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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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Development, Market Research

Market Spotlight: City of Vancouver Rezoning Applications

Here is a brief overview of rezoning applications going to City of Vancouver Council next week seeking approval to move forward to the final public hearing stage. While these proposals have been posted on this site before, their potential advancement to public hearing signals an intent by each proponent to move forward with their respective projects.

101 East 2nd Avenue

101 East 2ndThis application is for the new MEC location at 2nd and Quebec. MEC will be relocating from their existing West Broadway location when their lease expires.

The plan is for a 3-storey building totaling 45,262 SF of retail space and 16,350 SF of office and fitness space. The total density is 2.04 FSR. A CAC of $11.50 per SF is being charged.

288-388 West King Edward Ave

288 W King Ed_2This proposal, by Mosaic Homes, is for a 4-storey, 56-unit condo building at the Southeast corner King Edward and Yukon. The site is a 5-lot assembly being rezoned under the Cambie Corridor Plan.

The proposed density is 1.76 FSR, and the CAC is based on the fixed rate of $55 per SF of net increased density.

4085 Ash & 619-633 West King Edward

619 West King EdAlso in the same area as the project above, Aragon is planning a development on a 3-lot assembly at the Northwest corner of King Edward and Ash Street.

The plan for the 19,150 SF site is a 4-storey condo building with a total of 31 units. The total proposed density is 1.93 FSR and the CAC is $55 per SF.

3365 Commercial Drive & 1695-1775 East 18th Avenue

3365 Commercial Dr

Cressey‘s plan for a rental apartment building on a site at Commercial Drive and East 18th Ave includes relocation and restoration of a heritage house. The new 6-storey building on the site will have 101 much needed rental apartments. The total density for the project is 2.70 FSR. 37% of the units will be family-oriented. There is no CAC.

420 Hawks Avenue

420 Hawks_3Atira Women’s Resource Society originally made this proposal back in November 2014 and it has been the subject of some media attention recently amid some objection by the Strathcona Residents’ Association.

The plan has been revised since the original proposal, with 21 social housing units being proposed in a 7-storey building. A unique aspect of the building is that it will be constructed out of shipping containers. There is no CAC for this project.

753 Seymour Street

753 Seymour_3GWL’s plan to redevelop the parkade it owns next to 650 West Georgia (Vancouver Centre) became public with an application back in the summer of 2013.

The plan is for a 33-storey office tower, totaling 398,942 SF of new office space above the existing 6-storey parkade structure. The parkade could also be converted into an additional 65,000 SF of office space in the future. The total density of the project is 22.96 FSR. A CAC equivalent to $5 per SF is being paid as a contribution towards childcare facilities downtown.

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

Cressey Acquires Main & 2nd Avenue Site in $17MM Deal

Cressey Development Group has acquired a 14,922 SF site at 1880 Main Street, at the Southeast corner of Main and 2nd, for $17,000,000. The triangular block, currently improved with lowrise retail buildings, is zoned IC-2. No development applications have yet been filed with the City of Vancouver.

1880 Main

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

15-Unit Building Planned for Cambie & 32nd Ave

The Airey Group has submitted a rezoning application for a site at 618 West 32nd Avenue, at 32nd and Cambie. The plan for the 9,983 SF site is to rezone from RS-1 District to a CD-1 per the Cambie Corridor Plan. The proposal, entitled “Quarry” is for a 6-storey building that includes:

  • 15 residential units;
  • a building height of 71 ft.;
  • a total density of 2.46 FSR;
  • 25,367 gross buildable SF;
  • 29 vehicle parking spaces and 20 bicycle spaces.

618 West 32nd 618 West 32nd_1 618 West 32nd_2

The application describes the project as follows:

“The subject site is a large single family lot currently under firm contract, which double fronts Cambie Street and West 32nd Avenue. The Cambie Street frontage of the site is 124.99 feet and West 32nd frontage is 79.88 feet yielding a surveyed area of 9,983 square feet. The site is located immediately to the north of the Elizabeth, an existing 5 storey development fronting Cambie Street. The site slopes from the southeast approximately 8’-3” to the northwest.
The upper two levels of the development step back 8 feet from the lower levels on both the Cambie and the majority of the 32nd Avenue façades. Large decks wrap the east, north and west faces of the 5th floor. The western wall of the 6th floor is further setback to respond to and provide a more gentle transition to the existing single family residential urban fabric of the neighbourhood. This step back allows for an expansive, west facing rooftop deck for the single residential unit of this level. Large sheltering overhangs are provided at both the roof level and the western edge of the sixth floor to extend the use of the rooftop decks on both the fifth and sixth levels.”
The architect for the project is Shift Architecture.
April 4, 2016by david.taylor@colliers.com
Development

Multi-Tower Development Proposed for North Road

Onni is proposing a mixed-use development in the North Road area of Burnaby. The preliminary rezoning plan for the 3.47 acre site at 3355-3429 North Road calls for rezoning the site from CD and R2 to RM4s and C2 per the Lougheed Town Centre Plan guidelines. The proposed plan includes:

  • two concrete residential towers
  • an office tower at the corner of Cameron and North Road
  • a total density of 3.6 FAR
  • 1.3 FAR commercial density
  • total residential density of 544,044 SF

The site is currently improved with a 2-storey strip mall built in the 1980’s, and a vacant lot.

3355 North Road

April 4, 2016by david.taylor@colliers.com
Development

City of North Vancouver Rezones Moodyville Area

The City of North Vancouver is considering a fairly major area-wide rezoning for a neighbourhood known as Moodyville, just East of Lower Lonsdale. The rezoning follows on the City’s new OCP, adopted in 2015, which included a specific policy direction to create new zones within Moodyville, a predominantly single family and duplex area which the City has targeted for new growth.

Moodyville is…“currently comprised of 306 legal lots and approximately 490 units with an estimated population of 1,000. With the land use changes outlined in the 2014 OCP in place which introduce new potential for apartment, townhouse and duplex development, this area has the long-term capacity for an additional 1,400 units (roughly 3,000 new residents) for a total build-out population of approximately 4,000.”

Moodyville_3

The six proposed new zones will create opportunities for ground-oriented and apartment development. The proposed zones are as follows:

MoodyvilleMoodyville_4An amenity fund contribution of $20 per net buildable square foot applies to the floor area above the existing zoning and up tot eh OCP maximum density. It is estimated that the whole plan area in question will generate approx. $25 Million in amenity contributions.

Existing Moodyville Land Assemblies

A couple of developers have already secured sizeable land assemblies in Moodyville over the last year. These include:

Seacliff Properties

  • 50 residential lots in the Southeast part of Moodyville
  • Average anticipated density of 1.25 FSR
  • Townhouse, stacked townhouse and 4-storey apartments

Moodyville_1Qualex Landmark

  • 14 residential lots along East 3rd Street (700-800 block)
  • Stacked townhouse and/or 4-storey apartments

The Moodyville Area will be hooked up to the Lonsdale Energy Corporation, a district energy system initiative by the City of North Vancouver.

April 4, 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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