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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

Market Update: Vancouver Rezoning Applications

Here’s a quick rundown on rezoning applications that go before Vancouver City Council next week. Most of these applications were introduced last year and are seeking council approval to move forward to the final stage at public hearing:

1. 5030-5080 Quebec Street

5030 QuebecThis rezoning by Boffo Homes for 5-storey, 38-unit building in the Little Mountain neighbourhood is seeking to move to public hearing. The site is currently an assembly of single family homes that was re-designated in the Little Mountain Adjacent Area Rezoning Policy.

 

2. 2095 West 43rd Avenue

2095 West 43rd Ave_3This rezoning application was first introduced in early 2014 as a larger 56-unit 6-storey rental building, but was scaled back later in the year. The proposal now calls for a 4-storey building with 17-market condos and retail at grade to 2.30 FSR. The next step will be public hearing.

 

3. 408-488 West King Edward Avenue

408-488 W King Edward-2This project, referred to as The Gardens at Villa Royale, was proposed last year and is now looking to proceed to public hearing. This is a 6-storey seniors development comprised of 32 community care beds and 103 assisted living units. 47 of these units will be strata titled with the balance being rental. The 57,537 SF site falls within the Cambie Corridor Plan and has a density of 2.27 FSR. The project is being built by Care Pacific.

 

4. 1090 West Pender Street

1090 West PenderA higher-profile project looking to proceed to public hearing is Bentall Kennedy‘s proposed new 31-storey, 562,135 SF office tower at West Pender and Thurlow. The density is 17.5 FSR. The site currently has a 12-storey office building that will be demolished. No word yet on any pre-leasing activity on the project.

 

5. 1600 West 6th Avenue

1600 West 6thThis application was originally made in February 2014 and calls for a 99-unit, 12-storey rental apartment building and a total density of 4.37 FSR under the City’s Rental 100 program. The site is currently home to an older 3-storey office building. The property is owned by Austeville Properties.

 

6. 450 Gore Avenue

450 GoreThis proposal for a 6-storey mixed use building on the downtown Eastside for GMC properties was introduced last year. It includes a density increase from 0.6 to 4.5 FSR and 61 rental units, of which 10 are “micro-suites”. The rezoning is under the guidelines in the Downtown Eastside Plan.

 

7. Marine Gardens

Marine GardensPerhaps the most contentious of the proposals going before council this meeting is Marine Gardens, a 100,000 SF townhouse complex that is slated for development by Concord Pacific for 582 units (including 70 rental replacement units). The project will be two towers of 27 and 31-storeys and will include a daycare. Total density is 4.21 FSR.

January 28, 2015by david.taylor@colliers.com
Apartment, Development

North Van Rezoning Seeks Apartment Densification

A rezoning application in North Vancouver provides a glimpse of what’s to come in the City North Vancouver’s apartment zones and offers some ideas for other municipalities struggling with issues surrounding housing affordability and densification in existing older apartment areas.

The application for 1549 St. George’s Avenue is seeking renovation and expansion of the existing two-storey walkup apartment building built in 1957. The property is located in the Central Lonsdale area and is zoned RM-1 with an OCP designation of Residential Level-5 (allows 1.6 FAR). The proposal includes:

  • Full renovation of existing two floors
  • Addition of new third and fourth floors
  • Increase from 13 units to 29 units
  • Total density of 2.06 FSR
  • 0.46 FSR bonus in exchange for rental (under 2015 OCP guidelines)
  • Tenant relocation plan including first opportunity to move to nearby building of same owner
  • Reduction in parking requirement by the equivalent of 9 stalls

1549 St. George's

More info: http://www.cnv.org/attach/2015%2001%2026%20item%2010.pdf

January 28, 2015by david.taylor@colliers.com
Development, Office

Details on Telus Gardens’ Two-Storey Video Screen

Details about the new ‘Media Facade’ on the Telus Gardens office tower are emerging and it seems like it will be a distinctive feature. The screen is located on the west façade, between the 16th and 18th floors, and is approximately 26′ x 40′. It is only visible in one direction from both Georgia and Seymour Streets.

Telus1 Telus2 Telus3

Here’s a description from the application:

“A simple and proven technology of back projection onto a retractable screen will provide a glare-free static image or full motion video. At dusk the screen descends, and the façade transforms.

When the performance is over, the screen ascends and the office tower is back to business. Content will be a mix of public art (including community messaging) and tenant exposure with the City of Vancouver reserving the right for special event programming.”

More details here.

January 27, 2015by david.taylor@colliers.com
Development

Market Update: Burnaby Rezoning Applications

Here’s the latest on a few projects at various stages of rezoning in the City of Burnaby:

  • 2450 Alpha Avenue

2450 Alpha_2An application was submitted last year for this 41,603 SF site in the Brentwood Town Centre area owned by Solterra. It is now moving toward public hearing next month. The plan calls for a 29-storey, 169 unit condo tower with ground oriented townhouses and below and above ground parking. It is currently zoned M-2, but is designated for high-density residential based on RM-4s. The total density is 3.6 FAR.

  • 6050 Sussex Avenue

6050 SussexA preliminary rezoning application has been filed by Townline Homes for a triangular 30,237 SF site in Metrotown. The proposed rezoning is for a new residential highrise as well as a replacement of the existing Burnaby West United Church on site.

The maximum permitted density on the site would be 4.83 FAR.

  • 6837-6875 Royal Oak Avenue

6837 Royal OakA preliminary application has been submitted for a site on the west side of Royal Oak Avenue south of Imperial Street. The site comprises two City-owned properties as well as a privately owned single family home. Under Sub-Area 7 of the Royal Oak Community Plan, the site can be rezoned under C9 Urban Village guidelines, which allows 2.2 FAR.

 

  • Gold House (6280 Cassie Avenue)

Gold House MapThis proposal by Rize Alliance for a 41-storey tower and 26-storey tower in Metrotown was give second reading and public hearing last summer, and has now met the prerequisite conditions imposed by the City of Burnaby. It will now move forward for final approval and should begin construction later this year. A registration site for the project is up already and says “Coming early 2015”

January 27, 2015by david.taylor@colliers.com
Development

Tower Planned for West Van Site

Cressey is proposing to build a 15-storey market residential tower on the site at 2290 Marine Drive that they acquired in 2014. When it was placed on the market in 2013, it was highly coveted as one of only a few potential tower sites with existing zoning. No information is available on pricing yet, but these will certainly fall into the “luxury” category.

Details include:

  • 35 units averaging 2,940 SF per unit
  • 102,900 SF (1.75 FAR)
  • 89 underground parking stalls
  • 2 to 3 units per floor

2290 Marine 2290 Marine_2 2290 Marine_3 2290 Marine_4

January 23, 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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