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.
Development

New Development Planned for Dunbar & 27th

A development application has been filed by a partnership including Dayhu Group for a 30,816 SF C-2 zoned site at Dunbar and 27th on the Westside of Vancouver. The site is part of a land assembly put together over several years, concluding with the acquisition of a large portion of the block (4253-4275 Dunbar Street) in January 2014 for $8,010,000.

The plan calls for a 4-storey mixed-use building at the Northwest corner of Dunbar and 27th that will include a relocated Stong’s Grocery store. Details include:

  • 46 residential units
  • 20,800 SF of ground floor retail space (including relocated Stong’s Grocery)
  • A density of 2.48 FSR
  • 165 parking stalls in two underground parking levels
Currently, the site is largely occupied by single-storey retail stores with one being two-storeys. The proposal does not include the RBC at the corner of Dunbar and 26th, while the remaining street frontage will be dedicated to the new and expanded location of Stong’s Grocery and Buntain Insurance, both local businesses that will remain within the Dunbar neighbourhood.
4219-4295 Dunbar

Existing Streetscape

Existing Streetscape

October 9, 2014by david.taylor@colliers.com
Development

City of North Van OCP Could be Revived Before Election

Reports of the death of the City of North Vancouver’s CityShaping official community plan may have been greatly exaggerated. The high-level vision for the next 20 to 30 years of the city is merely stuck in legislative limbo.

A split council voted down third reading of the OCP bylaw after a public hearing on Sept. 29 following three years and untold thousands of hours of city council, staff and community volunteer time spent drafting and refining it through public consultation.

Couns. Linda Buchanan and Craig Keating and Mayor Darrell Mussatto cast three of the deciding “nay” votes, largely on the grounds that the latest draft of the document stripped away the ability for homeowners to build both a coach house and secondary suite on their property, choking off the development of affordable housing units.

Coun. Guy Heywood said he supported the land use and housing plans in the 125-page document, but couldn’t support the remaining chapters that focus on broader topics like arts, health and recreation, which he argued should be done with the District of North Vancouver. Heywood is and has spent much of the last year pushing the city to reconsider amalgamation with the district.

But the OCP, which the province mandates must be updated, could still be revived and passed before the Nov. 15 election if council moves quickly, according to city staff.

Read more: http://www.nsnews.com/news/city-of-north-vancouver-flip-flops-on-ocp-fate-1.1418477

October 9, 2014by david.taylor@colliers.com
Development

First Nations’ developments here, there and everywhere: What are the differences among them?

By Frances Bula

Time for all of us to get up to speed here, as First Nations bands around the Lower Mainland and elsewhere are getting increasingly savvy about operating businesses, negotiating deals, and doing development on land they own or have a claim to.

In the wake of the announcement last week about an agreement among the federal government and three local bands to develop two large chunks of land, I went talking to the people behind the scenes who have been watching First Nations grow in the scope of their activities My Globe story here, with a lawyer, a development and a real-estate consultant who have worked with First Nations around the province.

Important for us, too, to understand the differences between developments on reserve land and developments on claimed land.

(One caveat. I referred to Block K as the Shuaghnessy gold club, but Block K, thanks to my informant on Twitter, is actually the chunk of lend just west of the golf club.)

…read more

Source:: Frances Bula

October 7, 2014by david.taylor@colliers.com
Development

City of North Vancouver Votes Down Draft OCP

North Vancouver isn’t getting a new plan.

The official community plan, which would have guided the city’s growth, transportation, environment and economy over the next 10 years, failed to make it out of council chambers Monday.

Despite nearly unprecedented outreach that included more than 100 community gatherings and input from approximately 4,600 concerned residents, consensus on council proved elusive. Coun. Pam Bookham trumpeted the draft OCP as “the democratic will of this community.”

“I would urge all members of council to support this draft OCP,” she said.

The OCP allows for either an in-house secondary suite or a coach house but not both, which amounts to a major loss, according to Coun. Linda Buchanan.

“We have taken away property owner’s rights to create revenue. We have taken away creative options for affordability, and we’ve put our heritage inventory of houses at risk,” she said.

Read more: http://www.nsnews.com/news/city-of-north-vancouver-votes-down-draft-ocp-1.1400423

October 3, 2014by david.taylor@colliers.com
Development, Office

Market Spotlight: Broadway Central

By ChangingCity

Broadway Office blog

Here’s an office development on the 500 block of West Broadway that started construction just over 2 years ago. Designed by Studio One Architecture for Orca West (up to now a mainly residential developer) the project, initially known as the Neelu Barchra Centre, sits in the ‘Uptown’ commercial-only stretch of Broadway, close to the City Hall Canada Line station.

Initially marketed for lease, the scheme was switched to 127 strata office units and seems to have had far greater success as a result. The final building seems somehow more grey than the render suggested – although once the lights are on inside and the planting gets established it may be a closer match.

…read more

Source:: Changing City Updates

October 3, 2014by david.taylor@colliers.com
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