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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

32-Storey Tower Planned for West End Site

A partnership between Strand Development and Intracorp has submitted an application to rezone a site located at 1055 Harwood Street, between Thurlow and Burrard in the West End area of Downtown Vancouver.

The proposal is for a 32-storey residential building with:

  • 82 market residential units;
  • 68 two-bedrooms, 8 three-bedrooms and 6 four-bedrooms;
  • 44 social housing units;
  • a density of 10.35 FSR;
  • four levels of underground parking with 156 vehicle parking stalls;
  • 158 bicycle parking spaces; and
  • a building height of 300 ft.

1055 Harwood_51055 Harwood_4 1055 Harwood_2 1055 Harwood_3The RM-5A zoned site was redesignated under the West End Community Plan, adopted in 2014. Currently occupied by a lowrise coop, the site was acquired in August 2016 for $40.5 Million.

The application describes the design rationale:

“The overall form for the proposed building is one that is familiar to the West End. The tower, as proposed, is a 32-storey tower interlocked with a very small 6,300 square foot, seven storey (60’) base, thereafter tapering into a slender 5,500 square foot floorplate for the remainder of the building’s tower element.
 
The building has been designed as a “tower in the park” with the use of concrete and brick to create an articulated base transitioning into a slender tower with a simple concrete frame featuring expansive windows, spandrel glass and spacious balconies that are predominately inset into the building’s facade.”
 
The architect for the project is NSDA Architects.
May 15, 2017by david.taylor@colliers.com
Development

Rare Multi-Family Building Planned for Arbutus Ridge

Trillium Projects has applied to the City of Vancouver for permission to develop an 11,440 SF site on MacDonald Street at Alamein Avenue, just South of West 24th Avenue in the Arbutus Ridge neighbourhood of Vancouver’s Westside. The area is a small commercial strip in an otherwise predominantly single family neighbourhood. The existing building on the site is an auto service centre.

The proposal is for a 3-storey building and duplex, including:

  • 8 residential units, including 6 townhomes and a duplex;
  • 2 retail CRU units on the ground level;
  • a total density of 1.34 FSR;
  • One level of underground parking accessed from the lane; and
  • 21 parking stalls

4066 MacDonald_2 4066 MacDonald_1 4066 MacDonaldUnder 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 Shift Architecture.

Here is a link to the development application: http://development.vancouver.ca/4066macdonald/index.htm

May 11, 2017by david.taylor@colliers.com
Apartment, Development

Refurbishment of Gabriola Mansion Includes 20 Rental Units

A rezoning application has been submitted for the Gabriola Mansion property at 1523 Davie Street in Vancouver’s West End. The 26,000 SF property, principally occupied by one of the West End’s most notorious heritage buildings, was sold last year for $6.72 Million.

The application includes the preservation and restoration of the Gabriola Mansion building through conversion to rental apartments.

Further details include:

  • the conversion of the mansion into 16 market rental units;
  • 4 new infill 3-storey rental townhouses to be developed in the northeast corner of the property;
  • 4 three-bedrooms, 5 two-bedrooms, 7 one-bedrooms and 4 studios
  • an increase in FSR from 0.35 to 0.89; and
  • no increase in height from the existing CD-1 (248).

1523 Davie_3 1523 Davie_2 1523 Davie_1 1523 DavieThe architect for the project is Ankenman Marchand.

May 10, 2017by david.taylor@colliers.com
Development, Office, Retail

24-Storey Office Tower Planned for Budget Site

Westbank‘s rezoning application for the Budget Car Rental site at 400 West Georgia Street has been submitted to the City. The site is located at the corner of West Georgia and Homer Street, across from the Central Library Branch. The letter of intent submitted by Westbank, suggests that the building will be built “on spec”.

The plan for the 20,992 SF (175′ x 120′) site calls for rezoning from Downtown (DD) District to Comprehensive Development (CD-1) District to allow for a 24-storey office building. The proposal includes:

  • 350,000 SF of office space;
  • 5,775 SF of retail space;
  • a building height of 301 ft.;
  • a total density 17.51 FSR;
  • steel construction;
  • six levels of underground parking; and
  • 125 bicycle parking spaces.

400 W Georgia400 W Georgia_5 400 W Georgia_4 400 W Georgia_3 400 W Georgia_2 400 W Georgia_1Design features will include triple-paned curtain wall, openable windows, large spans of column free space, glass floors. It will also incorporate a 4-storey high lobby.

The application describes the design rationale:

“The building is conceived as a cluster of white cubes that are bound by lush gardens. Pristine boxes project outward from the crevices filled with thick vegetation. The greenery is as expressive as the geometry is abstract. Together they merge into a staggered silhouette that is neither a tower nor warehouse, but a 3-dimensional campus.”
 
“The proposed building will be utilizing a concrete core with structural steel beams and steel decking c/w concrete topping. The steel construction seemed better suited to the architectural design and provides the desirable aesthetic of seeing the buildings structure visible through the transparent exterior glazing. The “truss” elements are cantilevering from 6 large column supports extending up through the entire building resulting in large open / column free interior spaces allowing flexible internal office planning configurations.”
 
This rezoning application is being considered under the Rezoning Policy for the Central Business District (CBD) and CBD Shoulder.

The architect for the project is Merrick Architecture.

May 10, 2017by david.taylor@colliers.com
Development

Construction Update: Vancouver House

Construction continues to progress at Vancouver House, one of the more watched construction sites in the City of Vancouver, if only for its unique design. The building is now above the bridge level. Construction is scheduled for completion in 2019.

56fda0a783daf37d8655020533000337photo courtesy mcminsen http://po.st/tfp1og via @imageshack

1c7c2189bf9538eec766565515cb5fc9photo courtesy mcminsen http://po.st/DsuFXn via @imageshack

1f391e9cae950209363a466a22016e63photo courtesy mcminsen http://po.st/2CzaHU via @imageshack

94b0901824e0231c33164b03aacb36d4photo courtesy mcminsen http://po.st/3h34VL via @imageshack

May 7, 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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