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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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Apartment, Development, Rental

Latest Broadway Plan Application Envisions 21-Storey Rental Tower at Burrard & 12th

Greystar has submitted their rezoning application for the 30,400 SF site that they own at 1770 West 12th Avenue, at the Southeast corner of Burrard and 12th.

The site, currently improved with a lowrise strata complex, was acquired by Greystar in 2023 for $41,000,000.

Located in the “South Fairview – Area B (FSOB)” subarea of the Broadway Plan, the site has potential for market and below-market rental housing, up to 20-storeys and 6.5 FSR.

The proposal includes:

  • 243 rental units;
  • 20% below-market rental units;
  • 3,800 SF of retail space;
  • a total density of 6.50 FSR;
  • A building height of 219 ft.

The architect for the project is DIALOG.

The full rezoning application can be viewed here: https://www.shapeyourcity.ca/1770-w-12-ave

June 6, 2024by david.taylor@colliers.com
Development, Office

6-Storey Dealership & Office Building Planned for Burrard & 5th

Openform Properties has submitted a development application for the redevelopment of the the BMW dealership site at Burrard and 5th.

The development of the 46,000 SF site is proposed under the new IC-2 District Schedule and in the Broadway Plan, which allows a combination of retail, industrial and office uses up to a total density of 4.50 FSR.

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

  • A new BMM, Mini and Rolls Royce dealership on the ground floor;
  • Showroom & industrial uses on the 2nd and 3rd floors;
  • Office space on the 4th to 6th floors;
  • a total building size of 206,000 SF;
  • a building height of 95 ft.;
  • Loading to be located at the rear of the building with access from the lane
  • Four levels of underground parking with 309 stalls.

Under the site’s proposed IC-2 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 SHAPE Architecture.

May 29, 2024by david.taylor@colliers.com
Development, Rental

Rental Tower Proposed Near West 2nd & Burrard

A rezoning application has been filed by Steven Yan of Five Mile Holdings, through JTA Development Consultants, for a site 1855 West 2nd Avenue in Kitsilano.

The 18,000 SF mid block site located on the North side of West 2nd just West of Burrard Street. The site is located in a subarea of the Broadway Plan that allows up to 20-storeys for rental.

The plan for the site includes:

  • 171 rental units;
  • 20% below market (approximately 34 units);
  • 5,900 SF of commercial space on the ground floor;
  • A floor space ratio 6.80 FSR; and
  • A building height of 242 ft.

This application is being considered under the Broadway Plan.

The architect for the project is MA+HG.

The full rezoning application can be viewed here: https://www.shapeyourcity.ca/1855-w-2-ave

May 24, 2024by david.taylor@colliers.com
Development, Rental

23-Storey, 224-Unit Rental Tower Planned for Kitsilano Site

Townline Homes has submitted a rezoning application for a site on West 8th Avenue West of Yew Street in the Kitsilano neighbourhood.

The 18,750 SF midblock site is located in the Broadway Plan in the Kitsilano North – Area A subarea.

The proposal for the site is to allow for the development of a 23-storey rental tower with a 4-storey podium and the conservation of two heritage houses. The proposal includes:

  • 224 rental units;
  • 63 studios, 73 one-bedrooms, 66 two bedrooms & 11 three-bedrooms;
  • 20% below-market rental units;
  • A total density of 7.15 FSR; and
  • A building height of 239 ft. with additional height for rooftop amenity space.

This application is being considered under the Broadway Plan.

The architect for the project is Francl Architecture.

The full rezoning application can be viewed here: https://www.shapeyourcity.ca/2226-w-8-ave-and-2415-2421-yew-st

May 24, 2024by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

Onni Presents Master Plan Concept for 7.2 Acre Coquitlam College Site

Onni is presenting their master plan development application for the Coquitlam College site.

The 7.2 acre site is located on Brookmere Avenue at Whiting Way in the Burquitlam area and is currently improved with the Coquitlam College school and several adjacent single family residences.

Onni submitted their initial application in late 2023, but the full master plan proposal is now at council for early stage review.

Details of the overall plan include:

  • Seven towers ranging from 28-50 storeys;
  • Approx. 2,500 residential units;
  • 1,813 condo units;
  • 595 market rental units;
  • 92 below market rental units;
  • 56,000 SF of office space;
  • 7,200 SF of retail space;
  • a total density of 6.71 FAR (2.1 Million SF)

Onni acquired the site in 2021 for $148,100,000, or $71 per gross SF based on the application.

The architect for the project is Boniface Oleksiuk Politano Architects.

May 24, 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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