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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

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
Apartment, Development, Retail

104-Unit Rental Building Proposed for Fraser & 19th

Rize Alliance has submitted a rezoning application for a site at the corner of Fraser Street and East 19th Avenue in East Vancouver. The site, currently zoned C-2, is currently developed with an older 2-storey commercial building and a parking lot. 

The proposal calls for a new 6-storey rental building, including:

    • 104 market rental units;
      • 33 studios, 32 one-bedrooms, 28 two-bedrooms & 11 three-bedrooms;
    • 13,027 SF of retail space;
    • a total density of 3.43 FSR;
    • a building height of 71 ft.; and
    • 112 underground parking spaces and 213 bicycle spaces.

This application is being considered under the Secured Market Rental Housing (Rental 100) Policy.

The architect for the project is Yamamoto Architecture.

February 22, 2019by david.taylor@colliers.com
Development, Office, Retail

New Retail & Office Building Planned for 950 Granville Street

A development application has been submitted by Bonnis Properties for 950 Granville Street, a 21,000 SF site (consolidated as 950, 958 and 968 Granville Street) that is currently built out as a retail building. 

The proposal calls for a new 4-storey, commercial building with 3 levels of underground parking, including:

  • 54,000 SF of retail space;
  • 4 ground level CRU’s and 35,000 SF of retail on 2nd and 3rd floors;
  • 18,321 SF of office space on the 4th floor;
  • a total density of 3.38 FSR;
  • 95% site coverage;
  • 102 underground parking stalls on three levels.

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

February 20, 2019by david.taylor@colliers.com
Condo, Development

Development Application Submitted for 70-Unit Lowrise at Cambie Gardens

Onni has submitted the development application for the fourth building at Cambie Gardens. The site, called Parcel E within the Master Plan, is located at 559 West 59th Avenue, within the second phase of the overall site, and is bounded by the Residential Complex Care facility on the north, West 59th Ave. to the south, Internal Street 2 to the east and the north / south Pedestrian Connector to the west. 

The plan for Parcel E is a 6-storey building that includes:

    • 70 condo units;
      • 1 studio, 30 one-bedrooms, 19 two-bedrooms & 20 three-bedrooms;
    • an approximate height of 73 ft.;
    • three levels of underground parking providing a total of 122 parking spaces having vehicular access from a new interior street.

Under the site’s existing CD-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 IBI Group.

February 20, 2019by david.taylor@colliers.com
Condo, Development, Retail

49-Unit Building Planned for Main & East 4th Site

PortLiving has submitted a rezoning application for 1940 Main Street, a 17,424 SF site at the Northeast corner of Main Street and East 4th Avenue in Mount Pleasant.

The site, currently improved as “ABC Tireland”, is zoned IC-2 but can be rezoned per the Mount Pleasant Community Plan.

This is the second project for PortLiving on Main, with a 65-unit proposed project at Main and East 6th, called Main Street Arts.

The proposal, dubbed “Main Street Arts 2” consists of a 6-storey mixed-use building, including:

  • 49 condo units;
    • 26 studios, 4 one-bedrooms, 13 two-bedrooms & 6 three-bedrooms;
  • a 37-space childcare facility;
  • 9,677 SF of ground floor retail;
  • 12,178 SF of below grade retail space;
  • a total density of 3.0 FSR;
  • a building height of 72 ft.; and
  • 112 underground parking spaces and 77 bicycle spaces.

The application describes the design rationale: “The project is a 6-storey mixed use building. The ground floor along the Main Street frontage proposes a series of retail spaces that reinforce a scale of walking and shopping with high-quality storefront, weather protection, and floorfloor heights that can accommodate a variety of uses over
time.

There is also lower retail space connected to ground floorwith stairs, floor openings, passenger elevator and skylights to create visual connections with pedestrians along Main St.

The ground floor is pulled back from the south-west corner of the site to create a partially covered public plaza with seating on a sunny corner. A public elevator which frames the plaza along East 4th Ave will provide access to belowgrade retail parking and childcare above.

East 4th Avenue is fronted by retail units and the residential entry lobby. The second to sixth floors are market housing including a significant number of family units. A group
Childcare facility is proposed on the second floor with access from below-grade parking and ground floor plaza via elevator directly off East 4th Ave.”

This rezoning application is being considered under the Mount Pleasant Community Plan and Implementation Strategy.

The architect for the project is Formosis Architecture (formerly Studio B Architects).

February 19, 2019by david.taylor@colliers.com
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First Capital REIT --> Choice Properties REIT and Kingsett Capital are teaming up to acquire the Canadian real estate company in a deal valued at over $9 billion, including assumed debt. Choice Properties will acquire roughly five billion dollars worth of shopping centres, while

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West Vancouver condo project in receivership, causing 'heartbreak' in Dundarave

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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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