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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Apartment, Development, Retail

Redevelopment of Mt. Pleasant Dealership Includes Apartments

A rezoning application has been filed for a 46,563 SF site at 445 Kingsway in the Mount Pleasant area which would allow rezoning from the existing C-2 zoning to allow a 6-storey mixed-use building that includes:

    • 109 secured market rental apartment units;
    • Commercial use (car dealership) at grade;
    • A density of 3.69 FSR;
    • A building height of 75.5 ft.; and
    • 90 residential parking stalls, 209 dealership parking stalls, 4 loading spaces and 156 bike parking spaces.

The application is being considered under the Secured Market Rental Housing (Rental 100) Program.

The site is currently improved with Desination Hyundai, a single-storey auto dealership. The renderings appear to show that Destination Honda will be the new tenant. The architect for this proposal is FNDA Architecture.

445 Kingsway445 Kingsway_3 445 Kingsway_1

October 5, 2015by david.taylor@colliers.com
Development, Office

Seaspan Planning North Shore Office Building

Seaspan is seeking development permit approval to construct an office building to provide the necessary office facilities for their ship building operations at the foot of Pemberton Avenue in North Vancouver.

The new central facility will house the office component of its ship building and marine service operations. The location on the site offers both overview of the shipyards, and easy access for staff moving back and forth between on-site facilities. The proposal includes:

  •  a new 4-storey building with offices, meeting rooms, change rooms, and a canteen for the Seaspan staff
  • Total floor area of 84,000 SF
  • 122 parking spaces on an adjacent lot

In 2011, Seaspan was awarded a contract to build 17 non-combat ships on the adjacent site.

Seaspan_1Seaspan Seaspan_2

October 5, 2015by david.taylor@colliers.com
Development

Latest Cambie Corridor Proposal Features 56-Units

Mosaic Homes has applied to rezone a 34,720 SF site at the corner of West King Edward and Yukon Street; one block East of Cambie. The plan for 288-388 West King Edward calls for two 4-storey residential buildings with 2-storey townhouses and an amenity building at the lane. The proposal includes:

  • 56 residential units;
  • a building height of 50 ft.;
  • a density of 1.76 FSR; and
  • 74 underground parking spaces and 76 bicycle parking spaces.

This rezoning application is being considered under the Cambie Corridor Plan, and the architect is Shift Architecture.

288 W King Ed 288 W King Ed_1 288 W King Ed_2

October 5, 2015by david.taylor@colliers.com
Development

Westbank Unveils Plans for 1550 Alberni Site

After recent media coverage and speculation regarding Westbank’s new Coal Harbour project at 1550 Alberni, a formal rezoning applicaiton has now been filed with the City, providing some more details on the project. The 20,698 SF site, currently zoned DD and improved with a lowrise office building, is being redeveloped with a 43-storey condo building with commercial uses at street level, including:

    • a building height of 436 ft.;
    • a total of 188 residential units;
    • a density of 14.0 FSR;
    • 272,262 SF;
    • 271 underground parking spaces on six levels

The application is being considered under the Rezoning Policy for the West End and the  West End Community Plan. The site is located at Cardero and Alberni.

1550 Alberni_3

The unique design is a partnership between Japanese architect Kengo Kuma for the design and Associates, and local architects James Cheng and Merrick Architecture for the rezoning.

1550 Alberni_4The rezoning package describes the design:

“The design of 1550 Alberni Street is shaped by its environment. The 42-storey tower is carved by two emphatic scoops that form deep balconies furnished in wood. In both instances, the carvings create semi-enclosures that strengthen their relations to the street and to the views – to its urban and geographic context.

 

Because of the way the otherwise orthogonal tower is carved, its silhouette constantly changes, creating illusionary profiles of arching cantilevers. The reality is far more structured as the carved deductions are diagonally symmetrical, the lower portion helping to counterbalance the hanging volume above.

 

The tower meets the ground with two intersecting domes that embrace Alberni and Cardero Street. Under the arching structures, an extensive moss garden defines the entrance and flows to the swimming pool above. In keeping with Japanese spatial traditions, the emphasis is on the atmosphere rather than the object: without drawing attention to a particular point laden with meaning, the void elicits a serene visceral
experience that could be shared by all.”

 

1550 Alberni_1 1550 Alberni 1550 Alberni_2
October 2, 2015by david.taylor@colliers.com
Development

Four More Towers Coming to Brentwood

Four more towers are being proposed for the Brentwood Town Centre area of Burnaby in two separate rezoning applications that went to Burnaby City Council this week for first reading. They are:

2242 Alpha Avenue

2242 AlphaThis project is being built by Monark Group, who bought the site in February 2015 for $6,750,000. The plan for the 41,574 SF, M2 zoned site is for a high-rise residential tower atop a 4-storey above-grade parking podium and some underground parking. The above-ground parking is required due to groundwater conditions in the area. The anticipated density is 3.6 FAR under the RM4s designation.

2425 Beta Avenue

2425 Beta AvenueThis site is located on the West side of Beta Avenue between Dawson Street and the BNSF rail line, and is being developed by Thind Properties, who acquired it in 2013 for $31,500,000. The plan for the 201,247 SF, M2 zoned site includes three highrise residential towers atop a 4-storey parking podium. It is similarly seeking a 3.6 FAR density designation under the RM4s guidelines. The plan includes a 30 metre dedication to extend Alaska Street.

September 29, 2015by 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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