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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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

First Tower Planned for Maillardville Neighbourhood of Coquitlam

Newgen Group has submitted a rezoning application for a one acre site at the intersection of Blue Mountain Street and Lougheed Highway in the Maillardville area of Coquitlam. The plan calls for what would become the first highrise in the area.

Details of the proposed project, titled ‘Mont Bleu’, include:

  •  A 21-storey tower;
  • 155 units (including 8 townhouses);
  • 32 studios, 58 one-bedrooms, 48 two-bedrooms; 17 three-bedrooms;
  • four (4) retail CRU units and office space on the second level of the podium; 
  • a total density of 3.5 FAR; 
  • 239 underground parking spaces are proposed.

218 Blue Mountain218 Blue Mountain_2 218 Blue Mountain_3 218 Blue Mountain_1

218 Blue Mountain_4The proposed development generally complies with the applicable provisions of the C-5 Community Commercial Zone and is consistent with the Neighbourhood Centre designation in the Maillardville Neighbourhood Plan (MNP).

The architect for the project is DA Architects & Planners.

July 31, 2017by david.taylor@colliers.com
Development

SOLD: West End High-Density Development Site

We are pleased to announce the sale of this 17,292 SF land assembly in the Burrard Corridor sub-area of the West End.

1318 Thurlow_Sold

July 28, 2017by david.taylor@colliers.com
Development, Office, Retail

Application for Prominent Cambie & 41st Site for 3-Storey Office Building

Coromandel Properties has submitted a development application for a prominent former Esso gas station site, now vacant, at the Northeast corner of 41st and Cambie. 

The site falls within the City of Vancouver’s recently released vision for the Cambie Corridor Oakridge Municipal Centre, which would allow a rezoning for a mixed-use/residential tower potentially as high as 20-storeys for the site. 

The development permit application now submitted for the 130′ x 122′ site indicates plan for a new 3-storey, mixed-use building, consisting of:

  • Retail & restaurant uses on the ground floor;
  • Office uses on the 2nd and 3rd floor;
  • A total building size of 26,686 SF;
  • A total density of 1.7 FSR;
  • Peak Height: 59 ft.; and
  • 48 underground parking spaces on 1 1/2 levels all having vehicular access from the lane.

495 W 41st_2 495 W 41st_1 495 W 41st

It’s unclear if this potential development plan is simply an effort to secure a permit now under the existing zoning, or if the potential for a tower rezoning is still in the long term plan. Under the site’s existing C-2 zoning which allows 2.5 FSR, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning.

Coromandel acquired the site in October 2014 for $15,800,000, or $398 per buildable SF based on the existing C-2 zoning of the site, or $592 per buildable SF based on the proposed plan.

The architect for the project is McFarlane Biggar Architects and Designers .

July 28, 2017by david.taylor@colliers.com
Development, Office, Retail

145,000 SF Office Building Proposed for False Creek Flats Site

Porte Communities and Reliance Properties have applied to rezone a 48,072 SF site in the False Creek Flats area for a new office building.

The plan for the site at 339 East 1st Avenue, adjacent the Red Truck Brewery, is to rezone from the current I-3 zoning to allow development of a 6-storey office building. The proposal includes:

  • general office space on floors 2-6;
  • ground floor retail;
  • a total floor area of 144,216 SF;
  • a total density of 3.0 FSR;
  • a building height of 100 ft; and
  • two levels of underground parking accessed from E 1st Avenue, with 275 vehicle parking spaces, 46 bicycle parking stalls and six loading spaces.

339 East 1st Ave339 East 1st Ave_3 339 East 1st Ave_4 339 East 1st Ave_1 339 East 1st Ave_2339 East 1st Ave_5

The I3 zoning schedule permits the density and built form being proposed, but restricts uses, so the rezoning is required to allow general office use.

The rezoning application describes the design rationale: “On the roof tops are amenity spaces to provide the building occupants with an easily accessible green space. This is in addition to the landscaped areas fronting Brewery Creek. The building facade colour is meant to invoke both typical rail engine colour schemes as well as colours of autumn. Distributions in glazing on the facade are meant to create a horizontal movement along the building exterior as well as solar heat gain control due to its 50:50 ratio. On the South and West elevations of the building, there are also diagonal solar shading devices which serve not only for sun control but as distinctive design elements.”

The architect for the project is IBI Group.

The full rezoning application can be viewed here:  http://rezoning.vancouver.ca/applications/339e1st/index.htm 

July 25, 2017by david.taylor@colliers.com
Development

52-Unit Building Proposed for Marine-Hamilton Area of North Van

Pennyfarthing Homes has submitted a development application for a 26,873  SF site at 705 – 717 West 15th Street at the Southwest corner of Bewicke Avenue, just North of Marine Drive in North Vancouver. The site is currently improved with three older industrial/commercial buildings.

The original application was made one year ago and envisioned a 6-storey building, which was later shelved due to neighbourhood opposition to the height. The new application envisions a 4-storey building for the site, and includes:

  • 52 units;
  • 20 one-bedrooms, 27 two-bedrooms and 5 three-bedrooms;
  • 3,300 SF of ground floor retail space;
  • a total density of 2.10 FSR;
  • two levels of underground parking
  • a total density bonus payment of $110 per SF

705 West 15th705 West 15th_1 705 West 15th_3 705 West 15th_4 705 West 15th_5

The OCP permits a density of 2.0 FSR with a bonus of 0.5 FSR at the City’s discretion.

The application describes the design rationale: “Massing of the building has been carefully considered to respond to the diverse residential context and large grade changes across the site. The building is composed of two distinct elements: a strong commercial base facing Bewicke and a four-storey residential component which wraps around the site. The first level facing Bewicke is buried due to a storey of grade change across the site, reducing the building to three storeys above grade. The single-family houses sitting high on the slope across Bewicke are met with a single storey of commercial and two storeys of residential. Towards the south and west, the grade falls away revealing four storeys to match the neighbouring three-to four storey developments.”

The architect for the project is Shift Architecture.

July 24, 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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