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, Retail

47 Rental Units Planned for East Hastings Site

In what seems like a weekly occurrence, another Rental 100 rezoning application has been made for a site on East Hastings Street in East Vancouver.

This rezoning application is for a 12,080 SF site at 2601-2619 East Hastings Street, at the corner of Hastings and Penticton Street. The site is currently improved with lowrise commercial and is zoned C-2C. The proposal is for a 6-storey mixed-use building, consisting of:

    • 47 secured market rental units;
    • 8 studios, 23 one-bedrooms, 12 two bedrooms & 4 three-bedrooms;
    • 6,281 SF of retail space at grade;
    • a total density of 3.75 FSR;
    • a building height of 71 ft.; and
    • 42 underground parking spaces.

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

March 22, 2018by david.taylor@colliers.com
Apartment, Development

411 Units Planned for Lynn Valley Site

Mosaic Homes has filed a rezoning application for the site they own in Lynn Valley Town Centre known as Emery Place, a 5.1 acre site that is currently improved with a 61-unit apartment complex. 

The site is designated within the District of North Vancouver’s Official Community Plan as Residential Level 6: Medium Density Apartment which allows density up to 2.50 FSR.

The proposed redevelopment of the site includes:

  • Four buildings (Two 12-storey concrete midrises and two woodframe lowrises);
  • Townhouses;
  • 411 total units (84 rental units & 327 strata units);
  • 109 one-bedrooms, 165 two-bedrooms, 132 three-bedrooms and 5 four-bedrooms;
  • A total density of 2.17 FSR;
  • Four phases:
    • Phase One: 6-storey, 87-unit rental building (incl. 23 non-market rental)
    • Phase Two: Two 12-storey concrete buildings with 220 strata units
    • Phase Three: 64 townhouses in six buildings
    • Phase Four: A 5-storey, 61-unit woodframe strata building
  • A total of 619 parking spaces;
  • An extension of Emery Place Road to align with envisioned road network;
  • New pathway to Kirkstone Park and improvement to trails;
  • A CAC of $11,900,000 paid in four phases.

It is expected that the entire project would be completed by 2024.

Mosaic acquired the site in 2016 for $39,550,000.

The architect for the project is Ramsay Worden.

March 16, 2018by david.taylor@colliers.com
Apartment, Development, Retail

Another Passive House Rental Building Planned for Hastings Heights

Another Rental 100 rezoning application has been submitted in East Vancouver on East Hastings. This is the second passive house multifamily rezoning application, just West of 8th Avenue Development Group’s “The Heights” project, an 85-unit project just completed at the corner of East Hastings and Skeena.

This application for 3435 East Hastings Street, between Cassiar and Skeena Street calls to rezone the 11,366 SF mid-block subject site from C-2C1 to permit the development of a 6-storey rental residential building. The proposal includes:

    • 45 secured market rental units;
    • 13 studios, 16 one-bedrooms, 10 two-bedrooms & 6 three-bedrooms;
    • 2,712 SF of retail space at grade;
    • a density of 3.14 FSR;
    • a building height of 68 ft.; and
    • 28 underground parking spaces.

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

The architect for the project is Cornerstone Architecture.

March 15, 2018by david.taylor@colliers.com
Apartment, Development, Retail

Plan for Harry Jerome Site Includes Two Towers, 784 Units

A rezoning application has been submitted for the Harry Jerome Neighbourhood Lands, a 24 acre site at Lonsdale and 23rd in the Central Lonsdale area of North Vancouver. 

The City of North Vancouver sold the site to Darwin Properties in 2017 on a 99-year leasehold basis as part of an RFP related to a larger scheme to build a new Harry Jerome Rec Centre across the street. The City will use the proceeds from the lease to fund the construction.

After public consultation in late 2017, the rezoning application for the site is now moving foward to allow mid-rise multi-family and commercial uses and activities contributing to a pedestrian-scale village feel. Details include:

  • Two 26-storey towers and four mid-rise buildings;
  • 784 total units including strata and rental;
  • 30 studios, 371 one-bedrooms, 340 two-bedrooms & 43 three-bedrooms;
  • 21,400 SF of retail space;
  • A total density of 2.28 FSR;
  • Maximum tower heights of 243 feet;
  • 829 parking stalls;
  • A new 1.0 hectare public park stretching along Lonsdale from 21st to 23rd. 

There is also an alternate option which includes a taller tower, up to 32-storeys, and up to 840 total units for the site. Council will decide on whether to proceed with processing the currently presented option.

The architect and planner for the project is Perkins + Will.

March 9, 2018by david.taylor@colliers.com
Development

150-Unit Townhouses Planned for North Van Land Assembly

Citimark and Woodbridge Properties have filed a rezoning and OCP amendment application for a sixteen lot land assembly in the Lions Gate Town Centre Area (formerly known as Lower Capilano Village).

The lots are located around a cul-de-sac at 1944 and 1976 Fullerton Avenue, 1963-1985 Sandown Place and 2028-2067 Glenaire Drive, and with the closure of some portion of Glenaire Drive, totals 3.36 acres.

The development plan, entitled Lions Gate Townhomes, includes:

  • 150 townhouses in 12 buildings
  • 30 one-bedrooms, 50 two-bedrooms, 40 three-bedrooms & 30 four-bedrooms;
  • a total density of 1.15 FSR;
  • 242 underground parking stalls;
  • a $575,178 community amenity contribution;

The project is slated to be built in three phases. 

 

The architect for the project is Cicozzi Architecture.

March 8, 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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