will accommodate about 4,000 people.

The plan for the new development at 1980 Foley Street was made public back in the Spring when the rezoning proposal was referenced in a City of Vancouver Policy Report.

The site is currently CD-1 (402) (Comprehensive Development) District as part of a 1999 rezoning of the Great Northern Way Campus lands. The current zoning only allows a building up to 120 feet, and so the rezoning is required to allow greater height and density. The site also falls under the False Creek Flats Plan area, which allows employment uses for the site.

The formal proposal is for a 13-storey office building (or “Store Support Centre”), to with ground-floor retail and cafe/restaurant use. The proposal includes:

  • 511,448 SF of office space;
  • 6,157 SF of retail space;
  • 4,358 SF of cafe/restaurant space;
  • a total density of 4.56 FSR;
  • 64,536 SF of amenity area;
  • A building height of 214.2 feet;
  • Landscaped terraces at levels 4, 7, and 13 offer outdoor social spaces
  • 840 parking stalls on five underground parking levels.

The application describes the design rationale: ” lululmeon’s love for design and attention to detail will be exemplified through a new, state-of-the-art destination facility in the community. The design of the building is organized around a central atrium space that will bring daylight and connectivity to the heart of the building. The building is established with a six-storey podium that reflects the scale of neighbouring properties and reinforces the streetscape. The upper levels are set back and creates an opportunity for landscape terraces that reflect Vancouver’s natural environment and China Creek Park. The building’s façade is carved into three main green spaces: a covered entry off Foley Street, a new public plaza along Great Northern Way, and a northwest corner enhanced with view of Downtown Vancouver and the North Shore Mountains. The public realm along Great Northern Way will be enhanced and activated with a new public plaza with opportunities for a café and outdoor seating, and lush planting along the eastern edge to reflect the legacy of China Creek. ”

This application is being considered under the False Creek Flats Plan.

The architect for the project is Morphosis Architects, in partnership with Francl Architecture.

August 7, 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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