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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Apartment, Development

38 Rental Units Planned for Grandview Woodland Site

A rezoning application has been submitted for a 4-lot land assembly at 1535-1557 Grant Street in the Grandview Woodland area of East Vancouver. The plan calls to rezone the 13,060 SF site from RM-4N to allow a 6-storey residential building over one level of underground praking and includes:

    • 38 secured rental housing units;
    • 22 one-bedrooms, 8 two-bedrooms & 8 three-bedrooms;
    • a total density of 2.25 FSR;
    • a building height of 63.6 ft; and
    • 23 parking spaces (including one care share).

This application is being considered under the Grandview-Woodland Community Plan.

The architect for the project is Stuart Howard Architects.

June 22, 2018by david.taylor@colliers.com
Development

438-Room Hotel Planned for West Broadway

A rezoning application has been submitted to the City of Vancouver to rezone the site at 878-898 West Broadway, between Laurel Street and Willow Street, currently improved with an older 117-room 7-storey hotel Park Inn & Suites, which was built in 1965. The owner of the property is Dingye Property Group Ltd.

The proposal consists of the construction of two high-rise hotel buildings (13 and 11 storey, respectively) including a mixed-use podium, to be comprised of:

    • 28,839 SF of retail use at grade;
    • 438 hotel units (258 short-term and 180 long-term stay);
    • a proposed density of 8.38 FSR;
    • a building height of 142 ft; and
    • 485 underground car parking spaces, 35 bicycle spaces, and on-site loading.

The application describes the rationale for the project: “The existing structures on the site represent an underutilization of land for this strategic location. With the expansion of the Vancouver General Hospital and the more recent announcements regarding an expansion of a rapid transit line along the Broadway Corridor, the timing for the rezoning of the site to build on the demand for new retail and hotel uses in the area is now.”

The rezoning is being considered under the Metro Core Job and Economy Land Use Plan.

The architect for the project is Arno Matis Architecture.

The full rezoning application can be viewed here: http://rezoning.vancouver.ca/applications/878wbroadway/index.htm

June 22, 2018by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

Mixed-Use Development Planned for 4.9 Acre Richmond Site

A formal rezoning application has been submitted to the City of Richmond for permission to develop the project called “Atmosphere” at the corner of No. 3 Road and Alderbridge, across from Lansdowne Shopping Centre. The developer is South Street Development Group.

The 4.9 acre site at 7960 Alderbridge Way and 5333 & 5411 No.3 Road is in the City Centre High Density Mixed Use (Urban Centre T6) designation area of Richmond’s City Centre plan and allows for rezoning for residential and commercial uses.

The project envisions a podium and tower form of development with three levels of below grade parking, ground level commercial, one office tower and six residential towers.

Full details of the rezoning application include:

  • a total of 872,585 SF;
  • 824 residential units;
    • 674 condos;
    • 112 market rental units;
    • 38 affordable housing units;
  • 71,163 SF of retail space;
  • 129,172 SF of office space;
  • a total density of 3.89 FAR;
  • improvements to No. 3 Road & Alderbridge.
  • a new North-South Road.
  • 1,161 parking spaces.

The site sold in September 2017 for $113,000,000, or $130 per buildable SF based on gbl arthe application.

The architect for the project is GBL Architects, and the marketing company is Magnum Projects.

June 22, 2018by david.taylor@colliers.com
Apartment, Development, Office, Retail

2.3 Million SF Mixed Use “North Shore Innovation District” Planned

Darwin Properties, in conjunction with the Tsleil-Waututh Nation have submitted a rezoning application to the District of North Vancouver for the “North Shore Innovation District”, a 45-acre site located on Dollarton Highway.

Details can be viewed on the project’s website: https://www.darwinconstruction.ca/nsidlands

The site is currently vacant and treed, save for the Canadian International College property (also part of the proposal) which has been leased by Capilano University for student housing.

Darwin’s ambitious vision for the property is a mixed-used “innovation district” which includes a mix of light industrial commercial, institutional, recreational and residential uses concentrated within a compact employment hub to co-locate people and jobs. The proposal is in keeping with the Official Community Plan and the Maplewood Village Centre and Innovation District Implementation Plan and Design and Guidelines which was passed by council earlier this year.

Details of the proposed rezoning include:

  • 18 buildings ranging in height from 2 to 8-storeys;
  • 1,424,905 SF of employment floor space;
  • 713,544 SF of residential floor space;
  • 680 rental units (450 affordable & 230 market);
  • 220 condo units with discount to site employees;
  • 200,000 SF of student/faculty housing;
  • 56,295 SF of hotel space;
  • 73,459 SF of live-work space;
  • child care space;
  • a 52,000 SF central plaza;
  • a new Berkley Road connector linking Dollarton and Mount Seymour Parkway;
  • a maximum density of 1.1 FAR;
  • a new 1.17 acre “Hillside Park”;
  • 6.5 kms of multi-use trails;
  • a $7.5 Million CAC in addition to offsite improvements and DCC’s.

The application describes the site layout: “The project includes two specific character areas with different uses which generally align with the OCP designations: the “Upper Bench” and the “District Heart” as shown on the map below. The District Heart and the Upper Bench are divided by the Berkley Road and Internal Road A alignments. The central part of the site is anchored by a public plaza, surrounded by industrial, office and retail uses. A new creek channel for the existing seasonal watercourses runs north/south through the site and divides the site into east and west portions.”

Upper Bench
The “Upper Bench” or northern portion of the site is proposed to include mixed-use residential with commercial/ industrial buildings and live-work units at grade.

District Heart
The “District Heart” is the primary site for employment uses within the Maplewood Innovation District. It is located on the south portion ofthe site immediately north of Dollarton Highway across form the Maplewood Conservation Area and east of Berkley Road.

Central Plaza
The central plaza is the focus of the public realm and is designed to be programmed for a variety of events, activities, and seasonal uses such as a water play park in summer, outdoor skating in the winter, and opportunities for concerts, markets, and festivals. Industrial uses and retail use at-grade provide vibrancy to the public space and help attract a wide range of people.

The project will be built in a number of phases with a minimum of 50% of the employment space being in the first phase.

June 21, 2018by david.taylor@colliers.com
Apartment, Development

4-Storey Rental Laneway Building Proposed for West End

A development permit application has been filed for new laneway housing in the West End. The proposal is for an existing 10-storey apartment building located on a 99 ft. lot at 1160 Broughton Street. The laneway was given the name See-em-ia Lane by the City in 2017 as part of a project to name all of the West End’s laneways.

The site is zoned RM-5, which was amended as part of the West End Community Plan to allow for infill development on an under-utilized lane frontage.

The proposal is for a new 4-storey laneway stacked townhouse building that includes:

  • 6 new market rental units;
  • 3 two-bedroom units and 3 three-bedrooms units;
  • new density equal to 0.51 FSR (6,623 SF);
  • a proposed height of 43.3 ft.;
  • a roof deck; and 
  • retention of the existing building with alterations to the underground and surface parking and landscaping, with:
  • a total proposed density of 3.93 FSR;
  • 26 proposed parking spaces, having vehicular access from the lane.

LANE.jpg

Under the site’s existing RM-5 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 MA+HG Architects.

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June 19, 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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