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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, Office, Retail

First Phase of Oakridge Redevelopment to Include Two Towers, 504 Units

A development application has been submitted for the first phase of the Oakridge Centre redevelopment, for which the overall development plan was approved earlier this year. 

The first phase will consist of two towers (Towers 3 and 4), and a portion of the future park. Details include:

  • one 32-storey tower (Building 3) and one 42-storey tower (Building 4)
  • 504 market condo units;
  • 212 one-bedrooms, 260 two-bedrooms & 32 three-bedroom units;
  • a podium containing retail/office Uses (Levels P1 – 6);
  • 173,113 SF of office space in Building 3;
  • all over three levels of underground parking;
  • a portion of the future 9-acre Park;
  • a total density of 0.74 FSR;
  • a maximum geodetic building height of 189.38 m for Building 3, and 217.28 m for Building 4.

The application describes the design rationale: 

“Skin & Bones Concept
The metaphor of skin and bone is the ordering principle for the Architectural Tectonic. It is born from the idea of draping the Mall with a landscaped Park. The act of wrapping or revealing becomes architecturally significant when defining the relationship between the landscape and buildings, as an approach to breakdown the mass of the buildings, as a passive solar strategy to have the buildings respond to their environment, and for providing wayfinding and programmatic identity.

Skin as Veil
Expanding upon the skin & bones concept, the skin is treated like a fine light fabric that wraps the buildings in a unifying veil. It is both delicate and protective, and is expressed architecturally as a plane of Curtain Wall that extends past the building itself in vertical and horizontal fly-bys. The Curtain wall design is reduced to its essence of transparent glass using 4 sided SSG, grey sealant and gaskets, light colored shadow boxes and only horizontal spandrel. The extent of the wrapping of the veil is related to the buildings orientation, as the veil opens toward the light, allowing the deep recessed terracing of the bones to shade the spaces within.”

The architect for the project is Henriquez Partners Architecture.

August 23, 2018by david.taylor@colliers.com
Condo, Development, Retail

37 Family-Oriented Units Proposed for Strathcona Site

A rezoning application has been submitted for a 25,265 SF site at 1102-1138 East Georgia Street in East Vancouver, which is currently improved with four older lowrise industrial buildings. The site is currently zoned I-2 Industrial, but the area falls within the Downtown Eastside Community Plan, allowing a mix of uses, including residential. Allowable density in the neighbourhood has been identified for up to 2.50 FSR for mixed-use proposals in the I-2 zone through a rezoning.

The proposal is for a 4-storey mixed-use family-oriented development, including:

    • 37 residential units (20% are social housing);
    • 2 studios, 4 one-bedrooms, 1 two-bedroom & 30 three-bedrooms;
    • a total density of 2.50 FSR; and
    • 16,145 of creative/production/retail space on the ground floor.

The application describes the design rationale: “The proposed development massing steps down from the western edge of the site at the intersection of Glen and East Georgia towards the adjacent RT-3 zoned homes to the east, providing an appropriate transition in scale in the context of the neighbourhood. The massing is in keeping with the eclectic mixed-use community of Kiwassa East and through this form enhances the diversity of housing and commercial opportunities.”

The housing partner for the project is ANHART Foundation.

This application is being considered under the Downtown Eastside Community Plan.

The architect for the project is Ekistics Architecture.

August 17, 2018by david.taylor@colliers.com
Development

SOLD: 568-584 West 24th Avenue

We are pleased to announce the sale of this five-lot, 21,500 SF townhouse land assembly in the Cambie Corridor Phase 3 area. The lots will be pre-zoned for townhouse use this fall as the next stage of the Cambie Corridor Plan. Please contact us for further details!

SOLD BRO 568-592 West 24th Ave

 

 

August 2, 2018by david.taylor@colliers.com
Condo, Development

398 Lowrise Units Planned for Burquitlam Site

Strand Development has submitted a rezoning application fora 3.5 acre site comprised of 14 single family lots and a motel in the 700 Block of Clarke Road in the Burquitlam area of Coquitlam. The proposal calls to rezone from the existing single family and commercial zoning to RM-3 to allow a new condo development under the Burquitlam-Lougheed Neighbourhood Plan, in which the site is designated for Medium Density Multi-family residential.

The site was sold by Morgan Iannone and Casey Weeks of Colliers in 2017.

The proposed plan is for three 6-storey condo buildings that include:

  • 398 units;
  • 94 one-bedrooms, 246 two-bedrooms & 58 three-bedrooms;
  • a total density of 2.30 FAR;
  • 29,848 SF of amenity space;
  • 584 underground parking spaces on two levels.

The architect for the project is Rositch Hemphill Architects.

August 2, 2018by david.taylor@colliers.com
Apartment, Development, Retail

Market Rental Building Planned for Fraser & 22nd

Strand Development has submitted a rezoning application for an assembly of five single family lots totaling 32,198 SF on Fraser Street between East 22nd and East 23rd Avenues in East Vancouver.

The site at 686 East 22nd Avenue, 3811-3833 Fraser Street & 679 East 23rd Avenue is currently zoned RT-2. The rezoning proposal consists of a 6-storey mixed-use building and includes:

  • 121 market rental units;
  • 10 studios, 60 one-bedrooms, 35 two-bedrooms & 16 three/four-bedrooms;
  • 10,818 SF of retail space at grade;
  • a density of 3.28 FSR;
  • a building height of 71 ft.;
  • two levels of underground parking with 108 parking spaces; and
  • 159 bicycle spaces.

The application is being considered under the Affordable Housing Choices Interim Rezoning Policy.

The architect for the project is Integra Architecture.

August 1, 2018by 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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