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.
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

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
Apartment, Development, Retail

193 Units Planned for Maplewood Village Area

The owners of a 1.7 acre site in the Maplewood Village area of North Vancouver have submitted a rezoning application and OCP amendment to redevelop the existing property, known as Maplewood Plaza.

The site is currently built as a smaller mixed use commercial plaza with two commercial spaces and 28 rental units. The site is designated Commercial Mixed Use Level 1  in the OCP which allows for densities up to 1.75 FSR. The proposed OCP amendment would change the designation for these two properties to Commercial Mixed Use Level 2 which allows for densities up to 2.50 FSR.

The proposed redevelopment is for two 6-storey buildings, including:   

  • 193 units (21 townhouses and 172 lowrise units)
  • 38 rental units
  • 85 one-bedrooms, 99 two-bedrooms and 9 three-bedrooms
  • 10,743 SF of retail space
  • a total density of 2.49 FSR
  • 255 underground parking stalls on two levels
  • $200,000 voluntary CAC payment

229 Seymour River229 Seymour River_1229 Seymour River_2229-seymour-place-northeast229-seymour-place-northwestThe architect for the project is Rositch Hemphill.

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

Latest Cambie Rezoning Features 66-Units

The latest rezoning application along the Cambie Corridor is for a site at 6829-6869 Cambie Street, a 3-lot land assembly across from Langara Golf Course just North of West 54th Avenue.  The plan for the 23,385 SF site is for a 6-storey building including:

  • a total of 66 condo units;
  • 28 one-bedrooms, 31 two-bedrooms & 7 three-bedrooms
  • a maximum building height of 69 ft.;
  • a total density of 2.52 FSR; and
  • a total of 103 underground parking spaces and 86 bicycle parking spaces.

6829 Cambie6829 Cambie_16829 Cambie_2The application is being considered under the Cambie Corridor Plan.

The site was acquired in 2016 for $17,575,000, or $298 per buildable SF based on the proposed density.

The architect for the project is GBL Architects.

April 5, 2017by david.taylor@colliers.com
Development

Anthem Acquires West Georgia Chevron Site in $72 Million Deal

Anthem Properties has acquired the recently closed Chevron site at 1698 West Georgia Street for $72,000,000.  

1698 W GeorgiaThe 16,375 SF site at the corner of Georgia and Bidwell can be rezoned and redeveloped for a 385 ft. residential tower under the West End Community Plan.

April 3, 2017by david.taylor@colliers.com
Development

Planning Underway for 40-Acre Willingdon Lands

Aquilini Development has submitted an initial rezoning application for a 40-acre site in Burnaby that they own jointly with the Musqueam Indian Band and the Tsleil-Watuth First Nation. The site has been used over the years by a variety of institutional uses and many of the existing facilities on the site are currently leased back by the Province. All of the remaining services on the site will be relocated off-site by 2019.

The site is currently zoned CD and allows for commercial and institutional uses. The current application seeks to establish a master plan for the entire site, and a development plan for the first phase to be located on the Northeast corner. While details are still vague at this point, general concepts include:

  • commercial, residential and amenity uses including a child care facility
  • 4-acre public open space or “commons” at the centre of the site
  • potential street linkages at South and West sides of site

Willingdon LandsThe existing CD zoning had been based upon the P6 and B2 Urban Office District guidelines and envisioned uses including: high tech and office uses, vocational and post secondary uses, health care and seniors care uses, emergency, transitional and supportive housing, as well as supporting accessory uses such as retail, residential and mixed-use.

Separate rezoning applications for the master plan and for phase 1 will be submitted as a next step.

The site was purchased from the Province in 2014 for $57.9 Million.

April 3, 2017by david.taylor@colliers.com
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David Taylor Personal Real Estate Corporation

Colliers International

DT

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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