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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

Two More Towers Planned for Burquitlam

Two more towers are planned for the Burquitlam area of Coquitlam. This application comes from Anthem for a 2 acre site in between Brookmere Park and Vancouver Golf Club at 585 Austin Avenue, East of North Road. The development would replace an existing 58-unit strata townhouse complex on the site.

The proposal requires rezoning from the existing RS-1 zone to RM-6 Multi-Storey High Density Residential to allow two highrise buildings.The site falls within the Transit-Oriented Development Strategy “Shoulder” area of Lougheed Skytrain Station.

Details include:

  • 379 residential units
  • 139 one-bedrooms, 285 two-bedrooms, 55 three-bedrooms
  • a 23-storey tower and a 28-storey tower
  • a total density of 4.0 FAR
  • 22,000 SF of amenity space
  • 576 parking spaces on 3.5 floors of underground parking

585 Austin585 Austin_1585 Austin_2585 Austin_3 585 Austin_4The architect for the project is IBI Group.

April 25, 2017by david.taylor@colliers.com
Development, Retail

35-Unit ‘Midtown 3’ Project Planned for East Broadway

Port Living has applied to the City of Vancouver for permission to develop a four-storey, mixed-use building at 702 East Broadway, at the Southeast corner of Broadway and Fraser in the Mount Pleasant area.

Project details include:

  • 35 condo units in a 4-storey woodframe building
  • 20 studio units, 9 one-bedrooms and 6 two-bedrooms
  • 2 retail CRU’s at ground level totaling 5,761 SF
  • a total density of 3.0 FSR
  • 2 levels of underground parking

702 East Broadway_2702 East Broadway_3702 East Broadway702 East Broadway_1Under the site’s existing C-2C 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 Studio B Architects.

The development application can be viewed in detail here: http://development.vancouver.ca/pc702ebroadway/index.htm

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

21-Storey Rental Tower Proposed for Robson Street

GWL Realty Advisors have applied to the City of Vancouver for permission to develop a 99′ x 131′ site at 1500 Robson Street (at the Southwest corner of Robson and Nicola). The plan is  for a new 21 storey market rental tower.  The proposal includes the following:

  • 127 market rental apartment units;
  • 33 studios, 52 one-bedrooms, 42 two and three bedrooms;
  • 5,469 SF of retail on the ground floor;
  • a total density of 7.70 FSR;
  • a building height of 210 ft.;  and
  • 84 parking stalls four levels of underground parking accessed from the lane.

1500 Robson1500 Robson_1 1500 Robson_2The site was rezoned to the current C-5A zoning under the West End Community Plan, adopted in 2014. The application is “conditional” so it may be permitted; however, it requires the decision of the Development Permit Board.

The Development Permit Application can be viewed here: http://development.vancouver.ca/1500robson/index.htm

The architect for the project is IBI Group.

April 17, 2017by david.taylor@colliers.com
Development

Rezoning Plans Unveiled for Catholic Charities Site

Amacon‘s formal rezoning application has been submitted to the City of Vancouver for a 24,289  SF land assembly at Robson between Cambie and Beatty that includes the Catholic Charities Men’s Hostel and the commercial building at 118 Robson Street (home to the bar/restaurant now known as ‘Back Forty’).

The plan calls for rezoning from DD to CD-1 to redevelop the site with a 29-storey mixed-use development and 6-storey podium, including:

  • Retention and restoration of the existing Northern Electric Building facade;
  • Hotel, commercial and residential uses, including 131 residential units;
  • 42 one-bedroom units, 71 two-bedrooms and 18 three-bedrooms;
  • Five levels of underground parking
  • A total density of 10.08 FSR; and
  • A building height of 290 ft.

150 Robson150 Robson_1 150 Robson_2The application describes the design rationale:

“The existing peripheral structure and complete envelope of the building will be preserved
and restored to strict heritage conservation guidelines outlined in the conservation plan. The interior of the building, which has little heritage value left, will be replaced with new construction: hotel rooms on the second and third floors; and hotel restaurant and hotel coffee shop on the ground floor, along Robson Street.”

New shelter space will be provided for the existing Catholic Charities shelter, as part of the agreement between the developer and Catholic Charities. 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 GBL Architecture.

April 6, 2017by david.taylor@colliers.com
Development

88-Unit Townhouse Project Planned for Lions Gate Village

Citimark has submitted a rezoning application and OCP amendment to redevelop an 8-lot single family land assembly in the Lower Capilano area of North Vancouver. The lots are located at 1886 -1956 Belle Isle Place and 2046 Curling Road, just North of Larco’s large rental development, now under construction.

The area, now called Lions Gate Village Centre, was redesignated by the District of North Vancouver in 2015 to allow for townhouse uses, and this project is the 2nd to go before council, following PC Urban who recently applied for 23 units just up the street on Glenaire Drive.

The plan is for a townhouse development that includes:

  • 88 three-storey townhouses in ten separate buildings
  • a density of 1.20 FSR
  • a building height of 41 feet
  • 163 underground parking stalls
  • a community amenity contribution of $324,071
  • expansion and improvement of Belle Isle Park.

1886 Belle Isle_11886 Belle Isle_41886 Belle Isle_3 1886 Belle Isle_2

April 6, 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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