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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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Condo, Development

Rezoning Application Submitted for 23-Unit Townhouse Project in North Vancouver

A rezoning application has been submitted to the District of North Vancouver for a new stacked townhouse development on a 3-lot, 18,029 SF land assembly on Sandown Place, just West of Capilano Road in the Lower Capilano area.

The original preliminary application for the site was submitted in 2019.

The site is designated for up to 1.20 FSR under the Lower Capilano Village Centre: Peripheral Area Housing Policy & Design Guidelines.

The application comes just days following a nearby townhouse application that was rejected by District of North Vancouver council.

Details of the proposal 1900-1950 Sandown Place proposal include:

  • 23 townhouse units;
  • a total density of 1.16 FAR;
  • 42 underground parking stalls.
  • a CAC of $371,145 ($18 per SF)
  • Municipal DCCs of $232,991
  • Metro & Translink DCCs of $216,254

The architect for the project is Matthew Cheng.

June 13, 2024by david.taylor@colliers.com
Apartment, Development, Rental

17-Rental Tower Proposed for Broadway Plan Site

A rezoning application has been submitted under the Broadway Plan for a 12,498 SF (100′ x 125′) site at 1171 West 12th Avenue, between Spruce Street and Alder Street in the Fairview neighbourhood.

The proposal is for a 17-storey rental tower that includes:

  • 111 rental units;
  • 20% below market units;
  • 55 studio units, 6 one-bedrooms, 39 two-bedrooms & 11 three-bedrooms;
  • a total density of 6.50 FSR;
  • A building height of 186 ft.
  • 58 underground parking stalls.

This application is being considered under the Broadway Plan.

The architect for the project is Stuart Howard.

June 13, 2024by david.taylor@colliers.com
Apartment, Development, Rental, Retail

Two Tower, 446-Unit Rental Project Slated for City Centre Motel Site on Main

Nicola Wealth Real Estate has submitted their rezoning application for the former City Centre Motel site at 2111 Main Street, on the West side of Main between East 5th and East 6th Avenues in Mount Pleasant.

Nicola acquired the 35,000 SF site in late 2020 and it has operated at an artists lodge since. The original motel, which occupies a full city block, was built in the early 1960s.

The site is located in Mount Pleasant Centre (MCE) subarea of the Broadway Plan.

The proposal is for two rental towers at 24-storeys and 22-storeys, and includes:

  • 446 rental units;
  • 22% studios, 38% one-bedrooms, 31% two-bedrooms & 10% three-bedrooms;
  • 20% of units below market;
  • 5,000 SF of arts & cultural space;
  • 14,710 SF of retail;
  • a total density of 9.93 FSR;
  • 197 below-grade parking stalls;
  • 1065 class A bicycle stalls;
  • 40% family housing (2 to 3-bedroom units)
  • A building height of 231 ft. with additional height for rooftop amenity space.

This application is being considered under the Broadway Plan.

The architect for the project is Musson Cattell Mackey Partnership.

The full application can be viewed here: https://www.shapeyourcity.ca/2111-main-st

June 10, 2024by david.taylor@colliers.com
Development

Amica & Marcon Submit Plans for Latest Seniors Project on Westside

Amica and Marcon have submitted a rezoning application for their latest Westside seniors project.

The site is located at 1110-1160 West King Edward Avenue between Oak and Granville, comprising an assembly of five single family lots.

The proposal is for a 6-storey seniors building and includes:

  • 169 care facility units;
  • A total density of 3.10 FSR; and
  • A building height of 92 ft.

“This full-service facility provides on-site management, housekeeping services, main and private dining, concierge services, life enrichment programming, 24-hour emergency support care, and fully licensed long term care including the provision of palliative support.”

The application is being considered under the Interim Rezoning Policy for Social Housing, Seniors Housing, and Institutional, Cultural and Recreational Uses in Former Community Visions Areas.

The architect for the project is SHIFT Architecture.

June 8, 2024by david.taylor@colliers.com
Apartment, Development, Rental

Application Submitted for 21-Storey, 231 Unit Rental Tower at 2225 West 8th Ave

The latest Broadway Plan application is for a site at 2225 West 8th Avenue, near the Northwest corner of West 8th and Yew in Kits. The site is owned by Prospero International Realty and Five Mile Holdings, which own several Broadway Plan sites.

The 23,984 SF site is currently improved with an older 3-storey walkup apartment building. The site is located in the Kitsilano North – Area A – Broadway Plan KKNA subarea of the Broadway Plan which allows for rental towers up to 20-storeys in height, with further height and density for provision of commercial space on the ground floor.

The proposal is a 21-storey rental tower that includes:

  • 231 market rental units;
  • 39 below market units;
  • 4,600 SF of retail space;
  • a total density of 6.80 FSR; and
  • a building height of 224 ft. with additional height for rooftop amenity space.

The application is being considered under the Broadway Plan.

The architect for the project is GBL Architects.

June 8, 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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