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.
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, Office, Retail

Plan Emerges for Metrotown Sears Site

Concord Pacific‘s preliminary rezoning application will go to City of Burnaby council next week for the master plan of the 8.9 acre Sears Metrotown site at 4750 Kingsway. Concord acquired the site from Sears Canada in 2015 for $100,000,000.  The site is currently home to a soon to be closed Sears store, a Toys-R-Us store and a presentation centre.

Initial planning work got underway in 2013 when Sears selected Concord Pacific as the developer, but had been partly delayed pending the City of Burnaby’s revision of the Metrotown Downtown Plan, completed earlier this year.

The purpose of the current rezoning application is to establish a Conceptual Master Plan, Design Guidelines and a detailed first phase of development, which would provide for specific development rights for the initial phase; and guide further applications for the development of the site which will include substantial commercial and residential components. The site is designated for high density development utilizing the RM-5s and C3 guidelines.

The overall vision for the site is described as: ” a pedestrian-oriented, transit-connected
community that reflects the strong urban design principles and an urban form unique in the City. The Sears Metrotown site is envisioned to be fully integrated with the surrounding Metro Downtown neighbourhood and the broader Town Centre through the creation of new vehicle, pedestrian and cycling connections to existing streets to the north including McMurray and McKercher Avenues, as well facilitating new future connections to the south and west through the Metropolis at Metrotown site and Station Square.”

Preliminary details for the overall master plan include:

  • Seven towers
  • Four development phases
  • 1,945,855 SF of residential space
  • 660,734 SF of commercial space
  • a total density of 9.75 FSR

Phase 1 details include:

  • 1,309 units in Phase 1
  • 3 towers ranging from 33 to 65-storeys
  • 1,485 parking spaces on 7 levels of underground parking 
  • a 48,000 SF indoor amenity space
  • towers designed with a ceramic frit super graphic design element
  • addition of a new East-West road “Metro Way”

The application describes the first phase: “Phase I is the initial phase of development, located along the Kingsway frontage between McMurray Avenue. The Phase I site measures approximately 132,364 sq.ft., with a frontage on Kingsway of 1,053 ft. Phase
I consists of three residential high-rise apartment buildings.  All three residential buildings are located atop a 3 storey commercial and amenity podium.

The signature tower at the corner of Kingsway and Nelson Avenue does not have commercial uses on the Nelson Avenue frontage, but maintains the high volume in amulti-storey atrium lobby fronting on to the Lake Plaza. Tower 2’s lobby fronts onto Kingsway, in between commercial storefronts, while Tower 3’s lobby is oriented toward McMurray Avenue fronting on to the River Plaza.”

The architect for the project is IBI Group.

October 27, 2017by david.taylor@colliers.com
Development

FOR SALE: Full City Block Townhouse Development Site

We are pleased to introduce this 36,719 SF full-city block, 5-lot development site located within the Cambie Phase townhouse area, slated for rezoning by the City of Vancouver in early 2018.  For further information: BRO 809-889 W 33rd Ave

October 25, 2017by david.taylor@colliers.com
Development, Office, Retail

Beedie Proposing Changes for Long Anticipated Fraser Mills Site

Beedie Living is proposing changes to its proposed development on the 89 acre ‘Fraser Mills’ site in Southwest Coquitlam, branded the Village at Fraser Mills.

The project, one of Metro Vancouver’s largest ever master planned communities, was approved nearly a decade ago when the City of Coquitlam approved a master plan including up to 3,700 residential units. In the years that followed, there has been very little development of the site, with only three industrial buildings having gone under construction more recently.

Beedie has now applied to the City to revise the overall plan for the site, citing “changing market conditions over the past nine years”.

Fraser MillsKey changes being proposed include:

  • Adding 1,000 residential units (up to 4,700)
  • Increasing the number of towers from 10 to 15;
  • Increasing tower heights up to 41-storeys;
  • Increase in total density from 4,062,430 SF to 4,757,000 SF;
  • Expanding the plan area to include vacant 4.8 acre Air Care site;
  • Addition of a 40,000 SF public community centre with aquatics;
  • Reducing the industrial space by 250,000 SF;
  • Reducing the proposed retail space by 50,000 SF;
  • Replacing the post-secondary use with a 4-storey strata office building;
  • Retaining the Kiewit Wharf as a public amenity;
  • Removing the elementary school use;
  • Reduction in number of project phases from 16 to 9.

Fraser Mills_1 Fraser Mills_3Fraser Mills_4 Fraser Mills_5 Fraser Mills_2Should council endorse staff’s recommendation to move forward to the next phase, the proposed changes would go through further planning and another round of public consultation before the development is fully approved.

Further details regarding the application can be viewed here: http://www.coquitlam.ca/docs/default-source/council-agenda-documents/councilincommittee_2017_10_23_-_item_6.pdf?sfvrsn=2

October 22, 2017by david.taylor@colliers.com
Development

28-Unit Townhouse Project Upcoming in Port Moody

The Allaire Group and Headwater Projects has applied to the City of Port Moody to redevelop four single family lots at 64-74 Seaview Drive at Clarke Road near the Coquitlam border. The lots total 40,121 SF and are designated Single Family Low Density in the Official Community Plan (OCP) and are zoned One-Family Residential (RS1). The proposal requires an amendment to the OCP to change the land use designation to Multi-Family Residential.

The proposal is for a new townhouse development that includes:

  • 28 townhouse units
  • All three-bedrooms (1,304 SF to 1,731 SF)
  • a total density of 0.95 FAR;
  • 62 underground parking spaces;
  • A $6 per SF CAC payment.

64 Seaview Drive67 Seaview_267 Seaview_1 67 Seaview

The architect for the project is Integra Architecture.

October 20, 2017by david.taylor@colliers.com
Development

FOR SALE: 21,500 SF Townhouse Development Opportunity

We are pleased to introduce this 5-lot land assembly in the Cambie Village area of Vancouver. The 21,500 SF site is located half a block from King Edward Skytrain Station on a quiet, tree-lined street that represents the Cambie Phase 3 plan area boundary. Per the Cambie Phase 3 draft plan, these lots are designated for townhouse pre-zoning.

568 West 24th

Download the brochure here: BRO 568-592 West 24th Ave

October 19, 2017by 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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