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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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Development

21-Unit Townhouse Development Proposed for Shaughnessy

A rezoning application has been submitted under the infrequently used Affordable Housing Choices Interim Rezoning Policy that would see a 17,502 SF single family lot in Shaughnessy redeveloped for stacked townhouse units.

The lot at 4575 Granville Street, just South of West 29th Avenue, is currently zoned RS-5 which generally limits development to single family houses up to a density of 0.70 FSR. The rezoning would potentially allow a 3.5-storey development that includes:

  • 21 residential stacked townhouse units;
  • 13 three-bedrooms and 8 one-bedrooms;
  • a total density of 1.30 FSR;
  • a height of 41 ft.; and
  • 32 vehicle parking spaces and 32 bicycle spaces.


The City of Vancouver initiated the Affordable Housing Choices Interim Rezoning Policy
in 2012 to “encourage innovation and enabling real examples of affordable housing types to be tested for potential wider application that will provide ongoing housing opportunities.” It allows for 20 rezoning applications to be considered by council before others are placed on a wait-list.

One of the criteria under this policy is that a site must be within 1.5 blocks of an arterial street. There are also affordability requirements such as the requirement for 100% rental, or condo where a 20% portion are sold below-market. Other options include co-housing or community land trusts.

Other recent rezoning applications under this policy include:

  • A 12-unit rental townhouse project at Arbutus & 35th
  • A 15-unit rental townhouse project on West 12th in Kits
  • A 70-unit rental project in East Vancouver
  • A 55-unit, 6-storey rental project on Rupert Street in East Van
  • Westbank’s 6-storey rental project at Broadway & Alma

The architect for the project is Stuart Howard Architects. 

February 28, 2018by david.taylor@colliers.com
Apartment, Development

53-Unit Rental Building Planned for Kingsway Near Fraser

The latest on a long list of Kingsway Rental 100 rezoning applications comes for a site at the corner of Kingsway and East 15th Avenue, just West of Fraser Street.

610-644 Kingsway is an assembly of several older lowrise commercial buildings on the South side of the street, zoned C-2C. The curved site totals 13,830 SF. 

Details include:

  • 53 secured market rental units;
  • 9 studios, 19 one-bedrooms, 19 two-bedrooms & 6 three-bedrooms;
  • 7,151 SF of ground floor retail;
  • a total density of 3.75 FSR;
  • a building height of 69 ft.; and
  • 2 levels of underground parking.

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

The architect for the project is Studio One Architecture.

The full rezoning application can be viewed here: http://rezoning.vancouver.ca/applications/610kingsway/index.htm

February 27, 2018by david.taylor@colliers.com
Development, Retail

6-storey Building Proposed for Revitalized Hollywood Theatre Site

A proposal has been submitted to the City of Vancouver to restore and revive the Hollywood Theatre. 4184 Investments Ltd. has applied for a development permit to add a 6-storey residential building while restoring the adjacent theatre building. The combined site area is 16,743 SF and the site is zoned C-2C which allows a density up to 3.0 FSR and 4-storeys.

The Hollywood Theatre building was originally built in 1935 and closed in 2011 after the building was finally sold by the Fairleigh family. There have been various community efforts to save the theatre since that time.

 The current proposal includes the following:

    • 40 condo units – “The Hollywood Residences”;
    • 6 studios, 13 one-bedrooms, 16 two-bedrooms & 5 three-bedrooms;
    • 4,423 SF of new ground floor retail space;
    • A total density of 3.19 FSR;
    • Building height of 67 ft.;
    • A restored theatre building;
    • Two levels of underground parking accessed from the lane with a total of 47 parking spaces.

Within the application, the owners provide an overview of the plan for the new theatre: “We will re-introduce The Hollywood Theatre back into Vancouver’s consciousness by creating and operating a beautifully renovated, state-of-the-art performing arts centre dedicated to bringing the creative arts to the local community.

As well as live entertainment ticketed events such as live music performances, live theatre, movie screenings, tech events and corporate and private functions we welcome local community producers, non-profit organizations and special interest groups wishing to hold their event at the Hollywood Theatre. This will also include hosting special free to-the public events produced by local producers.”

Full details on their proposed operating plan can be viewed here: http://development.vancouver.ca/3133wbroadway/documents/perspectiveoperatorsbusinessplan.pdf

Under the site’s existing C2-C zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Development Permit Board. The full development application can be viewed here: http://development.vancouver.ca/3133wbroadway/index.htm

The architect for the project is Marianne Amodio Architecture Studio, Inc.

February 27, 2018by david.taylor@colliers.com
Apartment, Development

Eight Towers, 2,700 Units Proposed for Two Burquitlam Sites

The City of Coquitlam, YMCA and Concert Properties have entered into a partnership to exchange lands and rezone two sites in the Burquitlam-Lougheed Neighbourhood Plan area to permit redevelopment on both sites. 

The two sites include:

  • Burquitlam Park – a 3.96 acre site on Smith Avenue, adjacent Bosa’s Uptown Development
  • Whitgift Gardens – a 5.45 acre site on Cottonwood Avenue, directly North of Bosa’s Lougheed Heights development, and West of Cottonwood Park

The sites are located in the Burquitlam-Lougheed Neighbourhood Plan “Core” and “Shoulder” areas respectively. The proposal involves a property exchange between
the City (at Burquitlam Park) and Concert (Whitgift Gardens – an existing older rental residential complex).The exchange involves 2.15 acres of park land from Burquitlam Park to the Whitgift Gardens site to facilitate the expansion of Cottonwood Park and in return, the same area of developable land, with its associated density, is moved from the Whitgift Gardens site to the Burquitlam Park site.

The two components of the proposal include:

Burquitlam Park Site

  • A 50-storey condo tower and 30-storey rental tower;
  • 275 rental units;
  • 435 condo units;
  • a new 60,000 SF 3-storey YMCA recreation facility;
  • a new community police station;
  • total density of 6.30 FAR;
  • 930 parking stalls;
  • New 1.5 acre Burquitlam Park.

Whitgift Gardens Site 

  • Six highrise residential towers from 24 to 48-storeys in height;
  • Two rental towers of 37-storeys;
  • Four condo towers of 24, 25, 43 & 48-storeys;
  • 654 rental units;
  • 1,187 condo units;
  • 132 seniors market rental units;
  • 20-40 below market rental units;
  • standalone amenity building;
  • total density of 5.50 FAR;
  • 2,350 parking stalls;
  • Extension of Emerson Street and new East-West road.

The proposed market rental units represent a roughly 3:1 replacement ratio of the
existing rental units at Whitgift Gardens. The total value of all the public benefits including bonus density funds and CAC’s is $120 Million.

The architects for the project are Raymond Letkeman Architects and Endall Elliott.

February 23, 2018by david.taylor@colliers.com
Apartment, Development

Rental Building Proposed for West 4th Thrift Store Site

A rezoning application has been submitted for the Southwest corner of West 4th & Cypress in Kitsilano, currently improved with the Salvation Army Thrift Store and a detached house.

The 10,496 SF site is currently zoned C-2B. The plan for the site is a new 5-storey mixed-use building that includes:

    • 32 market rental units;
    • 1 studio unit, 7 one-bedrooms, 18 two-bedrooms & 6 three-bedrooms;
    • 4,205 SF of retail space on the ground floor;
    • a total density of 3.13 FSR;
    • a building height of 62 ft.; and
    • 2 levels of underground parking.

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

The architect for the project is Rositch Hemphill Architects.

February 20, 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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