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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Development, Office, Retail

7-Storey Building Planned for Railtown Site

A development application has been submitted by PortLiving for ‘Railtown Station’, a project at 711 Alexander Street, a triangular shaped site in Railtown totaling 11,438 SF in size. The site is bounded by CP railway tracks to the North and the Heatley Avenue overpass to the West.

Plans for the site include a new 7-storey light manufacturing, office, mixed use building including:

  • 48,238 SF of manufacturing space;
  • 5,380 SF of office space;
  • 3,572 SF of retail space;
  • A total density of 5.0 FSR;
  • A proposed height of 104 ft.; and
  • Three levels of underground parking providing 56 parking spaces having vehicular access from Heatley Avenue.

Under the site’s existing M-2 zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning.

The project had been pre-leasing through Avison Young under a previous design plan for the site:

The architect for the project is Formosis Architecture.

The site was acquired by PortLiving in 2017 for $5,100,000 or $89 per buildable SF based on the application.

August 19, 2019by david.taylor@colliers.com
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
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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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