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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

Onni’s Gilmore Place to Include 37-Storey Office Tower

Onni has submitted a rezoning application to the City of Burnaby for the office tower component of their 12.2 acre Gilmore Place development, now in site clearing for Phase 1 which includes three residential towers.

The office building component is located in Phase 2 of the project, on the Southern portion of the site adjacent the Gilmore Skytrain Station and along Dawson Street. In addition to the office tower, Phase 2 will include two residential highrises fronting Dawson Street (to be submitted as future rezoning applications).

The proposed office building includes:

  • a 37-storey office tower;
  • a 3-storey commercial podium;
  • 695,614 SF of office space;
  • approx. 20,000 SF floorplates;
  • a total density of 7.10 FAR (in Phase 2);
  • 1,453 underground parking spaces (for Phases 1, 2 & 3)
  • a projected occupancy date of Q2 2024.

May 24, 2019by david.taylor@colliers.com
Condo, Development

27-Unit Building Planned for Nanaimo Street

A development application has been submitted for a 12,422 SF, three lot land assembly on Nanaimo Street near Kingsway (at Galt Street) in East Vancouver. The proposal consists of a 4-storey building, including:

  • 27 condo units;
  • a total density of 1.97 FSR;
  • a building height of 44.95 ft.;
  • two levels of underground parking providing a total of 33 parking spaces having vehicular access from the lane.

The building is split level and so the elevator will have two doors.

Under the site’s existing RM-9AN 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 Matthew Cheng.

May 24, 2019by david.taylor@colliers.com
Apartment, Development

Infill Rental Tower Proposed for West Van Apartment Property

A rezoning application has been submitted to add rental apartments to an existing rental apartment property at 1552 Esquimalt Avenue in West Vancouver. Ambleside Towers is a 21-storey, 185 unit concrete highrise built in 1970 on a nearly two acre site. The plan calls for the addition of new rental units on the underutilized Western portion of the site.

The application was initially made in 2016 but put on hold as part of West Vancouver’s revised OCP process. The proposal was brought forward again in late 2018 and now seek public input.

The proposal includes the following:

  • a new 17-storey rental apartment tower;
  • 131 rental units (including 20 ground oriented units)
    • 16 studios, 60 one-bedrooms, 54 two-bedrooms & 1 three-bedroom unit;
  • a total combined site density of 2.99 FAR;
  • a total building height of 170 ft.;
  • 83 new parking spaces (for a total on site of 208)

The architect for the project is Buttjes Architecture.

May 10, 2019by david.taylor@colliers.com
Development, Office

Office Building Proposed for West 2nd Avenue

Strand Developments has applied to the City of Vancouver for permission to develop an 18,772 SF site at the corner of West 2nd Avenue and Alberta Street in the Olympic Village area. The site at 302 West 2nd Avenue is zoned I-1 in the Mount Pleasant Industrial Zone.

The proposal is for a 4-storey building with manufacturing uses on the ground floor and office space above. Details include:

  • 18,772 SF of manufacturing space;
  • 37,545 SF of office space;
  • a total density of 3.0 FSR;
  • a building height of 60 ft.;
  • three levels of underground parking (74 stalls) having access from the lane.
    •  

Under the site’s existing I-1 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 MCMP.

The full development application can be viewed here: https://development.vancouver.ca/pc302w2nd/index.htm

Strand acquired the site in 2015 for $11,250,000, or $200 per buildable SF based on the application.

May 8, 2019by david.taylor@colliers.com
Development, Office

4-Storey Commercial Building Latest Proposal for Mount Pleasant

Rendition Development has submitted a development application to the City of Vancouver for permission to develop a site at the Northwest corner of West 5th Avenue and Columbia Street in Mount Pleasant. The site is currently improved with a vacant commercial building and is zoned I-1. It is the latest in a string of commercial development applications for the area.

The plan for the site is a 4-storey commercial building that includes the following:

  • manufacturing uses on the 1st and 2nd floors;
  • office uses on the 3rd and 4th floors
  • a total density of 3.0 FSR;
  • an overall height of approximately 60.00 ft.; and
  • providing a total of 30 parking spaces.

Under the site ’s existing I-1 zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning.

Rendition acquired the site along with an adjacent parcel across the lane for $10,600,000 in 2018.

The architect for the project is Mallen Gowing Berzins Architecture, Inc.

May 8, 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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