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, Rental, Retail

Two rental towers, 397 Units Planned for Mount Pleasant Site

A rezoning application has been submitted under the Broadway Plan for a site located at East 12th Avenue and Quebec Street in the Mount Pleasant neighbourhood. The one acre site is currently improved with two older apartment buildings.

The proposal is to allow for the development of two 21-storey rental towers that include:

  • 397 rental units;
  • 20% of the floor area secured for below-market rental units;
  • 11,000 SF of retail space;
  • a density of 6.6 FSR;
  • A building height of 204 ft.

This application is being considered under the Broadway Plan.

The architect for the project is Studio One Architecture.

March 22, 2024by david.taylor@colliers.com
Condo, Development, Hotel, Retail

New Westminster Condo/Hotel Project Moving Forward

Reliance Properties has submitted a rezoning and development permit application for their 811 Carnarvon project in Downtown New Westminster.

The 48,000 SF site is located at the corner of Carnarvon Street and Eighth Street. A pre-application for the site was made in 2018.

The proposed development for the site is a mixed-use condo, hotel project with retail along Eighth and Carnarvon frontages. Details include:

  • 44-storey condo tower;
  • 8-storey hotel;
  • 469 condo units;
  • 145 hotel rooms;
  • 11,000 SF of retail space;
  • 2,000 SF dog park;
  • a total density of 9.62 FSR;
  • a tower height of 493 ft.;
  • 407 underground parking stalls.

The architect for the project is Yamamoto Architecture.

March 21, 2024by david.taylor@colliers.com
Development, Rental

141 Woodframe Rental Project Planned for East Van Site

Aragon Properties has submitted a development application for a new rental project in East Vancouver at East 49th Avenue, just West of Killarney Street in the Killarney neighbourhood.

The site was approved at public hearing for rezoning under the Secured Rental Policy in October 2023.

The proposal is for a 5-storey plus amenity level apartment building and two three-storey townhouses on this site, consisting of:

  • 141 market rental units;
  • a total density of 2.20 FSR;
  • A proposed Height of 55 ft.;
  • One level of underground parking, having vehicular access from the lane.

Under the site’s proposed RR-2B zoning, the application is “conditional” so it may be permitted. However, it requires the decision of the Director of Planning.

The site was acquired in 2022 for $15,420,000 or $151 per buildable SF based on the application.

March 14, 2024by david.taylor@colliers.com
Development, Rental, Retail

Revised Rezoning Application for Broadway-Commercial Safeway Site Includes 981 Rental Units

Westbank and Crombie REIT are getting closer to going to council for their long anticipated redevelopment of the 105,000 SF Safeway site at 1780 East Broadway, just East of Commercial Drive.

The project, first proposed in 2019, has since been redesigned multiple times due to feedback from planning as well as changing market conditions. Primarily envisioned as a condo project originally, the revisions have since seen the project become taller and denser, and all rental units.

The current proposal includes three rental towers at 35, 36 and 39-storeys above a retail base. Details include:

  • 981 rental units;
  • 99 units secured at below market rates;
  • A total density of 7.87 FSR;
  • A max. building height of 425 ft.;
  • Commercial retail space at grade, including a 50,000 SF Safeway;
  • Office and commercial space within the podium levels;
  • A public plaza running parallel to the SkyTrain station;
  • Publicly accessible outdoor pace on top of the retail base; and
  • 440 vehicle parking spaces and 2006 bicycle spaces.

This application is being considered under the Grandview-Woodland Community Plan. The application requests consideration of height and density in excess of the existing policy.

The architect for the project is Perkins & Will.

March 14, 2024by david.taylor@colliers.com
Development, Rental, Retail

21-Storey Rental Tower Planned for East 13th Near Main Street

A new rezoning application has been submitted by JTA Development Consultants on behalf of Five Mile Holdings and Prospero International Realty for a site at 215-229 East 13th Avenue, just East of Main Street for a new rental project under the Broadway Plan.

The site is currently improved with two older lowrise apartment buildings.

The proposal calls to rezone the 20,364 SF site to allow for the development of a 21-storey mixed-use building that includes:

  • 193 rental units;
  • 20% below market rental units;
  • 6,000 SF of retail space;
  • a total density of 6.80 FSR;
  • A building height of 212 ft.

This application is being considered under the Broadway Plan.

The architect for the project is Studio One Architecture.

March 8, 2024by 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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