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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Apartment, Development

Westbank Planning 214 Rental Units for Gastown Site

Westbank Projects has applied to the City of Vancouver for permission to develop a site at 33 West Cordova with a 11-storey mixed-use building.The plan, which involves a deal between Ian Gillespie, the Portland Housing Society and BC Housing, was first announced a year ago.

33 W Cordova_2

The proposal for the 19,071 SF site that also fronts onto Blood Alley includes the following:

  • 214 rental apartments (80 social housing units /134 secured market rental units);
  • commercial uses on the ground floor and cabaret underground;
  • 163,482 SF of gross floor area;
  • total density of 8.57 FSR
  • building height of 110 ft.;
  • 267 bicycle parking spots.

Under the site’s existing HA-2 zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Development Permit Board.  33 W Cordova33 W Cordova_1

The architect for the project is Henriquez Partners Architects. In the application, Henriquez explains the design rationale:

“The Blood Alley project at 33 West Cordova Street will make a significant contribution to the life of Gastown by retaining its heritage facade, providing affordable housing options, reinforcing an active street life through retail, food and performance opportunities, and provide a backdrop for the new Blood Alley Square renovation.”
May 25, 2016by david.taylor@colliers.com
Development, Investment, Office

South Granville Office Building/Site Sells in $19.5MM Deal

A two-storey office building at 1525 West 8th Avenue has sold for $19,500,000. The building sits on a 13,680 SF C-3A zoned property and has potential for redevelopment in the future to include residential. Based on the anticipated base density of 3.0 FSR, the price equates to $475 per buildable SF.

1525 West 8thThe building had been listed for sale earlier this year. Here is a promotional video outlining the property, including a rendering of a potential future condo tower on the site:

1525 West 8th Ave, Vancouver, BC from Cushman & Wakefield | Vancouver on Vimeo.

May 19, 2016by david.taylor@colliers.com
Development

Construction Update: The Spot

Here is a construction update for a residential project that is located on a fairly prominent corner across from City Hall at West 12th Avenue and Cambie Street. The Spot is a 125-unit, 8-storey concrete condo project on a former White Spot restaurant site (the site is owned and being developed by parent company Shato Holdings).

Sales for the project began in the spring of 2015, and construction began last fall. The project is now 100% sold out.

The Spot

courtesy mcminsen http://po.st/lCYJdG via @imageshack

The Spot_1

courtesy mcminsen http://po.st/NHH1lp via @imageshack

The Spot_2

courtesy mcminsen http://po.st/3t9Hj4 via @imageshack

May 19, 2016by david.taylor@colliers.com
Development

Construction Update: 1245 Harwood

Here’s an update on one of Vancouver’s most unheard of projects. It’s an 18-storey residential tower on the site of what used to be the Legg Residence, a heritage mansion that was demolished in order to protect a tulip tree on the site.

The project started construction in 2014 after years of delays, and now appears to nearing completion of the exterior build.

1245 Harwood_May 2016

courtesy mcminsen http://po.st/eL1TFc via @imageshack

1245 Harwood_May 2016_1

courtesy mcminsen http://po.st/qXukw2 via @imageshack

1245 Harwood_May 2016_2

courtesy mcminsen http://po.st/UGXXYs via @imageshack

1245 Harwood_May 2016_3

courtesy mcminsen http://po.st/2ekvpc via @imageshack

May 12, 2016by david.taylor@colliers.com
Development

Townhouses Proposed for Norquay Village Site

Conwest Residential has applied to the City of Vancouver to develop a new townhouse project on a 13,490 SF RM-7 zoned land assembly in the Norquay Village area of East Vancouver. The site is located on Ward Street, just West of Earles Street. Details of the proposal include:

  • 16 townhouse units in two buildings
  • a total density of 1.20 FSR (16,188 SF);
  • a building height of 37.42 feet
  • 12 surface parking spaces having  vehicular access from the lane;

Under the site’s existing RM-7 zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning.2719 Ward_22719 Ward_3

2719 Ward_1 2719 WardThe architect for the project is b2 architecture inc.

May 5, 2016by 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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