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

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
Apartment, Development, Retail

Interesting Infill Apartment Building Planned for Commercial Drive

An interesting proposal has surfaced for a 33-foot lot on Commercial Drive at the corner of Napier Street. The site, which is improved with a 2-storey heritage commercial building built in 1908, is now being planned for heritage preservation with an infill apartment building at the rear lane.

Details of the proposal include:

  • retaining the existing 2-storey Heritage B building (now occupied by Moja Coffee)
  • a new 5-storey infill residential building with 8 rental apartment units at the rear of this site;
  • a maximum height of 48.5 feet;
  • a density of 2.70 FSR (10,108 SF);
  • one-car share parking space having vehicular access from the lane;
  • removal of one street tree on Napier Street.

Under the site’s existing C-2C1 zoning, the application is conditional and requires the approval of the planning department. For this project, relaxations would be required on building height and some setbacks. The application references incentives under the Rental 100 program.1102 Commercial_31102 Commercial

1102 Commercial_1

View from Napier St – existing heritage building on the right

1102 Commercial_2

View from rear lane

The architect for the project is Cornerstone Architecture.

The property was listed for sale in 2013 and sold for $1,690,000, which equates to approx. $125 per buildable SF when the existing building is taken to account.

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

6-Storey Building Planned for Emerging Area of Marpole

An application has been submitted to rezone an 11,500 SF mid-block site at 8815-8827 Selkirk Street. Th plan is to rezone from the current MC-1 industrial zoning to allow for a 6-storey mixed-use building. The proposal is being made under the Marpole Community Plan, and the project includes:

  • 33 residential units;
  • 24 one-bedrooms, 6 two-bedrooms and 3 three-bedrooms
  • 2,408 SF of commercial space on the ground floor;
  • a building height of 61 ft.;
  • a total density of 2.96 FSR; and
  • 36 vehicle parking spaces and 42 bicycle spaces.

The site is currently improved with two older lowrise office/industrial buildings. The area south of West 70th Avenue has potential for new residential buildings, but so far has been slower to develop than other more established residential areas of Marpole.

8815 Selkirk 8815 Selkirk_1 8815 Selkirk_2The architect for the project is Wilson Chang.

May 4, 2016by david.taylor@colliers.com
Development, Office

Construction Update: 510 Seymour

Here is a construction update on Serracan Properties‘ office building project at the southeast corner of Seymour St. and West Pender St. in Downtown Vancouver.

510 Seymour will be 82,000 square feet and 10-storeys tall. Upon completion, the majority of the building will be occupied by Adler University and shoes.com.

The building looks to be nearly topped out now.

510 Seymour

Photo courtesy mcminsen http://po.st/7Ap7Hh via @imageshack

510 Seymour_1

Photo courtesy mcminsen http://po.st/RtRmLm via @imageshack

510 Seymour_2

Photo courtesy mcminsen http://po.st/WE7jqj via @imageshack

May 3, 2016by david.taylor@colliers.com
Development, Investment, Office

FOR SALE: 1290 Homer Street

1290 Homer Street is a 14,800 SF heritage style office building located at the corner of Homer and Drake Streets in the Yaletown area of Downtown Vancouver. The building sits on a 50.5 x 120 ft site and is an excellent candidate for repositioning and/or redevelopment.

1290 HomerPlease contact me at david.taylor@colliers.com for details.

April 30, 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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