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

Bosa Files Rezoning Application for 1500 West Georgia

Bosa Properties, in partnership with Kingswood Properties, have now formally applied to rezone the property at 1500 West Georgia Street. The anticipated “Jenga” building was initially released to the media a year ago, but now is an official application. The project is planned for the plaza next to the existing office tower at Georgia and Cardero, which Bosa acquired in 2014 for $120,500,000.

The proposal, by renowned German architect Buro Ole Schereen,  is for a 43-storey residential development adjacent to the existing office building. The proposal includes:

  • 217 condo units (over 65% with 2-bedrooms or more)
  • 282,452 SF of new floor area;
  • a total density of 11.47 FSR
  • 496,452 SF gross across the entire site (including the existing office building);
  • total height of 440 feet
  • a restaurant at the corner of Georgia and Nicola streets; and
  • 7 levels of underground parking.

1500 West Georgia_61500 West Georgia_51500 West Georgia_1The Letter of Intent attached to the application describes the project:

“Located on West Georgia Street, the tower stands as a beacon at the entrance to Downtown Vancouver from the North Shore and Stanley Park and forms an urban pivot at the junction where the city’s grid splices and begins to expand. A system of vertically shifted apartment modules enables dynamic yet rational layouts for residences while the rotation of modular elements extends living spaces to introduce the concept of horizontal living in a slender high-rise. The resulting multiple terraces offer physical and emotional connectivity between the indoor and outdoor environment. The vertical offset of the apartment modules minimizes the footprint of the tower and liberates the ground to provide an open plaza for the public realm. An amplified reinterpretation of the existing water cascade along West Georgia builds on the strong architectural heritage of the site, while multiple crossing paths ensure urban permeability. Public amenities around the central plaza and extensive waterscape engage the community and contribute to the network of downtown green and public space.”
1500 West Georgia_2 1500 West Georgia_3
1500 West Georgia_4This rezoning is being considered under the Rezoning Policy for the West End, which was adopted as part of the West End Community Plan in 2014, and was largely the rationale for Bosa’s acquisition of the site that year.

The local architect for the project is Francl Architecture.

The full rezoning application can be found here: http://rezoning.vancouver.ca/applications/1500wgeorgia/index.htm

August 30, 2016by david.taylor@colliers.com
Development

Market Update: Cambie Corridor Land Values

Below is a brief update to a previous analysis of land sales along the Cambie Corridor that was originally posted last year. The most recent project to launch pre-sales is The Regent by Regent International on the North side of West King Edward, which launched in July 2016, and having substantially sold out at over $1,000 per SF. Fully 13 of the first 15 projects to launch pre-sales since 2012 have sold out quite quickly and steadily increasing prices.

As one of the most consistently strong pre-sales markets in Metro Vancouver, land values are continuing to increase as developers are bidding more aggressively to reflect end-sales demand.

Up and down the Corridor, numerous land assemblies have occurred, with many rezoning applications at various stages of the process. Almost 20 sites have now had rezoning enacted; meaning they have been officially approved by the City, and over one-third of the 439 lots in the plan area have now been sold.

The following chart depicts all of the site/land assembly sales that have taken place within the plan area since 2009. As recently as 2014, land sales averaged $175-200 per buildable SF. Today, land values have escalated to as high as $250-300 per buildable SF, and a couple of sites have actually traded above the $300 per buildable SF threshold.

Cambie Corridor_Land Values_August 2016* based on approved density, or plan maximum where no application exists yet.

The strength of the Cambie land market is not entirely surprising given the strong pre-sales trends and given that land on the Westside with exisitng zoning for multifamily is now regularly trading above $400 per buildable SF.

August 24, 2016by david.taylor@colliers.com
Development

West End Co-Op Sells in $40.5 Million Deal

A co-op located on a 17,292 SF site in the West End of Vancouver has sold to a developer for $40,500,000.

Harcrest Apartments, located at 1055 Harwood Street, is a 3-storey 28-unit walkup building built in 1947. The property was listed for sale earlier in the year. The site was designated under the West End Community Plan to allow a new tower up to 300 feet in height, provided that some of the new building is provided as social housing.

1055 Harwood_1 1055 Harwood

 

August 22, 2016by david.taylor@colliers.com
Development

FOR SALE: 1.7 Acre Port Moody Residential Development Site

We are pleased to introduce for sale 3370 Dewdney Trunk Road, a 1.7 acre transit-oriented development site located in the Inlet Centre Station subarea of Port Moody.

3370 Dewndey TrunkDownload the brochure for further details here.

August 17, 2016by david.taylor@colliers.com
Development

Construction Update: Cambie Star

Construction is coming along on Cambie Star, an 8-storey condo development at the Northwest corner of Cambie Street and West King Edward Ave.

The project is being built by Yuanheng Canada, who acquired the site from Translink as one of the first Cambie Corridor land sales back in 2011 for $9,400,000, or $146 per buildable SF.

The site is located directly adjacent the King Edward Canada Line station and a portion of the building is directly above the station entrance (the station entrance itself becomes a volumetric statutory right of way). There is also a covenant on title that the developer is required to build a space for a retail bike repair facility attached to the station. There will also be ground floor commercial units fronting Cambie Street.

4099 Cambie

The site was formally approved for rezoning in late 2014 for a 59-unit, 8-storey development at a total density of 3.52 FSR. Sales began in November 2014 and the project was substantially sold out in 2015. MLS pre-sales in late 2015 show the most recent sales took place in the $825 per SF range. The site signage and project website now indicates that the project is sold out.

4083 Cambie

Photo courtesy mcminsen http://po.st/qsN457 via @imageshack

4083 Cambie_1Photo courtesy mcminsen http://po.st/8eqti9 via @imageshack

4083 Cambie_2Photo courtesy mcminsen http://po.st/3wwYVp via @imageshack

August 12, 2016by 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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