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

50-Unit Building Planned for South Granville Site

Anthem Properties has submitted a development application for permission to redevelop a 19,700 SF site on south side of West 6th Avenue between Granville and Fir Streets in the Burrard Slopes/South Granville area. The site is currently improved with four older commercial buildings.

The plan for 1558 West 6th Avenue includes a new 11-storey condo building including:

  • 50 condo units;
    • 1 studio, 9 one-bedrooms, 24 two-bedrooms & 16 three-bedroom units;
  • a building height of 100 ft.
  • a total density of 3.3 FSR;
  • 78 parking spaces on two levels of underground parking.

The application describes the design rationale: “The project brings a high standard of livability to Burrard Slopes, and further enhances the area as an attractive, cohesive and primarily residential neighbourhood. It consists of 50 residential units organised within a single mass which combines a tower with low-rise elements. The western half of the site is occupied by 7 dual-aspect 3 storey townhomes, which share a common
courtyard. The remainder of the site features a 7 storey tower over 4 storey podium including townhomes at street level. Most suite types are 2 and 3 bed suites. Parking and bicycle storage is contained in an underground parkade accessed from the side
lane.”

Under the site’s existing C 3-A zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Development Permit Board.

The architect for the project is Office of Macfarlane Biggar Architects + Designers.

March 7, 2019by david.taylor@colliers.com
Condo, Development, Retail

51-Unit Condo Building Slated for West 49th Site

A rezoning application has been submitted by Killarney Enterprises for a three lot land assembly at the Northwest corner of West 49th Avenue and Alberta Street, near Langara College. The site at 319-359 West 49th Avenue totals 21,662 SF.

The proposal consists of a 4-storey mixed-use building that includes:

  • 51 condo units;
    • 10 studios, 25 one-bedrooms, 11 two-bedrooms & 5 three-bedrooms;
  • 8,174 SF of retail space;
  • a total density of 2.24 FSR;
  • an amenity roof deck;
  • a building height of 45 ft.; and
  • two levels of underground parking with 56 vehicle parking spaces, and 72 bicycle spaces.

The application describes the design rationale: “The building massing are compose of blocks stacked vertically, which are differentiates by step setbacks. First block is the ground level, clad by light coloured bricks and commercial storefront. The same brick is use on the side along Alberta Street and wraps around through the residential units at grade along Lane. Residential entry lobby is highlighted with wood grain finish cladding to distinguish from the commercial frontage. Second and Third floor level comprises the mid block. This block is accentuated with square forms that separate unit balconies for privacy. Larger windows were provided on the south and east side of the mid block and smaller residential windows on the north side. Top most level is futher setback to provide a hidden storey to scale down the building mass. Amenity deck is located away from the roof edge, so it will not be visible at road level. Roof deck outdoor amenity creates a more private open space for the unit owners.”

The application is being considered under the Cambie Corridor Plan.

The architect for the project is Matthew Cheng Architects.

February 28, 2019by david.taylor@colliers.com
Apartment, Development

63-Rental Units Proposed for St. Marks Church Site in Kits

Jameson Development Corp. has submitted a rezoning application for the former St. Mark’s Church site in Kitsilano at 1805 Larch Street. The site was sold by Colliers in May 2018 for $11,998,000.

The 150’x 118′ site is currently zoned RT-8. The rezoning proposes to permit the development of a new 5-storey rental residential building, including:

    • 63 rental units with a minimum of 20% of the residential floor area permanently secured for moderate income households;
      • 19 studios, 16 one-bedrooms, 20 two-bedrooms & 8 three-bedrooms;
    • a total density of 2.55 FSR;
    • a building height of 66 ft.; and
    • 56 underground parking spaces and 113 bicycle spaces.

This application is being considered under the Moderate Income Rental Housing Pilot Program (MIRHPP). This policy requires that at least 20% of the residential floor area (of total FSR) is to be made available to households earning between $30,000 & $80,000 per annum. 

The architect for the project is Metric Architecture.

The full rezoning application can be viewed here: https://rezoning.vancouver.ca/applications/1805larchst/index.htm

February 26, 2019by david.taylor@colliers.com
Condo, Development

59-Units Planned for West King Edward Site

A rezoning application has been submitted for a 30,000 SF land assembly at the Southwest corner of West King Edward Avenue and Ash Street in the Cambie Corridor area. The site at 620-644 West King Edward Avenue & 4111 Ash Street is currently zoned RS-1.

The site was assembled by Western Construction in 2016 for $19,230,000, or $351 per buildable SF based on the application.

The proposal consists of two 4-storey residential buildings and one three-storey townhouse building and includes:

  • 59 condo units;
    • 36 one-bedrooms, 14 two-bedrooms and 9 three-bedroom units;
  • a total density of 1.74 FSR;
  • a building height of 49 ft.; and
  • 77 underground parking spaces and 74 bicycle spaces.

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

The architect for the project is WT Leung Architects.

February 26, 2019by david.taylor@colliers.com
Condo, Development

33-Storey Condo Tower Proposed for Former West Georgia Chevron Site

Anthem Properties has submitted their rezoning application for the former Chevron site at 1698 West Georgia Street that they acquired in 2017.

The plan for the 18,955 SF site is a 33-storey residential tower that includes:

  • 127 condo units;
    • 1 studio, 24 one-bedrooms, 71 two-bedrooms & 31 three-bedrooms;
  • a building height of 326 ft.;
  • a total density of 9.39 FSR;
  • 213 vehicle parking spaces and 335 bike stalls.

The application describes the design rationale: “Rising noticeably lower than rest of the upcoming and proposed developments in the neighborhood, our building height at 1698 W Georgia Street respects the descending skyline, moving from downtown Vancouver towards Stanley Park.

The asymmetrical tower top ensures a gradual transition of the skyline along both W Georgia street and Bidwell street, and also brings diversity to the mostly uniform skyline of the neighborhood.

The facade design takes inspiration from the fine textures on the mountain rocks, made by numerous facets and cracks.

Gently twisting in profile, subtly varying in color, the uniquely designed vertical facade fins help break up the monotony and the severity of an all-glass tower and create a dynamic facade that animates the building through different views and angles of sunlight.”

This application is being considered under the West End Community Plan and Rezoning Policy for the West End. 

The architect for the project is internationally renowned Kohn Pedersen Fox in partnership with local architect Chris Dikeakos.

February 25, 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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