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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

92-Unit Rental Building Planned for East Hastings

PCI Group has filed an application to rezone a property they own at 2805 East Hastings Street, most commonly known as a Burger King for many years. The plan for the 24,902 SF, C-2C1 zoned site is to develop a six-storey rental building with retail on the ground floor. The proposal includes:

    • 92 rental apartment units;
    • 18,300 SF of CRU retail on the ground floor;
    • a density of 3.84 FSR
    • a building height of 70.2 ft. ; and
    • 97 underground parking spaces.

This application is being considered under the Rental 100 Program and is possible due to the site’s location on a main arterial street. The site has 204 feet of frontage on Hastings.

2805 E Hastings

The application describes the development as follows:

“Located on the Hastings corridor, the project provides for a ground floor containing small scale retail CRU’s with five storeys of residential use consisting of 92 residential rental units, which include 55 one-bedroom units (average size of 544sf), 32 two-bedroom units
(average size of 742sf) and 5 three-bedroom units (average size of 1,000sf).


The project incorporates one and a half levels of underground parking with access at the northeast corner from the lane. A modest size amenity space is located on the sixth floor with an adjacent landscaped outdoor terrace. The elevators provide access to a roof garden.”
2805 E Hastings_2 2805 E Hastings_3 2850 E Hastings_1
The architect for the project is Burrowes Huggins Architects.


PCI Group acquired the site in August 2015 for $11,100,000. It was listed and sold by Casey Weeks and Steve Fame of Colliers.
October 17, 2015by david.taylor@colliers.com
Development

City Releases Policy Statement for Oakridge Transit Centre

Lost amid the hype surrounding the impending City of Vancouver council decision on the removal of the Dunsmuir and Georgia viaducts is the release of the policy statement for the Oakridge Transit Centre (“OTC”) site, which is slated for imminent sale.

OTC is a 13.8 acre site on West 41st Avenue just east of Oak Street that is owned by Translink and has been used as a bus barn since 1948. Upon completion of the new Vancouver Transit Centre in 2006, the site became redundant over the next few years and Translink subsequently approached the City to redevelop the site. Planning began in early 2014, with various open houses and workshops, culminating in the current policy statement.

OTC_1

The report describes the vision for the site:

“The OTC will be primarily residential and designed to accommodate a range of housing
types and provide for a mix of incomes. New housing will be focused around a central public park that includes a childcare centre, and local-serving shops and services will be concentrated along West 41st Avenue. The OTC will invite local residents into and through the site on public walkways, bicycle paths, and new streets. The tallest buildings will be located in the centre of the site and along 41st Avenue to reduce impacts to the surrounding neighbourhood and shadowing on public spaces.”
Here is a summary of what is being proposed for the site:
  • a total density of 2.1 FSR
  • 1,265,000 SF of development (estimated to be roughly 1,200 units)
  • Building heights of 3-15 storeys
  • 20% of units are affordable housing units
  • 10,000-20,000 SF of retail uses along West 41st frontage
  • 2.3 acre park
  • $60 Million+ CAC
  • Rezoning for adjacent Oakmont Medical Centre site (6-storeys, 2.5 FSR) and Petro Canada (8-storeys, 3.25 FSR)

OTC_2 OTC_3

October 15, 2015by david.taylor@colliers.com
Development

More Infill Multifamily Coming to South Cambie

Another week, another couple of rezoning applications for the Cambie Corridor…

Two applications have been filed for separate sites/projects across the street from each other on the West side of Cambie Street at West 62nd Avenue. The two applications feature similar designs and appear to be from the same developer:

7807 Cambie Street

This is a 10,544 SF site is for a 6-storey residential building that includes:

    • 27 residential units;
    • a building height of 65 feet;;
    • a density of 2.70 FSR; and
    • 36 underground parking spaces and 35 bicycle spaces.

7807 Cambie_1This site, currently occupied by a duplex, was sold 2014 for $3,940,000, or $139 per BSF based on the anticipated density.

505 West 62nd Avenue

This is a 10,512 SF site is for a 6-storey residential building that includes:

    • 22 residential units;
    • a building height of 70 feet;;
    • a density of 2.70 FSR; and
    • 31 underground parking spaces and 46 bicycle spaces.

505 West 62nd AveThis property was previously listed for sale for $4,800,000, and sold for $4,300,000, or $150 per BSF to SDAE DEVELOPMENT (CANADA) CO. LTD.

Both applications are being considered under the Cambie Corridor Plan. The architect for both projects is GBL.

October 7, 2015by david.taylor@colliers.com
Development

Oakridge United Church Site Slated for Redevelopment

Townline Homes has filed an application to rezone the Oakridge United Church property located at 305 West 41st Avenue from RS-1 to CD-1. The preliminary plan for the 18,960 SF site two blocks East of Cambie is for a new 6-storey residential building that includes new church space for Oakridge United:

    • 58 residential units;
    • a replacement church space;
    • a building height of 68 ft. ;
    • a density of 3.33 FSR (0.32 FSR for church, 3.21 for residential)
    • 74 underground parking spaces and 73 bicycle parking spaces.

This application is being considered under the Cambie Corridor Plan. The architect for the project is Patrick Cotter of ZGF Cotter Architects Inc.

305 West 41st Ave 305 West 41st_1 305 West 41st_2

October 7, 2015by david.taylor@colliers.com
Development

Former Gas Station Site on Westside Sells in $18MM Deal

A former Esso gas station site at the Southeast corner of West 10th Ave and Alma has been sold by Imperial Oil to Landa Global Properties for $18,118,000. The 23,201 SF, C-2 zoned site had been vacant for several years as part of remediation, and was listed for sale by tender process by Cushman Wakefield.

The price represents $311 per buildable SF based on the development potential under the existing C-2 zoning for 2.5 FSR.

3690 West 10th Avenue

October 6, 2015by 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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