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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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

34-Unit Project Proposed for South Cambie

A rezoning application has been filed for a 17,000 SF two-lot assembly site at 7638-7662 Cambie Street, on the east side of Cambie between West 60th and West 61st Street.

The proposal is for a 6-storey condo building that includes:

  • 34 units;
  • 2 studios, 4 one-bedrooms, 22 two-bedrooms and 6 three-bedrooms
  • a building height of 70 ft. ;
  • a total density of 2.43 FSR; and
  • 71 vehicle parking spaces and 49 bicycle spaces.

The application is being considered under the Cambie Corridor Plan.

7638 Cambie 7638 Cambie_1 7638 Cambie_2

The architect, GBL, explains the design rationale: “The Cambie Street facade comprises of stacked linear interowoven layers that playfully mirror the vehicular energy and movement of the adjacent street. The long projecting balconies act as giant louvers that shield the building face from mid to late afternoon sun, while also providing some acoustic buffering depth from the busy traffic.”

March 31, 2016by david.taylor@colliers.com
Apartment, Development

Construction Update: 2975 Oak Street

Here is an update for an interesting rental apartment project at Oak and West 14th Street. The project, by Aquilini Development, involved heritage retention of an existing 14-unit apartment building known as the Santa Fe Apartments.

As part of the heritage retention, Aquilini received approval for a 10-storey, 50-unit rental apartment building in behind the current structure, with a total density of 2.8 FSR under the RM-3 zoning. The project was unique in that only 14 units existed on a 12,500 SF site.

The project was approved at public hearing in May 2014.

The concrete tower is now topped out, although completion appears to be several months away yet.

2975 Oak (4)

courtesy mcminsen http://po.st/k9iCuZ via @imageshack

2975 Oak (3)

courtesy mcminsen http://po.st/9zUcFu via @imageshack

2975 Oak (2)

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

2975 Oak (1)

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

March 31, 2016by david.taylor@colliers.com
Development, Retail

Heritage Retention Part of Kerrisdale Development Proposal

Bogner Developments has applied to the City of Vancouver for permission to develop a 12,458 SF site on East Boulevard between West 46th and West 47th. The plans for the C-2 zoned site are for a five-storey building including:

  • 21 residential units on the first through fifth floors;
  • two commercial retail units on the first floor and mezzanine;
  • 46 parking spaces in an underground garage;
  • overall density of 3.08 FSR (38,357 SF);
  • building height of 57.51 feet;
  • retention and restoration of the façade of the existing 2-storey commercial building.
Existing Heritage Facade/Building

Existing Heritage Facade/Building

6168 East Blvd_2

“In order to achieve the development that is proposed, City Council will be asked to consider a Heritage Revitalization Agreement (HRA), which would approve the form of development and vary the provisions of the Zoning and Development By-law in order to enable this development to proceed. This HRA, as well as the municipal designation of the existing heritage building, will secure the rehabilitation of this heritage resource, and assist in its long-term preservation.”

6168 East Blvd 6168 East Blvd_3

Rositch Hemphill is the architect for the project.

The site was acquired by Bogner in December 2013 for $5,318,756, or $139 per buildable SF based on the density in the application.

March 30, 2016by david.taylor@colliers.com
Development

Residential Tower Moving Forward in Burquitlam

Final plans have been approved for a project called The Burquitlam Capital, located on a triangular site at 509-513 Clarke Road in the Burquitlam area of Coquitlam. The project, by Magusta Development has received rezoning approval from CS-1 to C-7 Transit Village Commercial. Plans call for the development of a 23-storey tower including:

  • 189 units
  • 20 studios, 60 one-bedrooms, 68 two-bedrooms and 41 three-bedrooms
  • four townhouse units fronting Smith Avenue
  • 10,968 SF of commercial retail space along Clarke Road
  • total density of 4.5 FAR (max under C-7 zone)

509 Clarke

The site is located about half a block from a soon to be completed Burquitlam Evergreen Line Station.

509 Clarke_1 509 Clarke_2

Magusta acquired the land in July 2014 for $7,128,000, or about $42 per buildable SF.

Here is a promotional video for the project:

March 29, 2016by david.taylor@colliers.com
Development

First Two Towers of Southgate Village Approved for Rezoning

The first phases of Ledingham McAllister’s Southgate Village project are moving forward through the rezoning process, with City of Burnaby council approval this week to go to public hearing.

Ledingham acquired the 48-acre former distribution centre in 2012 and received approval of a multi-phase master plan for the site in 2015, including 5.9 Million square feet of density (2.86 FAR). The master plan consists of five neighbourhoods, and the first two towers will be located in two of these neighbourhoods, each of which will be constructed in several phases.

The first two tower phases include:

“Precedence” (Gateway Neighbourhood)

  • a 32-storey apartment tower and 4-storey lowrise
  • 351 units
  • 94 one-bedrooms, 205 two-bedrooms, 16 three-bedrooms
  • tower height of 330.5 ft
  • 401 underground parking spaces

Southgate3

“Southgate Community Island 1 & 2” (Island Neighbourhood)

  • a 30-storey tower and 4-storey lowrise
  • 282 units
  • 69 one-bedrooms, 207 two-bedrooms, 6 three-bedrooms
  • a small park
  • 310 parking spaces

A new east-west public road will be built as part of this phase and will connect 18th Street to 12th Avenue.

Southgate4

March 23, 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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