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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, Office, Retail

Mixed-Use Development Planned for Commercial & Pender

Cressey Development Group has applied to the City of Vancouver for permission to develop a 24,775 SF site at the Northwest corner of Commercial Drive and East Pender Street in East Vancouver. The site is currently zoned MC-1, which allows a total combined mixed-use density up to 2.50 FSR and 4-storeys.

The site is actually located within the boundaries of the Grandview Woodland Community Plan which allows up to 6-storeys, but Cressey has elected to develop under the existing zoning, rather than rezoning. The site to the immediate North can be built up to 10-storeys per the Grandview Plan.

The development proposal for the site at 485 Commercial Drive is for a 4-storey mixed-use residential/commercial building containing:

    • 8,206 SF of retail space in two CRU units fronting Commercial Drive;
    • 3,226 SF of office space on the 2nd floor;
    • 10 rental units (4 studios, 4 one-bedrooms and 2 two-bedrooms)
    • 31 condo units (10 studios and 21 three-bedroom townhouse units)
    • a total density of 2.23 FSR;
    • an overall building height varying from 46.42 feet – 49.67 feet; and
    • one level of underground parking providing 61 parking spaces, having vehicular access from the lane.
    • 11,493 SF of gardens and decks.

 

The architect, Gair Williamson describes the application: “The proposed mixed-use development comprises residential, commercial and office units in forms of four discrete building blocks gathered around an internal courtyard. Bounded by two streets, a laneway and a part wall to the west, the development proposes distinct functions and facade treatments on each elevation. Back of house on the laneway serves parking and utilities; the Commercial Drive frontage is dedicated to commercial units, and the East Pender Street elevation accommodates two main lobby entrances for the residential and commercial components, as well as individual entries to the residential units at grade.

A key feature of the proposed development is the courtyard on the 2nd level. Not only does it host entrances to the residential units, but accomodates a safe, semi-private outdoor amenity for families, allowing functions such as communal gathering and playing.”

The application requires a variance to the maximum allowable height by just a few feet.

The full application can be viewed here (for a limited time only): http://development.vancouver.ca/pc485commerical/index.htm

January 30, 2018by david.taylor@colliers.com
Development

130-Unit Building Planned for Oak & 64th Corner Site

A rezoning application has been submitted for a 40,430 SF, seven-lot land assembly at the Southeast corner of Oak Street and West 64th Avenue in Marpole.  The plan for 988 West 64th Avenue and 8030-8130 Oak Street is to rezone from the current RS-1 zone to allow three 6-storey residential buildings, including:

  • 130 market residential units;
  • 31 studios, 49 one-bedrooms, 36 two-bedrooms & 14 three-bedrooms;
  • a total density of 2.50 FSR;
  • a building height of 68.6 ft. from grade; and
  • two levels of underground parking with 151 vehicle parking spaces and 169 bicycle spaces.

 

The application is being considered under the Marpole Community Plan.

The architect for the project is Arno Matis Architecture.

January 29, 2018by david.taylor@colliers.com
Development

Market Spotlight: Burnaby Rezoning Applications

More rezoning applications head to Burnaby City Council next week. Below is a brief summary of some of the larger projects planned which, this week, includes only Metrotown highrise sites (of which there are many!):

6525 Telford Avenue

 

This 48,553 SF site, owned by Intracorp, is located just south of Beresford in Metrotown and is improved with an older walkup apartment building. Now designated RM5s in the Metrotown Plan, the site is slated for a highrise tower at 5.0 FAR, which will be Intracorp’s ninth tower in Metrotown.

 


 

6556-6596 Marlborough Avenue

This 36,361 SF site assembly of five lots is located at the northeast corner of Marlborough Avenue and Grimmer on the East side of Metrotown. The application, by Accorde Properties, proposes a residential highrise with townhouses under the RM4s designation at 3.60 FAR.

 

 


5852 Patterson Avenue

This is a 20,000 SF site located mid-block on Patterson between Kingsway and Central Boulevard. The site is in the “Central Park East” neighbourhood of the Metrotown Plan and has an RM5s designation. The plan includes 31 rental units in addition to market condo units. The total density is 4.7 FAR. The developer is Artillery Developments, with development consulting by Brook Pooni. A variance is required as the site is under the 24,000 SF minimum site area in the Metrotown Plan.


5895 Barker Avenue

Yet another Metrotown highrise application!  The fourth highrise tower rezoning application for Metrotown is 5895 Barker Avenue by Concord Pacific. The 46,285 SF site is located at the southwest corner of Baker Avenue and Olive Avenue and is designated under the RM5s high density residential guidelines which allow up to a density of 5.00 FAR (in this case 4.99 FAR). The site is also occupied by an older 3-storey walkup apartment building. The tower will be in the range of 30-40 storeys. 

January 26, 2018by david.taylor@colliers.com
Development

32-Storey Tower Proposed for Metrotown Site

Intracorp has submitted a rezoning application for a 32,438 SF site in Metrotown at 6438-6468 McKay and 6443-6467 Silver Avenue. The proposal is for a 32-storey residential tower under the RM4s designation provided in the Metrotown Downtown Plan. Details include:

  • 298-units;
  • 84 studios, 88 one-bedrooms, 94 two-bedrooms and 32 three-bedrooms;
  • a total density of 3.6 FAR;
  • a building height of 322 ft.;
  • 333 underground parking spaces.

The proposal also includes an expansion of Maywood Park to Maywood Street through a density transfer approach that involves Intracorp’s acquisition of the 27,442 SF park site at 4305-4325 Maywood Street).

January 26, 2018by david.taylor@colliers.com
Development

29-Storey Highrise Planned for Downtown New Westminster

A rezoning and development application has been submitted for a 26,122 SF site located at 810 Agnes Street in Downtown New Westminster. The site is designated Mixed Use High Density in the New Westminster Official Community Plan and is located one block from a Skytrain station.

The plan calls for a new 29-storey residential tower that includes:

  • 222 residential units;
  • 125 one-bedrooms, 72 two-bedrooms and 25 three-bedrooms;
  • a total density of 7.2 FSR;
  • a tower height of 280 feet;
  • 270 underground parking stalls;
  • 3,350 SF of indoor community space;
  • construction of a new park at 824 Agnes Street

The architect for the project is Hapa Collaborative.

January 26, 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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