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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

Plan Emerges for Revelopment of 21-Acre Langara Gardens Site

The Planning Policy Statement for Langara Gardens has been released for consideration by Vancouver City Council. The 20.8 acre site was acquired by Peterson Group in 2009. Peterson later partnered with Concert Properties in 2015, after which a formal planning effort to redevelop the site with City of Vancouver planning got underway, with open houses and town hall meetings over the next two years.

Langara Gardens is located west of Cambie Street between 54th and 57th Avenues and was initially developed as a rental apartment property, with three towers and later a fourth tower in the 1980s. The site is currently improved with 605 apartment units and some retail space and is built to a fairly low density equivalent to a single family zoning (approx. 0.78 FSR). A large majority of the site is currently built as lowrise townhouses which is the focus of the redevelopment effort. The existing rental towers will be maintained.

The site at Pearson Dogwood, directly south, is proposed for the same density and will get underway with rezoning of the first phase shortly.

The vision for the property has included retention of the four existing apartment highrises while adding new residential buildings and various new services and amenities. “Langara Gardens will continue to be primarily residential, with a mix of housing opportunities for a variety of households, ages and income levels. A key element of the planning program is to maintain or replace the 605 existing rental housing units on a one-for-one basis.”

Details of the policy statement which will guide future rezoning applications for the site include:

  • a maximum overall site density of 2.80 FSR (on gross site area);
  • a total of 2,540,000 SF of development (about 2,100 units total);
  • 11 towers (including existing four towers to be retained);
  • All 605 existing rental units retained or replaced;
  • Building heights from 3 to 28-storeys;
  • 20% of net new floor area as affordable housing (approx. 430 units);
  • Redesign and upgrade of existing retail space (approx. 25,000 SF);
  • A new 69-space childcare facility;
  • A new 1-acre City-owned park;
  • A financial contribution towards a potential future station at 57th Ave;
  • A community amenity contribution(s) to be determined/negotiated.

Park and Open Space Concept

Building Heights

The next step will be a site specific rezoning that will include further details such as exact units counts and building layout and design.

Full details on the planning policy statement can be viewed here: http://council.vancouver.ca/20180313/documents/p1.pdf 

March 7, 2018by david.taylor@colliers.com
Apartment, Development, Office

SOLD: 3680 East Hastings Street, Vancouver

We are pleased to announce the completion of sale of Pacific Professional Centre, 3680 East Hastings Street, Vancouver, B.C. The 34,000 SF office building is located on a 14,000 SF C-2C zoned corner site. Nearly fully leased, the Property presents an optimal mix of potential income growth, coupled with future redevelopment potential under the City’s Rental 100 rezoning policy for rental apartments.

March 7, 2018by david.taylor@colliers.com
Development, Office, Retail

4-Storey Mixed-Use Building Proposed for Kerrisdale

A development application has been submitted for a site on West 41st Avenue in Kerrisdale, just West of East Boulevard. The site at 2074 West 41st Avenue is currently improved with an older 2-storey retail and apartment building. 

The plan for redevelopment of the 13,100 SF C-2 zoned site is a new four-storey concrete mixed-use building, consisting of:

  • Retail on the ground floor;
  • Offices on the 2nd and 3rd floors;
  • A 7-room hotel on the 4th floor;
  • A total density of 2.50 FSR;
  • A common garden and green roof on the rooftop level;
  • three levels of underground parking having vehicular access from the lane.

The application describes the design rationale: “The architecture is classic, in recognition of the history of Kerrisdale and its image as an upscale community. The building is generally symmetrical. The exterior materials include manufactured stone facing, metal windows, architectural detailing and a masonry balustrade on the fourth level patio facing West 41st. Canvas awnings above the first level retail add interest and delight.”

The site was sold to Canada Golden Land Holdings in 2016 for $18,000,000.

The architect for the project is Rositch Hemphill Architects.

March 7, 2018by david.taylor@colliers.com
Development, Office, Retail

New Mixed-Use Development Slated for Central Lonsdale Site

Rezoning and OCP amendment applications have been submitted for the Northmount Medical Centre site, located at 123-145 East 13th Street in the Central Lonsdale area of North Vancouver. The site is directly across the street from Onni’s recently completed Centreview project, and just East of Wesgroup’s The Prescott, completed a few years ago.

The one acre site, currently improved with two older medical office buildings, one at 4-storeys and the other at 9-storeys, sold in 2017 to the Millenium Development for $43,500,000. The site is one of only a handful that will allow taller buildings in the Central Lonsdale area.

The proposed redevelopment includes:

  • an 18-storey tower on the Eastern side of the site;
  • a 7-storey midrise on the Western side;
  • 162 residential units;
  • 1 studio, 61 one-bedrooms; 53 two-bedrooms and 34 three-bedrooms;
  • 18,331 SF of ground floor retail;
  • 31,718 SF of office space on the 2nd and 3rd floors;
  • a total density of 4.95 FSR;
  • a total building height of 187 feet;
  • 279 underground parking stalls;
  • a total community benefits package of $6.4 Million.

The architect for the project is Chris Dikeakos.

 

March 5, 2018by david.taylor@colliers.com
Apartment, Development

77-Unit Rental Building Planned for East Van Site

Another rezoning application has been filed under the increasingly well-known Affordable Housing Choices Interim Policy. This one is for a seven-lot, full block land assembly on the East side of Renfrew Street, between East Georgia Street and Adanac Street. The full land assembly totals 25,816 SF.

The proposal is for a five-storey mixed-use building, consisting of:

    • 77 rental apartment units;
    • 56 one-bedrooms, 9 two-bedrooms & 12 3-bedrooms;
    • 7,868 SF of retail space along Renfrew;
    • a total density of 2.96 FSR;
    • a five-storey building height of 58 ft.; and
    • 81 underground parking spaces over two levels.

The application describes the design rationale: “Our concept proposes typical setbacks for Mixed-Use buildings in the City of Vancouver, with approporiate stepping from the lane in consideration of existing dwellings. The commercial uses are setback 2’0” from Renfrew Street, and the townhouses are setback 7-0” from Georgia Street. We designed a 12’-0” setback from the lane to the townhouses comprised entirely of landscaped terraces which will significantly improve the current condition of the lane.

At the third and fourth storeys, the building maintains a 25’-0” setback from the lane, which increases to 40’0” at L5-6. Above L4, we have setback the residential uses 2.5m from the property line, and created street facing patios for residents.

On Level 5, a common rooftop patio amenity has been proposed for residents of the building. We have taken steps to address privacy and overlook issues at the shared amenity, while providing a welcoming and pleasant space for residents. The rooftop is partially occupied with urban agriculture, taking advantage of the solar exposure to provide a practical and sustainable amenity for residents.”

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

The site sold in June 2017 for $15,970,000, or $209 per buildable SF based on the application.

The architect for the project is GBL Architects.

March 1, 2018by 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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