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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, Office

Industrial/Office Building Planned for Yukon & 7th Site

A development application has been submitted to the City of Vancouver for permission to develop a new industrial/office building at 2250 Yukon Street, at the Northeast corner of Yukon and 7th in the Mount Pleasant area of Vancouver. The building will be a custom build office for Fast + Epp Engineers.

The plan calls for a 4-storey mixed-use commercial/industrial building containing:

    • Wholesale Class B on the ground floor and partial second floor;
    • General Office use on the second floor to fourth floors;
    • a total density of 3.00 FSR (15,958 SF)
    • an overall building height of approximately 60 feet; and
    • one level of underground parking providing 10 spaces and one at grade parking space, having vehicular access from the lane.

2025 Yukon_42025 Yukon2025 Yukon_3 2025 Yukon_2 2025 Yukon_1

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 application describes the design rationale: “The building shell will be constructed making maximum use of sustainable prefabrication technology that Fast+Epp has been developing over the past 25 years. The floor and roof structure will consist of prefabricated hybrid timber-steel panels with fully integrated mechanical and electrical systems. The ceiling structure of the single level parkade will consist of precast hollow core panels. The firewall at the east side will consist of pre-cast concrete panels. We anticipate the entire building shell above the parking walls will be constructed within a 4-week period, thereby minimizing neighbourhood noise and minimal traffic disruption from concrete trucks.”

The site was acquired in December 2016 for $3,800,000 or $238 per buildable SF based on the application. It has been occupied by an auto-repair shop “Wilf’s Transmissions” since it was built in the mid-90’s.

The development planner for the project is Schmidt & Associates Development Planning Ltd. 

August 22, 2017by david.taylor@colliers.com
Apartment, Development

Rental Building Planned for East Broadway

A development application has been submitted to the City of Vancouver for an underutilized 58′ x 122′ C-2C zoned site at 550 East Broadway, on the south side of the street between Kingsway and Fraser. The plan is to develop the site with a 4-storey mixed-use residential/commercial building containing:

    • 25 market rental apartment units on the second to fourth floors;
    • 5 one-bedrooms and 20 studio units;
    • 2 CRU units for retail and restaurant uses on the ground floor;
    • One CRU unit below grade on P1;
    • a total density of 3.00 FSR;
    • an overall building height of approximately 47.2 feet; and
    • 43 underground parking spaces on 3 levels, accessed from the lane.

550 East Broadway_2550 East Broadway_1 550 East Broadway

Under the site’s existing C-2C zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning.

The application describes the design rationale: “Floorplates are simply laid out, with a central corridor giving access to long, linear units which open to each frontage. Floor levels 2 & 3 are similar, each containing 9 units in a very similar arrangement. The fourth level has more variation in unit type, containing 3 one bedroom units and 4 studio units, plus an amenity room. The elevator and east exit stair also serve to provide access to the rooftop, which is generously outfitted with outdoor terraces, urban agriculture facilities, outdoor cooking & dining facilities, outdoor play area, and a green roof area (not accessible).”

The site was acquired in May 2016 for $3,880,000, or $183 per buildable SF.

The architect for the project is Gair Williamson Architects.

August 15, 2017by david.taylor@colliers.com
Development

Mini-Storage Facility Planned for East Van Site

Krahn Engineering Ltd. has applied to the City of Vancouver for permission to develop a 39,1855 triangular shaped site at 2741 Skeena Street in East Vancouver. The site is directly West of the Grandview Walmart parking lot.

The proposal is for a new 5-storey self storage facility, consisting of:

    • Mini-Storage Warehouse uses on the second through fifth storeys;
    • a parkade on the first storey;
    • a total density of 3.0 FSR (117,555 sq. ft.); 
    • 27 parking stalls;
    • peak height of 100.00 ft.

2741 Skeena_22741 Skeena_1 2741 Skeena

Under the site’s existing I-2 zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning. 

The full development application can be viewed here: http://development.vancouver.ca/pc2741skeena/index.htm

August 3, 2017by david.taylor@colliers.com
Development

Stacked Townhouse Project Planned for Joyce-Collingwood

A development application has been submitted for a 20,000 SF assembled site at 3625 Rae Avenue in the Joyce Collingwood area of East Vancouver.

The proposed plan for the site is a stacked townhouse development that includes:

  • 25 townhouse units;
  • 8 two-bedrooms, 8 three-bedrooms and 9 four-bedrooms;
  • a total density of 1.40 FSR;
  • one level of underground parking, having vehicular access from the North lane, on this site.

3625 Rae_1 3625 Rae3625 Rae_2

The application describes the design rationale: “The project consists of two buildings, one is 3 1/2 storey along North of the lane and one 2 1/2 storey massing fronting Rae Avenue to provide visual transition to the lower height neighbourhood.”

Under the site’s existing CD-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 Matthew Cheng.

The site was assembled in 2016 for $8,100,000 or $290 per buildable SF based on the application.

August 3, 2017by david.taylor@colliers.com
Development

17 Townhouse Units Planned for Park Drive & Granville Site

A development application has been submitted to the City of Vancouver for permission to consolidate three single family lots at the Southeast corner of Granville Street and Park Drive in marpole.

The proposed development plan for 1488 Park Drive (entitled ‘Park Grand’) is for a new 3-storey residential building(s), consisting of:

    • 17 units;
    • a total density of 1.19 FSR;
    • 26 parking spaces in an underground garage having vehicular access from the lane.

Under the site’s existing RM-8N zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning.

1488 Park_4 1488 Park_3 1488 Park_2 1488 Park_1 1488 ParkThe site was assembled by Grandlake Investments Corp. in 2016 for a total of $8,670,000, or $377 per buildable SF.

The architect for the project is Cornerstone Architecture.

August 3, 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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