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, Office

Portion of Exchange Building Now Slated for Hotel

In an interesting move, 10 floors of the Exchange Building are being converted to hotel use instead of office use. This comes as Executive Group has acquired the adjacent Edward Chapman property at 833 West Pender, with soon to be released plans for a hotel on the site.

A development application has been submitted for The Exchange Building to allow:

  • conversion of office use to hotel on floors 2 through 11
  • 110,000 SF of the building will be converted

475 Howe_1Under the site’s existing CD-1 (555) zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning.

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

Cressey Unveils Plans for Rental Building at 2nd & Main

Cressey has filed a rezoning application for a site at the corner of Main and East 2nd Avenue in East Vancouver.  The 18,683 SF triangular site at 1800-1880 Main Street is currently zoned IC-2, but the Mount Pleasant Community Plan allows for residential rezoning. 

The plan is for a redevelopment of the site to allow an 11-storey mixed-use building that includes:

      • 131 rental units;
      • 34 studios, 51 one-bedrooms, 36 two-bedrooms and 10 three-bedrooms
      • Two commercial units at grade;
      • A total density of 5.02 FSR;
      • A height of 113.4 ft.; and
      • 88 parking spaces (including 6 car share spaces).

1880 Main_11880 Main_21880 Main_3The architect for the project is Francl Architecture.

Cressey acquired the site in 2016 for $17,000,000, or $181 per buildable SF based on the rezoned density.

March 8, 2017by david.taylor@colliers.com
Apartment, Development, Office, Retail

Concept for Port Moody Site Includes Multiple Towers, Hotel, Rental

Urbanics Consultants, on behalf of Andrew Peller Limited have applied to allow a redevelopment of the 5.0 acre Andres Wines site, a collection of lots on the West side of Port Moody’s Town Centre area, fronting both Clarke Street and Barnet Highway.

The proposal calls for an OCP amendment  and rezoning to allow for the development of a new mixed-use residential and commercial development, including:

  • one 32-storey tower, one 21-storey tower, one 12-storey tower & multiple lowrises
  • 418 residential units
  • 132 strata units, 176 rental units, 98 seniors units & 12 artist studios
  • a mix of other uses including light industrial, retail, office, 80-room hotel, clinic, athletic club, arts centre (including a daycare) and an arts village (artist work space, galleries, and residences).
  • 725,390 SF of gross floor area
  • a total density of 3.33 FAR
  • open space comprising 25% of the total site area
  • 940 parking spaces

AndresAndres_3Andres_2 Andres_1The plan is proposed to be built in one phase and at full build-out is estimated to have a resident population of 800 and will support 585 jobs.

The OCP amendment was not originally supported at City Council, but has been deferred to the Community Planning Advisory Committee for further design review to address various issues including geotechnical, traffic and parking, and site servicing, among others.

Peller operated the Andrés Winery in Port Moody for several years before shutting down about 15 years ago. The site is located not far from the Flavelle Mill site, recently announced for another large scale redevelopment.
March 6, 2017by david.taylor@colliers.com
Apartment, Development

12-Storey Rental Building Planned for West 10th & Oak

A development application has been filed for a new midrise apartment tower on a 125′ x 150′ lot at the Southwest corner of West 10th and Oak, just West of Vancouver General Hospital. The site is zoned RM-3 and so does not require rezoning. The proposal for 1002 West 10th Avenue includes a 12-storey apartment building, consisting of:

      • 62 rental units
      • A total density of 1.78 FSR (33,350 SF);
      • a building height of 116.86 ft.; and
      • 25 underground parking spaces, having vehicular access from the lane.

1002 West 10th Ave1002 West 10th Ave_1Under the site’s existing RM-3 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 Iredale Group Architecture.

March 3, 2017by david.taylor@colliers.com
Apartment, Development, Office, Retail

Mixed-Use Building Planned for Sapperton Area of New Westminster

I4 Property Group has applied to the City of New Westminster for a rezoning and to facilitate the development of a 15,254 SF site at 408-412 East Columbia Street, near Royal Columbian Hospital.

The Rezoning application entails changing the zoning of the property from Community
Commercial Districts (Medium Rise) (C-2A) to a new Comprehensive Development District to allow the development of a 6-storey, mixed use development that includes:
 
  • 60 secured market rental units
  • 7,000 SF of retail space at grade
  • 12,100 SF of office space on the second storey.
  • A total gross building area of 69,430 SF
  • a density of 4.53 FSR
  • 84 underground parking spaces

408 E Columbia408 E Columbia_1 408 E Columbia_2The previous OCP designation for the site is CM Commercial Main Street, which allows commercial uses at street level and office or residentail uses above. Densities in this zone are medium to high. Under the new OCP, the site is “Mixed-Use Low Rise”, allowing buildings up to 6-storeys in height.

I4PG attempted to assembled the neighbouring lot at 406 East Columbia Street, but were not successful.

The architect for the project is SUVA Architecture.

March 2, 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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