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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

Changes Coming for Vancouver’s DCL By-law

The City of Vancouver is updating its DCL by-law to include new rates, new by-law rate categories, updated DCL allocations, and select new uses for DCL relief following a comprehensive review of forecasted growth and DCL eligible growth costs.

The rationale for the changes is outlined in the City’s policy report:

“In July 2015, Council directed staff to review and update the City-wide DCL Bylaw. The City-wide DCL update is a based on a 10-year timeframe (2017-2026) and includes the following components:  

  • Updating population and job growth projections.
  • Identifying capital costs for corresponding DCL eligible public amenities and infrastructure (including sewer, drainage, and water programs as new items)
  •  Determining DCL allocations and rates
  • Establishing a new City-wide DCL by-law

As a result of the review, staff recommends that the City-wide DCL rates be adjusted to recover a share of the updated costs associated with the forecasted 10-year DCL capital program. The recommended DCL rates in this report are anticipated to generate approximately $1.0 billion that will help fund approximately 60% of the contemplated growth costs over the next 10 years (2017-2026), with the residual amount of approximately $0.8 billion across Engineering, Housing, Childcare and Parks to be addressed in the 2019-2022 Capital Plan.”

Recommendations include:

  • Adjustment of City-wide DCL rates (see below)
  • Addition of new DCL rate categories
  • Hold industrial and commercial DCL at current rates
  • Adjust DCL allocations
  • Reducing DCL rates for social and community uses
  • Replacement of Downtown South DCL with City-wide DCL ($17.36/SF)

The proposed rate changes and categories are outlined as follows:

DCL Rates 2017

The full policy report can be viewed here: http://council.vancouver.ca/20170726/documents/pspc4.pdf

July 21, 2017by david.taylor@colliers.com
Development, Retail

Mixed-Use Building Planned for Ambleside Area of West Van

Atti Group has applied to the District of West Vancouver for a development permit for a 15,636 SF site at 1327 Marine Drive. The site is located on the North side of Marine Drive, just West of 13th Street in between the Shell Gas Station site and an older lowrise commercial building to the West.

The proposal is for a new 3-storey mixed use development that includes:

  • 16 residential units;
  • 5 one-bedrooms and 11 two-bedrooms;
  • Unit sizes of 600 – 1,400 SF;
  • 5,167 SF of ground-floor retail;
  • 38 underground parking spaces (13 for commercial, 25 for residential) on 3 levels;
  • a total density of 1.59 FSR
  • a total amenity unit payment of $273,000 

1327 Marine1327 Marine_2 1327 Marine_11327 Marine_3The proposal is generally consistent with the Ambleside Village Centre Development Permit Guidelines and OCP.

The architect for the project is Karl Gustavson.

July 20, 2017by david.taylor@colliers.com
Development, Market Research

City of Vancouver Inflates Density Bonus Contributions & CAC rates

The City of Vancouver is about to implement their annual inflationary adjustment to Density Bonus Contributions and target rate CAC’s. The density bonus contributions are basically CAC’s that are specifically intended for density bonuses associated with conditional zoning in a small set of pre-planned areas including: Mount Pleasant, Joyce Collingwood, Marpole and Norquay. 

The target rates for density bonus contributions in these areas are proposed to increase by 11.9%, and will become effective on September 30, 2017. The Mount Pleasant I-1A and I-1B zones are not being adjusted for inflation this year because these areas were only established as new density bonus zones in 2017.

DBCs 2017

For CAC’s the increase is at the same rate, with updated rates as follows:CAC Rate 2017

Expect even further updates to CAC target rates coming in late 2017 and early 2018 as the City of Vancouver seeks to “align with the updated needs identified in the Public Benefits Strategy.”

A full copy of the Policy Report on Density Bonus Contributions can be viewed here: http://council.vancouver.ca/20170725/documents/p8.pdf

The Policy Report on CAC’s is located here: http://council.vancouver.ca/20170726/documents/pspc5.pdf

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

Construction Update: Vancouver House

The much anticipated Vancouver House project is beginning to take shape. 17 of the tower’s 52 storeys have now been poured and exterior glazing is nearing completion on the lower floors.

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photo courtesy mcminsen http://po.st/KcDURQ via @imageshack

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photo courtesy mcminsen http://po.st/eMNplU via @imageshack

6Ya12hphoto courtesy mcminsen http://po.st/hbBRKF via @imageshack

hw3Jyyphoto courtesy mcminsen http://po.st/eMNplU via @imageshack

July 19, 2017by david.taylor@colliers.com
Development

FOR SALE: North Vancouver Redevelopment Opportunity

I am pleased to introduce this rare opportunity to acquire a rental fourplex on a 30,000 SF lot near Edgemont Village in North Vancouver. The Official Community Plan designation allows for rezoning to a density up to 0.80 FAR.

3712 EdgemontBrochure for 3712-3718 Edgemont Blvd 

July 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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