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

Ledingham McAllister Scales Back Second Aviara Tower

Ledingham Mcallister is in the latter stages of rezoning approval for it’s second Aviara tower in the Brentwood are of Burnaby. Originally conceived as a 52-storey tower for which they received second reading in 2013, this second phase of the project has now been scaled back to 42-storeys, with 4-6 storeys fronting Gilmore Avenue and Douglas Road.

The report to council explains the change:

“Through this design work it became apparent to the applicant that the structure required to support the specific building form for the proposed 52 storey building would be inefficient and uneconomical. As a result, the applicant has redesigned the tower and reduced its height to 42 storeys, with a reduced development density. Given the change in form and density of the tower, the rezoning is required to be forwarded to a new Public Hearing.”

The previous proposal had 595 units in a 5.0 FAR density. The new proposal has 520 units and 4.41 FAR. There is a community amenity contribution of $73 per buildable SF, or $11,027,061.

This is not the first Burnaby highrise development that has not pursued maximum allowable height upon rezoning. The tallest towers at Station Square in Metrotown were also scaled down in 2014 after initially proposing towers as tall as 57-storeys (all towers are reportedly less than 50-storeys now). Shape Properties’ Amazing Brentwood project is envisioned as two 56-storey towers despite preliminary approval to go as high as 70-storeys.

These cases in Burnaby are an interesting contrast to the City of Vancouver, where taller buildings are more economically viable due to higher residential sales values for view units higher up in towers. In Vancouver however, building height limits are vigorously enforced by the City, particularly downtown where view cones now restrict heights on all but a few remaining sites.

March 2, 2015by david.taylor@colliers.com
Development

Infill Project Just What City of Vancouver Needs More Of

A new development application in the Norquay Village area of East Vancouver highlights what Vancouver needs far more of: stacked townhouses. This is particularly true where townhouses are replacing single family within walking distance of rapid transit (in this case the 29th Avenue Skytrain station).

The site in question, located at 2757-2761 Horley Street, is zoned RM-7, a new multifamily zone that was approved within the new Norquay Village Neighbourhood Centre Plan.

The proposal for the 8,302 SF site includes:

  • a 3-storey plus basement building
  • 10 townhouse units plus 3 lockoff units
  • a height of 37.7 ft
  • a density of 1.20 FSR
  • each unit has a front entrance door visible from street
  • porches, stairs and roof decks are all facing the street to maximize street life

2757 Horley 2757 Horley_2

 

February 26, 2015by david.taylor@colliers.com
Development

72-Units Proposed for Cambie & 59th Street Site

A rezoning application has been filed for the Flamingo Restaurant site at 7516-7550 Cambie Street. The 29,500 SF site, which consists of three lots, is currently zoned C-1 & RT-1 and RS-1. The proposal, which is being made under the Cambie Corridor Plan, includes:

    • Two 6-storey buildings
    • ground-level commercial space
    • 72 residential units;
    • a density of 2.9 FSR
    • a total height of 76.8 ft
    • 133 underground parking spaces

7550 Cambie7550 Cambie_2flamingoThe site sold in March 2014 for $12,500,000, or $146 per buildable SF if the proposed density is achieved.

This is the 27th rezoning application being made under the Cambie Corridor Plan since it came into place in 2011.

February 26, 2015by david.taylor@colliers.com
Development

40-storey Tower Proposed for Downtown Site

Townline Homes has applied to the City of Vancouver to rezone the Quality Inn site at 1335 Howe Street from DD to CD-1 to permit a 40-storey residential building and includes:

      • a density of 11.2 FSR
      • 389 market condo units
      • a 378 ft. tower with a 7-storey podium (height limited by view cone)
      • 24,000 SF of transferred heritage density
      • Average 6,500 SF tower floorplate
      • a 37-space childcare facility
The site is 24,000 SF and is located mid-block, book-ended between two existing towers: an 18-storey with 7-storey podium building at 1379 Howe (The Executive Inn); and a 19-storey building with 7-storey podium building at 1311 Howe st. (Viva Tower).
The proposed project sits between two other active tower projects one block away: Vancouver House (59 storeys) and Tate (40 storeys).

Policies allowing rezoning include: Vancouver’s Downtown Capacity Review Study, Green Buildings Policy for Rezonings and the Downtown Official Development Plan.

The site made headlines in 2014 as it was announced that the building would be operated as temporary homeless housing. Information on the current shelter facility can be found here.

1331 Howe_1 1335 Howe 1335 Howe_2

February 18, 2015by david.taylor@colliers.com
Development

New Tower Proposed in Southeast False Creek

Pinnacle International has applied to amend the existing CD-1 zoning for a site it owns and currently houses a presentation centre but has not yet developed at 2-26 East 1st Avenue, at the corner of Ontario Street near the Olympic Village area of Southeast False Creek. The proposal is for an 18-storey building that includes:

    • 137 residential units;
    • a density of 6.98 FSR
    • 162 underground parking spaces.

The site was originally rezoned in 2006. This application is being considered under the Southeast False Creek Official Development Plan, Southeast False Creek Design Guidelines for Additional Penthouse Storeys, and Comprehensive Development District CD-1 (464).

26 East 1st26 East 1st_2

February 18, 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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