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, Office

5-Storey Office & Industrial Building Proposed for Mount Pleasant Site

Openform Properties has submitted a development application for a 12,090 SF site at 288 West 8th Avenue, at the Southeast corner of West 8th and Alberta Street in mount Pleasant for a new office/light industrial building.

The site is currently improved with a 2-storey office building that was built in 1998.

The plan for the site is a new 5-storey mixed-use building, containing two levels of Manufacturing use, three levels of Office + rooftop amenity on this site. Details include:

  • 36,260 SF of office space;
  • 18,130 SF of light industrial/manufacturing space;
  • a total density of 4.50 FSR;
  • a building height of 95.7 ft.;
  • Two levels of underground parking having access from the lane.

Under the site’s existing I-1 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 MA + HG.

June 28, 2024by david.taylor@colliers.com
Development, Office, Rental, Retail

Three Tower Mixed Use Rezoning Proposal Unveiled for Great Northern Way Site

PCI Group and Low Tide Properties have submitted their formal rezoning application for 455-485 Great Northern Way, located directly West of Emily Carr.

The proposal envisions a 20-storey office building with a 4-storey podium and two 35-storey rental towers. Details include:

  • 548 rental units;
  • 20% below market;
  • 71,000 SF of retail space;
  • 344,000 SF of office space;
  • a total density of 6.41 FSR;
  • A maximum building height of 373 ft.;
  • A publicly accessible open space integrated with the future Emily Carr SkyTrain station;
  • A childcare facility (94 spaces) dedicated turnkey to the City; and
  • 470 vehicle parking spaces and 1,848 bicycle spaces.

This application is being considered under the Broadway Plan.

The architect for the project is Perkins & Will.

The full application package can be viewed here: https://www.shapeyourcity.ca/455-565-great-northern-way-and-1850-thornton-st

June 18, 2024by david.taylor@colliers.com
Condo, Development, Rental

Phase One of Concert’s Cottonwood Lands Project to Include Two Towers, 649 Condos & Rental Units

Concert Properties has submitted a development application for the first phase of their 550 Cottonwood Avenue project in the Burquitlam area of Coquitlam.

A master plan for the 6.7 acre site, which is currently improved with 12 walkup apartment buidlings, was originally approved in 2019. It envisions two rental towers, four condo towers, a daycare and amenity building, and park dedication.

The plan for Phase 1 of the project is two towers :

  • a 37-storey tower with 347 market rental units (incl. 54 non-market units)
  • a 30-storey tower with 275 condos;
  • a 2-storey amenity/daycare building;
  • 1.67 FAR (on entire site area – 5.50 FAR max for the site)
  • an extension of Cottonwood Park.
  • $3.6 Million in DCCs
  • $4.8 Million in density bonuses.

Phase one is located in the Northeast corner of the site.

The architect for the project is Rafii Architects.

June 17, 2024by david.taylor@colliers.com
Development

PARC Revises Coquitlam Seniors Project

PARC Retirement Living has submitted a new rezoning application for their proposed seniors highrise at 1015 Austin Avenue in Coquitlam.

A previous application from 2022 granted second and third readings but Council raised some minor concerns about the design of the project.

The site is 24,830 SF and is located in the Austin Heights Neighbour Plan area of Coquitlam.

The current proposal is for a 21-storey high rise with independent living units and below market seniors rental units.

Details include:

  • 154 independent living rental units;
  • 16 below market rental units;
  • a total density of 5.50 FSR;
  • 2,400 SF of ground floor retail space (3 CRUs).

The architect for the project is Francl Architecture.

June 17, 2024by david.taylor@colliers.com
Condo, Development

Condo/Social Housing Project Slated for Broadway & Fraser Site

Wall Financial has submitted their rezoning application for 670 East Broadway, at the Southwest corner of Broadway and Fraser in East Vancouver. It is one of the first applications in the Broadway Plan seeking a mix of condo and social housing instead of rental and below-market rental.

The 20,200 SF site is located in the Mount Pleasant Centre – Area F (MCEF) of the Broadway Plan.

The proposal is to allow for the development of a 17-storey building with a 6-storey podium over 4 levels of underground parking and includes:

  • 137 residential units;
    • 24 social housing units
    • 113 condo units
  • 3,800 SF of retail space on the ground floor;
  • a total density of 6.0 FSR;
  • A building height of 180 ft.

This application is being considered under the Broadway Plan.

The architect for the project is Bingham Hill.

The site was acquired in 2022 for $21,100,000 or $173 per buildable SF.

June 17, 2024by 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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