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

59 Townhouse Units Proposed for Cambie Phase 3 Site

Intergulf has applied to the City of Vancouver for permission to develop a 7-lot land assembly at 528-592 West 28th Avenue, just West of Cambie Street at the corner of Ash Street. The 48,781 SF site is located in the Cambie Corridor Phase 3 townhouse subarea that was rezoned by the City in 2018.

The plan for the project includes:

  • 59 condo units located in 8 stacked townhouse buildings;
    • 22 one-bedrooms, 22 two-bedrooms & 15 three-bedrooms;
  • a total density of 1.18 FSR;
  • a total building height of approximately 37.68 ft; and
  • one level of underground parking (70 stalls) having vehicular access ramp from rear lane.

Under the site’s existing RM-8A 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 Gateway Architecture.

Intergulf assembled the site in 2017-2018 for a total of $33,113,800, or $563 per buildable SF based on the application.

The full development application can be viewed here: https://development.vancouver.ca/pc528-592w28th/index.htm

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

Latest Moderate Income Rental Application Seeks 87 Units at Renfrew & East 10th Ave

The Molnar Group has submitted a rezoning application for a 6-lot land assembly on Renfrew Street at the Northwest corner of East 10th Avenue. The 24,899 SF site at 2543-2583 Renfrew Street and 2895 East 10th Avenue is proposed for rezoning under the City’s Moderate Income Rental Housing Pilot Program to allow for the development of a 6-storey mixed-use building including:

  • 87 rental apartments;
    • 13 studios, 34 one-bedrooms, 26 two-bedrooms & 14 three-bedrooms;
  • 8,344 SF of retail at grade;
  • a total density of 3.42 FSR;
  • a maximum height of 66.5 ft.
  • 58 underground parking stalls.

The architect for the project is Wensley Architecture.

The Molnar Group has also submitted a separate rezoning application under the MIRHPP for the five lots at the Southwest corner of this same intersection. Together, the project is entitled ‘Renfrew Residences’.

May 3, 2019by david.taylor@colliers.com
Development, Investment, Office

Mixed-Use Project Planned for Main & East 1st

QuadReal and Hungerford Properties have submitted a development application for the former Ralph’s Radio site industrial/commercial project at 220 East 1st Avenue (Main Street & East 1st Avenue).

Proposed is a 10-storey stacked-industrial and office building on the western portion of the site and a 13-storey residential building on the eastern side of the site. This development falls within the False Creek Flats, FC-2 zoning classification. Details include:

  • 215 residential units;
  • 40,370 SF of industrial space on the main and 2nd floors;
  • 81,075 SF of office space;
  • a large rooftop amenity;
  • an Arts Walk seperating the residential and commercial buildings;
  • a total density of 6.5 FSR.

The architect for the project is GBL Architects.

The site was acquired in 2017 for $46,100,000.

May 1, 2019by david.taylor@colliers.com
Condo, Development, Retail

267 Market & Non-Market Units Planned for Two Downtown Eastside Sites

Onni has submitted concurrent rezoning applications for two sites located in the Downtown Eastside Area Plan. The concurrent applications allow Onni to consolidate the 20% social housing requirement of both sites onto one site.

The two sites/applications are summarized as follows:

1220-1298 East Hastings Street

This site is located at the Southwest corner of East Hastings Street and Clark Drive. The proposal for the 31,024 SF M-1 zoned site at 1220-1298 East Hastings Street is to rezone to allow three buildings – two 11-storey condo buildings and an 8-storey social housing building (receiving the social housing requirement from the concurrent application on Raymur Avenue, described below). 

This site sits at the very Eastern edge of the Downtown Eastside Plan, which allows rezoning for larger mixed use projects in this stretch of Hastings Street.

The proposal for the East Hastings site includes: 

  • 152 condo units;
    • 33 one-bedrooms, 102 two-bedrooms & 76 three-bedrooms;
  • 55 social housing units;
    • 38 studios, 11-two bedrooms & 6 three-bedrooms;
  • 9,709 SF of ground floor retail;
  • a total density of 6.0 FSR;
  • max building height of 120 ft.
  • 3 levels of underground parking with 229 vehicle parking spaces and 481 bicycle parking spaces.

The application describes the design rationale: “The proposed development is broken
down into three distinct buildings, each with its own entry lobby, circulation core and facade character. This approach was developed in order to limit the facade length and provide distinct buildings with smaller frontages. Two 12 storey residential market towers are separated by an 8 storey social housing component. The alternating height creates a sawtooth pattern in elevation which corresponds to smaller frontages
which echo the pattern established by the historic portion of Hastings Street. The towers are 80’ apart from each other and the west tower is 40’ from PL and 80’ from the flat-iron site to the west of the site. Each of the tower volumes is further broken down, to emphasize the verticality and slenderness and to reduce the scale of the streetscape elements. The mid-rise portions of the buildings are shifted to align with the northern face of the ground level retail. This establishes a strong street wall while creating south-facing outdoor space on top of the ground level podium that is sheltered from the East Hastings and Clark frontages.”


560 Raymur Avenue

The concurrent application is for a smaller site on the East side of Raymur Avenue, just South of East Hastings Street. The proposal for this I-2 zoned site is a 5-storey market housing building, and includes:

  • 59 condo units;
    • 39 two-bedrooms & 20 three-bedrooms;
  • a total density of 2.94 FSR;
  • a building height of 69.55 ft.;
  • ground level manufacturing space
  • 2 levels of underground parking with 97 vehicle parking spaces and 154 bicycle parking space.

Both applications are being considered under the Downtown Eastside Area Plan and the Rezoning Policy for the Downtown Eastside.

The architect for both applications is Yamamoto Architecture.

April 29, 2019by david.taylor@colliers.com
Condo, Development

68-Unit Condo Building Planned for Joyce Collingwood

A rezoning application has been submitted by Nexst Properties for a 5-lot land assembly in the Joyce Collingwood area of East Vancouver. The site at 3235-3261 Clive Avenue is currently improved with five single family lots.

The proposal consists of a 6-storey residential building and five ground-oriented townhouses fronting Clive Avenue, including:

  • 68 condo units;
    • 2 studios, 42 one-bedrooms, 33 two-bedrooms & 11 three-bedrooms;
  • a total density of 2.25 FSR;
  • a maximum building height of 69 ft.;
  • 68 underground parking spaces and 138 bicycle spaces.

This rezoning application is being considered under the Joyce-Collingwood Station Precinct Plan. 

The architect for the project is DYS Architecture.

The site was acquired in 2017 for $14,100,000 or $279 per buildable SF based on the application.

April 26, 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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