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.
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

Petition Raises Concerns over Future of Brickhouse

An online petition to save the Brickhouse building at 730 Main St. in Chinatown has emerged even though a rezoning application referencing the site has yet to be filed with the City of Vancouver. The petition raises concerns about the building’s future because the property is part of a possible application to redevelop properties from 728 to 796 Main Street.

The petition, which links to a recent Vancouver Sun article by John Mackie (“The heritage battle for Chinatown”), states: “Don’t let new condos flatten the Brickhouse.”…

…Bonnis Development owns the Brickhouse property, as well as vacant land beside it.

The building at 796 Main St. — Creekside Student Residence — is designated under the City of Vancouver’s single-room-accommodation bylaw and contains 22 designated SRA units. That site includes another small building at 207 Union Street — the Jimi Hendrix Shrine building.

“We have an agreement with the current owner, but we do not own [the property] as of today,” Kerry Bonnis, principle of Bonnis Development, told the Courier.

Read more: http://www.vancourier.com/news/petition-raises-concerns-over-future-of-brickhouse-1.1624454

December 1, 2014by david.taylor@colliers.com
Development, Office

Construction Update: 745 Thurlow St.

Photo by 604City, Flickr

December 1, 2014by david.taylor@colliers.com
Development

Another Development Proposal for Brentwood (But not a Tower…)

Porte Development has submitted a rezoning application for a 46,239 SF site at the corner of Dawson Street and Madison Avenue in the Brentwood Area of Burnaby. Unlike the rest of Brentwood, this proposal is not for a tower but for a 6-storey woodframe building with retail at grade and 92 residential units above. The plan includes:

  • a total density of 2.2 FAR
  • 100,828 SF of buildable SF
  • 7,890 SF of CRU space
  • 21 one-beds, 60 two-beds and 11 three-beds
  • 178 underground parking spaces

4305 Dawson

Woodframe product is relatively scarce and will be a welcome project amid Brentwood’s thousands of highrise units in various stages of development.

The second half of the site was assembled earlier this year after the other half was bought in 2006 for a blended cost of approximately $47 per buildable SF.

November 24, 2014by david.taylor@colliers.com
Development, Office

7-Storey Industrial/Office Building Planned for East Van

A development application has been filed by Next Pacific Ventures Ltd. for a 6,754 site on East Pender Street near Clark Drive. The plan for the I-2 zoned property at 1257 East Pender Street includes:

  • a 7-storey industrial building
  • 20,262 SF of floorspace (6,700 SF of office and 9,200 SF of workshop space)
  • manufacturing and general office uses
  • 2 levels of underground parking

1257 East Pender 1257 East Pender_1The application is conditional under the I-2 zoning, which permits a height up to 100 ft. and allows some general office space in conjunction with industrial uses.

November 24, 2014by david.taylor@colliers.com
Development

Burnaby Courts Big Towers Near Transit as an Economic Driver

Aggressive urban planning around SkyTrain stations in Burnaby is turning the municipality into Metro Vancouver’s hotbed for condo development, according to an Urban Development Institute report.

Heavy pre-sales in projects such as Station Square at Metrotown and the redevelopment of Brentwood Town Centre added up to almost 30 per cent of all new-construction sales across Metro Vancouver, outpacing Vancouver’s downtown and west side neighbourhoods.

Throw in the city’s east side and Vancouver still sold more condominiums, but Burnaby’s high-density push is bringing development levels between the two cities closer together.

To the end of the third quarter, Burnaby saw 1,613 presales of condos under development compared with 1,394 for downtown and west-side Vancouver combined, UDI reported.

In total, developers have projects that add up to 14,548 units in the planning stage in Burnaby, within striking distance of the 14,766 in the City of Vancouver’s planning process.

Read more: http://www.vancouversun.com/business/Burnaby+courts+towers+near+transit+economic+driver/10403843/story.html#ixzz3K04ecBAx
November 24, 2014by 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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