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

33-Storey Tower Proposed for Downtown New West Site

Rezoning and Special Development Permit applications have been submitted to the City of New Westminster for a new development at 618 Carnarvon Street, a 39,747 SF site that includes  the consolidation of a six properties with frontages along Carnarvon, Sixth and Clarkson Street.
 
The existing zoning for the site at 618 Carnarvon Street is C-4 and it is currently improved with lowrise commercial buildings.
 
The planned project includes a 33-storey condo tower, including:
 
  • 253 units;
  • 28 studios, 69 one-bedrooms, 126 two-bedrooms & 39 three-bedrooms;
  • a total building height of 350 ft.;
  • a total density of 6.20 FSR;
  • retail uses fronting Sixth Street;
  • 325 underground parking spaces.
  • A ‘pocket park’ fronting onto Sixth and Carnarvon.
  • A CAC of $2,900,000

618 Carnarvon618 Carnarvon_1618 Carnarvon_2The site is designated Mixed Use High Density Designation within the Downtown Community Plan. The site is also located within the Tower Precinct in the Downtown Community Plan.

 
The architect for the project is GBL Architects.
 
June 14, 2017by david.taylor@colliers.com
Apartment, Development, Retail

55-Unit Rental Building Planned for Rupert Street Site

A rezoning application has been submitted for a new rental apartment building for a site at the Southwest corner of Rupert Street and East 22nd Avenue; just down and across the street from a Rental 100 project, currently in final stages of rezoning approval. The site is currently improved with an older single-storey retail building.

The plan for the site at 3281-3295 East 22nd Avenue is to rezone from the existing C-1 commercial zoning to CD zoning to allow a 6-storey mixed-use project.

The application includes the following:

    • 55 market rental units;
    • 14 studios, 16 one-bedrooms, 18 two-bedrooms & 7 three-bedrooms;
    • 6,888 SF of ground floor retail space;
    • A total density of 3.03 FSR;
    • A building height of 72 ft.; and
    • 43 underground parking spaces.

3281 E 22nd3281 E 22nd_23281 E 22nd_3The application is being considered under the Affordable Housing Choices Interim Rezoning Policy.

The architect for the project is Cornerstone Architecture.

June 12, 2017by david.taylor@colliers.com
Development

8 Acre Brentwood Site Sells in $152 Million Deal

An 8.13 acre land assembly at the corner of Willingdon Avenue and Dawson Avenue has sold to Aoyuan Property Group (Canada), a Hong Kong based developer, for $152,000,000.

DawsonThe site comprises six parcels, currently improved with various older industrial buildings. The Brentwood Town Centre Plan designates the site a mixture of medium density mixed use and high density residential.

 

June 9, 2017by david.taylor@colliers.com
Apartment, Development

First Major Rezoning Proposed Under Grandview-Woodland Plan

The City of Vancouver has received the first major rezoning application for a site in the Grandview-Woodland Community Plan.

The proposal is for a 29,112 SF site owned by Intracorp at the corner of East 11th Avenue and Victoria Drive, currently occupied by older lowrise residential buildings, including a heritage house. The plan calls for rezoning from RM-4 to permit the development of a 10-storey residential building with a 6-storey residential podium.

The proposal includes:

    • 149 units (76 rental & 73 strata);
    • A total density of 3.58 FSR;
    • Relocation and designation of a Vancouver Heritage Register Category “B” heritage house (on-site);
    • A height of approximately 103.4 ft.; and
    • 108 underground parking spaces.

1837 E 11_2 1837 E 111837 E 11_1This application is being considered under the Grandview-Woodland Community Plan which dictates that 50% of the gross floor area can be condos if 50% of the gross floor area is rental housing.

The architect for the project is Perkins + Will.

June 7, 2017by david.taylor@colliers.com
Development

Details Emerge for Bosa’s New Westminster Waterfront Project

Bosa Development has submitted a formal development permit application for their ambitious New Westminster waterfront project, originally announced last year.

The site at 660 Quayside Drive, currently a surface parking lot, was previously owned by Larco and had been envisioned for redevelopment as far back as 1996 with as many as five towers originally proposed with approximately 1,000 units and above-ground parking.

A revised rezoning proposal for three towers including a hotel was put forward in 2014 before the site was ultimately sold to Bosa Development in August 2016 for $63,000,000 ($79 per buildable SF).

The current proposal is now for a two-tower scheme that includes:

  • two residential towers: 53-storeys (phase 1) & 43-storeys (phase 2)
  • building heights of 584 ft & 472 ft.
  • 665 units
  • 156 one-bedrooms, 441 two-bedrooms & 68 three-bedrooms
  • a total density of 4.52 FSR
  • a 3-storey commercial building with retail at grade and childcare above
  • 40 space childcare facility
  • 2 acre of new public park including extension of Westminster Pier Park
  • 929 parking stalls on 3 levels of underground parking

660 Quayside_9 660 Quayside_6660 Quayside_3 660 Quayside 660 Quayside_1 660 Quayside_4 660 Quayside_5 660 Quayside_7 660 Quayside_8The application describes the overview of the project:

“The proposed project will be a major and positive contribution to the downtown waterfront and the City of New Westminster. The development combines two residential towers, retail space, daycare, public park, underground parking and riverfront esplanade to create a dynamic mixed use project. The site is an important gateway to the waterfront and a key component in the City’s Waterfront vision for a continuous waterfront experience, improved neighbourhood connections and year-round public spaces.”

June 1, 2017by david.taylor@colliers.com
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Greater Vancouver commercial real estate transactions down 8.3% in 2025 via @westerninvestor

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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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