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, Retail

Mixed-Use Building Planned for Oak Street

An existing C-2 zoned strip retail building at the corner of Oak Street and Laurier Avenue (one block North of King Edward) is proposed for redevelopment to allow a 4-storey building with retail uses on the ground floor and 11 residential units above, all over two levels of underground parking. Details for this 12,819 SF site include:

  • Total density of 29,100 SF or 2.27 FSR (less than 2.5 max due to site restrictions)
  • Top floor has two 2,000 SF units targeting downsizers
  • Each unit gets two parking stalls
  • Concrete construction with high quality interior and exterior finishes

1009 Laurier_11009 Laurier

The site was acquired by Xpec Oak Holdings Ltd. in 2014 for $7,900,000, or $271 per buildable SF based on the proposed density.

August 6, 2015by david.taylor@colliers.com
Development

Coveted 2.3 Acre Westside Site Sells for $46.2MM

A rare 2.34 acre piece of land located at Oak Street and West 18th Avenue has sold to Wesgroup Properties for $46,200,000. The property, which contains frontage on both West 18th and most of West 19th from Laurel Street to Oak Street,  is currently zoned RT-2 and is improved with 17 low-density rental apartment duplexes built in the 1950’s.

vanmap aerial

The site had been speculated for future redevelopment for some time and was only recently identified by the City as a potential rezoning location under the Cambie Corridor Phase 3 planning review given it’s current 0.75 FSR zoning and its proximity to transit. The scope or timing of a potential rezoning application remains to be seen.

August 6, 2015by david.taylor@colliers.com
Development

Another Little Mountain Project is Proposed

An application has been made for an 18,314 SF site at West 35th Avenue and Quebec in the Little Mountain area. The plan calls for rezoning the site at 5021-5079 Quebec Street from RS-1  to CD-1 to allow a 6-storey building that includes:

    • 42 residential units;
    • a building height of 65 ft. from grade;
    • a density of 2.3 FSR; and
    • 51 underground parking spaces and 66 bicycle spaces.

The application is being considered under the Little Mountain Adjacent Area Rezoning Policy.

This is the third project planned in the Little Mountain Adjacent Area, bringing the total number of units planned so far to 121. 5030 Quebec Street by Boffo Properties was approved in February 2015. 5037 Main Street, also by Boffo was approved in March.

5021 Quebec 5021 Quebec_1 5021 Quebec_2

July 31, 2015by david.taylor@colliers.com
Development

247-unit Southeast False Creek Tower Going Ahead

Concord Pacific has applied to the City of Vancouver for permission to develop their 57,365 SF site, which is comprised of a full city block at West 1st Ave and Columbia Street. The site is one of the larger remaining undeveloped parcels in the SEFC area and was originally proposed by Concord back in 2012; having been rezoned previously in 2008. The current plans call for a 17-storey curved residential building and includes the following:

  • 247 dwelling units;
  • 200,540 SF total building area
  • a density of 3.5 FSR
  • 249 off-street parking spaces in 2 levels of underground parking
  • 154 feet in total height
  • 139 1-bedroom units, 96 2-bedroom units and 12 lofts/3-beds
  • 28,000 SF of outdoor common area including urban agriculture, water features, playground and BBQ areas

Concord bought the property back in 2011 for $25,000,000.

1768 Cook 1768 Cook_3

1768 Cook_2 1768 Cook_1

July 30, 2015by david.taylor@colliers.com
Development

31-Unit Condo Project Planned for King Edward

Aragon Properties has applied to rezone a 19,510 SF site at the Northwest corner of Ash Street and West King Edward Avenue to allow a 4-storey building with 2-storey townhouses on the lane. The proposal includes:

    • 31 residential units;
    • a building height of 64 ft.
    • a density of 1.93 FSR;
    • 46 underground parking spaces; and
    • 40 bicycle parking spaces.

This rezoning application is being considered under the Cambie Corridor Plan. The architect for the project is PUBLIC.

633 West King Ed_2

633 West King Ed_1

July 28, 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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