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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Apartment, Development, Retail

Rental Apartments Planned for East Vancouver Strip Mall Property

A rezoning application has been made for a 29,102 SF site at 3868 Rupert Street (at East 22nd St) for rezoning to allow rental apartments. The site is currently improved with a grocery store – Chong Lee Market and some retail units along with surface parking.

3868 Rupert 3868 Rupert_1

The proposal calls for rezoning from C-1 to CD-1 to permit the development of 6-storey mixed-use building that includes:

    • 112 secured market rental units;
    • 78 one-bedrooms, 30 two-bedrooms and 4 three-bedrooms
    • 10,856 SF retail uses in six CRUs on the ground floor
    • a total density 3.60 FSR
    • a building height of six storeys ; and
    • 158 underground parking spaces.

The application is being considered under the Affordable Housing Choices Interim Rezoning Policy.3868 Rupert_2

The architect, GBL, describes the application:

“This project will take into account these neighbourhood factors by providing appropriate up to date commercial premises for the existing tenants and providing good quality affordable rental accommodation for the locale. The Renfrew Collingwood area has great community facilities and a number of schools close by. With this in mind, over a quarter of the units will be 2 and 3 bedrooms for families.

We are proposing that the site is rezoned for a six storey building which accommodates one floor of commercial, five floors of market rental units above over two levels of underground parking. The project will follow the Rental 100 City Policy. The area of the project is 104,667 SF, yielding an F.S.R. of 3.60. The project proposes six commercial retail units with specific size requirements ranging from circa. 670 SF up to 11,760S SF. Commercial entrances are located on Rupert Street. The Residential Lobby is positioned to the south side of the site at 23rd Avenue allowing for an uninterrupted commercial frontage. The project proposes 112 Rental Units on Levels 2-6 with over a quarter designated as 2+ bedroom family units. The average sizes meet the Rental 100 requirements with 1 beds at 570SF, 2 beds at 730SF and 3 beds at 937SF. We recognize there are good community facilities and schools in the area and our Client wants to provide a range of accommodation types which will appeal to a varied market of future tenants.”
June 13, 2016by david.taylor@colliers.com
Development

Two Options Being Considered for “Site 8” in North Vancouver

Polygon has prepared a proposal including two options for a development at 119 – 131 West Esplanade in North Vancouver, also known as “Site 8”. The site also includes lands owned by City of North Vancouver. The overall rezoning application seeks an amendment to the City’s OCP to increase the allowable building height and to rezone the site to allow the construction of a mixed-use building consisting of a residential tower over a commercial podium. This would be supported by four levels of underground parking.

The site was previously owned by Millenium Properties who proposed a 35-storey tower back in 2007, which was subsequently withdrawn. The site later sold to Polygon.

119 W Esplanade

Two development options are being presented for the City of North Vancouver’s consideration:

Option 1 – with Non-Market Office Space

  • 11-storey tower with 107 residential units
  • a building height of 122 ft.
  • a total density of 3.78 FSR
  • sale of City lands, transfer density and density bonus resulting is a cash contribution of $10.3 Million.
  • 6,000 SF of office space owned by Polygon and rented at below market rates to non-profits

Option 2 – with Community Amenity Space

  • 12-storey tower with 117 residential units
  • a building height of 139 ft.
  • a total density of 4.07 FSR
  • sale of City lands, transfer density and density bonus resulting is a cash contribution of $8.7 Million.
  • 16,155 SF of City-owned community space for a museum

In both scenarios, the site has to accommodate almost 100 parking spaces for off-site uses.

119 W Esplanade_2 119 W Esplanade_1

119 W Esplanade_3

View from Esplanade

The architects for the project are DYS Architecture and Nigel Baldwin Architects.

June 13, 2016by david.taylor@colliers.com
Development

City of Vancouver Selling Prime Downtown South Site

The City of Vancouver has placed a 1.42 acre property up for sale at 601 Beach Crescent. The irregularly shaped site sits just East of the Granville Street bridge, and mirrors the Vancouver House site at 1400 Howe Street (though the site has a smaller site area).

601 Beach_1

City of Vancouver planning documents identify the currently vacant site for a similar height as the Vancouver House project, at 425 feet (though Vancouver House was subsequently approved at 497 feet).

601 Beach

The offer submission date is July 27th, 2016.

June 6, 2016by david.taylor@colliers.com
Development

51-unit Condo Building Proposed for Main Street

Chard Development has submitted a rezoning application for a site it owns at Main & East 5th Avenue in Mount Pleasant.

The proposal for the 23,261 SF site is  to rezone from the current IC-2 zoning to CD-1 under the Mount Pleasant Community Plan. The proposal consists of a 6-storey mixed-use building over three levels of underground parking and includes:

  • A total of 51 market residential units
  • 20 One-bedrooms, 27 two-bedrooms & 4 three bedrooms
  • A floor area of 69,783 SF;
  • Commercial uses on ground floor including a restaurant
  • A total density of 3.0 FSR
  • A building height of 6-storeys and 78 ft.;
  • 68 commercial parking stalls and 54 residential parking stalls; and
  • 82 bicycle stalls.

2106 Mainb2106 Main_1 2106 Main

The architect for the proposed project is Proscenium Architecture Inc.

Chard has recently had success in the sales of their Ellsworth project just two blocks South at Main & 7th. The project’s 89 units are nearly sold out.

June 3, 2016by david.taylor@colliers.com
Apartment, Development

Additional Rental Density Planned for West End Heritage Building

Plan A Real Estate has applied to the City of Vancouver to develop additional rental units on an apartment building they own at 1170 Barclay Street, The “Florida Apartments”. The proposal for the site includes:

    • interior and exterior alterations, including a 2-storey plus roof deck addition,
    • a Heritage Revitalization Agreement, to this existing two-storey plus basement, multiple dwelling building,
    • increasing the number of apartment units from 16 to 28 units
    • 7 surface parking spaces at the rear, having vehicular access from the lane
    • total overall density of 2.07 FSR. (17,909 SF).

Under the site’s existing RM-5B zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning.

Existing Building

Existing Building

1170 Barclay_2 1170 Barclay_1

The architect for the project is Hearth Architectural Inc. The application explains the design rationale:

“The development proposal for The Florida is to preserve and restore the existing Heritage Class “B” Art Deco building that has long been in disrepair and in need of a major renovation. An addition to the restoration of The Florida will take the form of two storeys that steps back from the face of the existing building to emphasize the original heritage massing and form. With a total of 5 storeys in the new development proposal for The Florida, the floor plans will be redesigned to house more functional living spaces and provide for a good mix of studios, one bedrooms and two bedroom apartments. A total of 23 apartments will provide livability options for West End residents.”

The building was acquired in 2010 for $3,360,000, or a 3.5% cap rate.

June 2, 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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