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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

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
Apartment, Development

35-Unit Apartment Building Planned for Central Lonsdale

Belaire Apartments Ltd., the owners of an existing 3-storey lowrise apartment building in North Vancouver, are planning a replacement of the building with a new, larger rental apartment building.

The subject site is located in the Central Lonsdale neighbourhood at the south west corner of Chesterfield Avenue and 16th Street. The site currently contains a 13-unit rental apartment building. The 10,400 SF site is located in an area of mainly three storey apartment buildings, with most of them built in the late 1960’s to mid – 1970’s, and are a mix of rental and strata dwellings.

The proposal is for a new 5-storey rental apartment building that includes:

  • 34 apartment units
  • 18 one-bedrooms, 13 two-bedrooms and 3 three-bedrooms
  • a total density of 2.50 FSR
  • 17 underground parking stalls
  • 51 bicycle stalls

1549 Chesterfield1549 Chesterfield_1 1549 Chesterfield_2 1549 Chesterfield_3The OCP land use designation of the site is Residential Level 5, which allows for a medium density multi-family up to a maximum density of 1.6 FSR, with the potential of a 1.0 FSR bonus density to be granted at Council’s discretion. The applicant is requesting a bonus be granted to 2.50 FSR with all the proposed units being rental and secured through a rental Housing Agreement.

The architect for the project is Gateway Architecture.

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

33-Unit Project Proposed for Marpole

Marcon has applied to the City of Vancouver for permission to develop a 19,671 SF, RM-9 zoned three-lot assembly on West 63rd Avenue, just East of Cambie Street. The plans for this site is a new 4-storey condo building, including:

    • 33 units
    • 7-one bedrooms, 22 two-bedrooms and 4 three-bedrooms
    • a total density of 2.0 FSR
    • 2 levels of underground parking accessed from the lane.

470 West 63rd Ave470 West 63rd Ave_2 470 West 63rd Ave_3 470 West 63rd Ave_1The single family assembly was rezoned under the Marpole Community Plan in 2014 and so only requires development permit approval.

The architect for the project is Rositch Hemphill.

The full development application can be viewed here: http://development.vancouver.ca/pc460w63rd/index.htm

May 1, 2017by david.taylor@colliers.com
Development

78-Unit Project Planned for Queensborough

An application has been submitted to the City of New Westminster to amend the Official Community Plan and rezone a site at 1102-1122 Salter Street in Queensborough. The area is currently zoned and primarily developed for single family use, and this lot could be built under existing zoning for 30 houses, or rezoned under the OCP for 50 houses.

The OCP amendment is being sought to allow the development of 78 units on this 5.1 acre site, including:

  • nine duplex dwellings (18 units)
  • 14 row houses
  • 10 compact lot houses (3,600-3,800 SF lot)
  • 36 townhouses
  • total density of 0.85 FSR
  • secondary suites not allowed
  • land dedication on the foreshore for extension of Queensbourough Permiter Trail

1102 Salter1102 Salter_2 1102 Salter_3The architect for the project is Bernard Decosse.

May 1, 2017by david.taylor@colliers.com
Development

13-Storey Hotel Planned for Edward Chapman Site Downtown

Executive Group Development has applied to the City of Vancouver for permission to develop the old Edward Chapman site at 833 West Pender Street with a 13-storey hotel. This is the first hotel to be built in the downtown core since the Coast Coal Harbour Hotel completed in 2010.

The unusually small 52′ x 120′ site was acquired by Executive Group late last year for $19,000,000 ($298 per buildable SF) and had since been rumoured for the hotel development in conjunction with a portion of the adjacent Exchange Building being converted to hotel use as well.

The proposal includes the following:

  • 106 hotel rooms (9 rooms per floor)
  • Restaurant on the ground floor;
  • Building height of approximately 153.7 ft;
  • A total density of 10.2 FSR;
  • Total floor area of 63,865 SF; and
  • 9 underground valet parking spaces accessed from the lane.

833 W Pender_1833 W Pender_2 833 W PenderThe proposed building requires a variance for the number of parking stalls being provided underground.

Under the site’s existing DD zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Development Permit Board.

The architect for the project is Studio One Architecture.

April 26, 2017by david.taylor@colliers.com
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vancouvermrkt Vancouver Market @vancouvermrkt ·
11 May

District of North Van council sends proposed CapU student housing tower back to drawing board via @NorthShoreNews

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16 Apr

First Capital REIT acquired by Choice Properties and KingSett for $5.2-billion

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16 Apr

First Capital REIT --> Choice Properties REIT and Kingsett Capital are teaming up to acquire the Canadian real estate company in a deal valued at over $9 billion, including assumed debt. Choice Properties will acquire roughly five billion dollars worth of shopping centres, while

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16 Apr

West Vancouver condo project in receivership, causing 'heartbreak' in Dundarave

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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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