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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

Redevelopment Plan Emerges for Jewish Community Centre Site

A full rezoning application has been submitted for the 3.3 acre Jewish Community Centre and Louis Brier Homes property at 950 West 41st Avenue, just East of Oak Street.

The plan calls to amend the existing CD-1 zoning to allow a phased redevelopment of the property that became possible under the Oakridge Transit Centre Policy Statement adopted by the City in 2016 in order to facilitate the eventual redevelopment of the Oakridge Transit Centre site across the street. The Jewish Community Centre site is located directly across the street to the South and was also redesignated given it’s adjacency.

Details of the rezoning proposal include:

  • A 9-storey replacement Jewish Community Centre, including:
    • recreation space, including pools and gyms;
    • ground level commercial space;
    • an Early Childhood Education Centre, including 104 private daycare spaces;
    • cultural arts, auditorium, and theatre space;
    • non-profit office space; and
    • a height of 121 ft..
  • A 13-storey replacement Louis Brier Home and Hospital Seniors Care Facility, with:
    • senior assisted living, complex care and memory care beds; and
    • a height of 158 ft..
  • A 24-storey rental apartment tower with:
    • 160 secured market rental units;
    • 64 studios, 40 one-bedrooms, 40 two-bedrooms and 16 three-bedrooms;
    • a height of 250 ft.

Underground parking, with 693 vehicle parking spaces and 250 bicycle parking spaces, is proposed. The application proposes a total density of 4.47 FSR.

The architect for the project is Acton Ostry Architects.

The full rezoning application can be viewed here: http://rezoning.vancouver.ca/applications/950w41stave/index.htm 

January 16, 2018by david.taylor@colliers.com
Development

97-room Hotel Planned for Richmond

0951705 BC Ltd. has applied to the City of Richmond for permission to rezone 8871, 8891, 8911, 8931, 8951, 8971 and 8960 Douglas Street from the “Light Industrial (IL )” zone and the “Auto-Oriented Commercial (CA)” zone to a new site-specific zone in order to permit a new 6-storey hotel development, entitled “Hyatt Place” in the City Centre’s Bridgeport Village.

The site includes a non-contiguous portion on the south side of Douglas Street. The 6-storey hotel building will be on the north side of Douglas Street and a single-storey
commercial building will be on the south side. The hotel site is 25,920 SF and is currently vacant.

Key components of the proposal include:

  • 97 hotel rooms;
  • 1,733 of commercial space;
  • a building height of 74 ft.;
  • A total density of 2.0 FAR;
  • 57 total parking stalls across both sites;
  • LEED Silver equivalent building design and hotel building designed and constructed to connect to a future district energy utility (DEU) system.

The architect for the project is GBL Architects.

 

January 16, 2018by david.taylor@colliers.com
Development, Office

4-Storey Commercial/Industrial Building Planned for Mount Pleasant Site

A development application has been filed by Man 6 Holdings Inc., a project company made up of the partners of EKISTICS Architecture. The site is 6,039 SF, zoned I-1 and is located at the corner of West 6th Avenue and Manitoba. The proposed development concept is a new four-storey, mixed industrial and commercial building consisting of ground level Manufacturing use and Office uses on the 2nd to 4th floor. Details include:

  • 12,078 SF of office space
  • 6,040 SF of light industrial space
  • a total density of 3.0 FSR;
  • 64 ft. building height;
  • two levels of underground parking with 19 spaces.

Ekistics describes the design rationale: “EKISTICS is currently located at 1925 Main Street. We are excited to be designing and building our own studio space within this neighbourhood. We have been actively searching for a new company home for the past four years. We managed to stretch our resources to purchase this land in order to keep our office close to where people live and in a desirable and exciting neighbourhood. We feel passionate about our city, and being part of making it a great place to live and work. Our goal is to redevelop the site to include one floor of light industrial use, and three floors of office use. EKISTICS will occupy 2 of the 3 office floor for its studio. Our intention is to lease the main and second floors to local businesses which will compliment our design work.”

 

 

 

 

 

 

 

 

 

 

Under the site’s existing I-1 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 Ekistics Architecture Inc.

The site was acquired in Mach 2017 for $5,000,000.

January 11, 2018by david.taylor@colliers.com
Apartment, Development, Retail

21-storey Tower Proposed for Denman & Alberni Corner

Landa Global has submitted their development application to the City of Vancouver for permission to develop a 17,292 SF site at the Southwest corner of Denman and Alberni Street with a new 21-storey mixed-use building. 

The proposal for 1810 Alberni Street includes the following:

  • 60 residential units
  • 36 “high end” market residential units & 24 affordable market rental housing units;
  • 3,906 SF of ground level retail;
  • Building height of approximately 210 ft.;
  • A total density of 7.54 FSR;
  • 3 levels of underground parking with 109 parking spaces all accessed from the lane.

The architect for the project, Rafii Architects explains the design rationale: “The tower has been designed as an array of “boxes” oriented in different directions which interplay with each other and departs from the more common vertical box of concrete and glass. The project concept is based on a two-lobe floor plan which houses two condominiums per floor, joint only by the elevator core. The series of boxes affords views of the North Shore , Stanley Park and the Lions’ Gate Bridge, and the Downtown core. The careful placement of these “boxes” allows for planting which has been used at different levels adding a “green” feeling to the building.”

Under the site’s existing C5-A zoning, which was altered to allow such development under the West End Community Plan, the application is “conditional” so it may be permitted; however, it requires the decision of the Development Permit Board. The affordable market rental is a requirement of the zoning.

Landa acquired the site through Colliers in 2016 for $55,000,000, or $422 per buildable SF based on the total density in the application.

The full development application can be viewed here: http://development.vancouver.ca/1810alberni/index.htm

January 11, 2018by david.taylor@colliers.com
Development

Dunbar Corner Site Sold in $15.8 Milllion Deal

The building at the Northwest corner of Dunbar Street and West 29th Avenue has sold for $15,848,000. The 129′ x 100′ site contains seven retail businesses including Starbucks and The Dunbar Public House.

 

4455 Dunbar Street is zoned C-2, which permits a potential density of 2.50 FSR, or 32,250 SF buildable under current zoning. The price equates to $491 per buildable SF. The buyer is a local private investor and there is currently no word on any future redevelopment plans.

At the Southeast corner of this intersection is a project currently under construction entitled Dunbar Terrace, which will contain 60 rental units.

January 10, 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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