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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

252-Unit Project Planned for Port Moody

Marcon has submitted an OCP amendment and rezoning application to the City of Port Moody three separate parcels of land located along St. George Street in the Moody Centre area. The lots in question are 22 single family lots located between 3010-3042, 3009-3029, and 3037-3113 St. George Street, and combine for a total land area of 191,462 SF. Dallas Creek bisects the townhouse portion of the site.

Details of the project include:

  • 252 total units;
  • 179 units within two six-storey buildings on Parcel 1 on the north side of St. George Street; (104 one-beds, 55 two-beds and 20 three-beds)
  • 73 townhouses respectively on Parcels 2 and 3 on the south side of St. George Street in a total of 11 buildings; (50 three-beds and 23 four-bed units);
  • an overall density of 1.42 FAR;
  • 402 underground parking spaces;
  • significant enhancements to Dallas Creek watershed, including daylighting; re-establishment of water flows; channel widening; in-stream habitat creation; removal of buildings and structures within the Streamside Protection and Enhancement Area (SPEA); and creation and restoration of the riparian habitat;
  • the dedication to the City of the SPEA and neighbouring park/open space totalling 36,166 SF;
  • the provision of six affordable housing units for Kinsight.

3010 St. George3010 St. George_23010 St. George_33010 St. George_1

An OCP amendment is required to increase the maximum permitted height of the properties on the north side of St. George Street from three storeys to six storeys; re-designate portions of the property as Parks and Open Space; and allow for flexibility in relation to SPEA setbacks from Dallas Creek in line with other OCP policies.

The architect for the project is SHIFT Architecture.

October 11, 2017by david.taylor@colliers.com
Development, Office

Hootsuite Campus Development Application Moves Forward

Westbank and Hootsuite have submitted their formal development application for a 2.8 acre site in Mount Pleasant. The site is divided by a lane and fronts onto Ontario Street between East 4th and East 5th Avenue. 

The I-1 zoning for the site was amended by the City of Vancouver earlier this year to I-1A and I-1B, to allow for more flexible uses, density and building form; essentially to accommodate Hootsuite’s use in the Westbank proposal for the subject site.

The proposal for the two sites includes:

102 East 4th Avenue (the North site)

  • A 8-storey mixed-use building containing Industrial and Office uses 
  • An approximate height of 107 ft.; and
  • A total density of 5.0 FSR (148,918 SF); and,
  • 5 levels of underground parking providing a total of 394 parking spaces having vehicular access from the lane.

102 East 4th

110 East 5th Avenue (the South site)

  • A 9-storey mixed-use building containing Industrial and Office uses
  • An approximate height of 122 ft.; 
  • A total density of 6.0 FSR (142,579 SF); and
  • 5 levels of underground parking providing a total of 287 parking spaces having vehicular access from the lane

110 East 5th

A perspective view of the overall campus

A perspective view of the overall campus

Westbank acquired the site in 2015 for $40,475,000, or $139 per buildable SF based on the current development application.

The architect for the project is Henriquez Partners Architects.

 

October 10, 2017by david.taylor@colliers.com
Apartment, Development, Investment, Office

FOR SALE: East Vancouver Office Investment/Redevelopment Opportunity

We are pleased to introduce this 34,000 SF office building located at the prominent corner of East Hastings Street and Boundary Road – the Eastern gateway to the City of Vancouver. This is an excellent opportunity for an investment with future redevelopment potential.

3680 E HastingsBrochure – 3680 Hastings Street

October 4, 2017by david.taylor@colliers.com
Apartment, Development

1444 Alberni Project to Include 443 Units in Two Towers

The formal rezoning application for 1444 Alberni Street and 740 Nicola Street has been released to the public. The project, revealed in the Vancouver Sun yesterday as the world’s tallest passive-house towers, will now go through the formal rezoning process with the City of Vancouver. The project is a partnership between Asia Standard and Landa Global, who acquired the site in 2016.

The site comprises a whole city block totaling 43,282 SF. The site currently contains rental units that will be retained.

The proposal is for two residential towers with:

  • 314 market residential units; 
  • 129 market rental units; 
  • a total of 443 units; 
  • 34 studios, 167 one-beds, 188 two-beds, 34 three-beds & 20 four-beds
  • a total density of 14.95 FSR;
  • six levels of underground parking with 484 vehicle parking stalls and 562 Class A bicycle parking spaces;
  • building heights of 442.0 ft. (East Tower) and 405.0 ft (West Tower);
  • a 56 space City owned childcare facility on Level 7; and
  • closure of Nicola Street between Alberni Street and the lane to create a new City park.

1444 Alberni1444 Alberni_11444 Alberni_4 1444 Alberni_2 1444 Alberni_3

Typical tower floor plan

Typical tower floor plan

This application is being considered under the West End Community Plan.

The design for the project is by MCMP in conjunction with Robert A.M. Stern Architects.

The site was sold in Apirl 2016 for $170.1 Million, or $263 per gross SF based upon the rezoning application.  

October 4, 2017by david.taylor@colliers.com
Development

Market Spotlight: Burnaby Rezoning Applications

A number of rezoning applications head to Burnaby City Council next week. Below is a brief summary of some of the larger projects planned:

4716-4780 Hastings Street

4716 Hastings

This 1.22 acre site is controlled by Adera Development and is a collection of seven individual parcels including the Destination Honda dealership. The site totals 459 feet of frontage and is located in the Hastings Street Area Plan Extension, which allows a total density of up to 2.40 FAR. The proposed plan is a new 4-storey project with retail, office and 59 residential units.


2751 Production Way 

2751 ProductionThis 223,495 SF site is located at the southwest corner of Production Way and Broadway, next to the Metro Vancouver Operations Centre and is currently improved with a vacant industrial building. The site is located in the Lake City Business Centre Plan area and is seeking rezoning for a new multi-tenant light manufacturing/ warehouse/ office development with a total height of 4-storeys and density of 1.0 FAR.


4828 Lougheed Highway and 4829 Dawson Street (Concord Brentwood Phase 2)

Concord Brentwood

This rezoning application is for the second phase of Concord Pacific’s ‘Concord Brentwood’ project. The 2nd phase is within the Flatlands Precinct of the master plan for the overall site. This phase will include two high-rise residential towers, a midrise tower and townhouses with a commercial and amenity podium. Access to the below and above ground parking will be from Dawson Street.


4500-4554 Dawson Street and 2223-2375 Alpha Avenue

DawsonThis is a 9.3 acre site (totaling 7 parcels) in Brentwood Town Centre that we reported as sold to Aoyuan Group back in June for $152 Million. The site is large enough to require a master plan and phasing which is the subject of this rezoning application. The master plan will include multiple residential towers, as well as commercial space and new north-south pedestrian linkage through the site. Most of the site will require above-ground parking due to soil conditions. Aoyuan’s website indicates that the plan includes “1,400 condominiums, 50 townhomes and a mix of commercial and retail units”.


4455 Alaska Street 

4455 AlaskaThis site is also located in the Brentwood Town Centre area and is slated for a tower. The 35,951 SF site is located at the corner of Alaska Street and Willingdon Avenue and is designated under the RM-4s high density residential guidelines which allow up to a density of 3.60 FAR. The developer for the proposed project is Amacon.

 

September 29, 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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