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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Apartment, Development, Rental, Retail

116-Rental Tower Latest Broadway Plan Application

A new rezoning application has been submitted for a site in the South Granville area of the Broadway Plan.

The 12,507 SF mid-block site is located at 1365 West 12th Avenue, on the North side of West 12th between Hemlock and Birch Streets. The site is currently improved with a 3-storey walkup apartment building with 19 units known as Shamrock Manor.

The proposal is to allow for the development of a 20-storey rental building that includes:

  • 116 market rental units;
  • 20% below market rental units (approximately 23 units);
  • 14 studios, 34 one-bedrooms, 56 two-bedrooms & 12 three-bedrooms;
  • 2,300 SF of retail space on the ground floor;
  • A total density of 6.50 FSR;
  • A building height of 222 ft.

This application is being considered under the Broadway Plan.

The architect for the project is Sea to Sky Architecture.

The site was acquired in February 2022 for $9,450,000 or $116 per buildable SF based on the application.

February 16, 2024by david.taylor@colliers.com
Condo, Development, Rental

Amazing Brentwood One of First to Amend Master Plan Due to TOA Policy

Shape Properties has submitted a rezoning application to amend the master plan for their 28-acre ‘Amazing Brentwood‘ site in the Brentwood Town Centre area of Burnaby.

The master plan for the Amazing Brentwood site was originally approved in 2013 and included 11 residential towers in addition to substantial retail and commercial space. Subsequently, five towers have been completed (or under construction), with two further towers in the application phase. The remaining density on site is now subject to the City of Burnaby’s Rental Use Zoning Policy (RUZP), adopted in 2021.

Furthermore, on November 30, 2023, the BC Legislature granted Royal Assent to Bill 47- 2023
Housing Statutes (Transit-Oriented Areas) Amendment Act 2023. Bill 47 enables the Province to mandate specific densities, size, and/or dimensions of buildings within transit-oriented areas (TOAs) based on specific distances to transit stations, and restrictions on residential off-street requirements within these
TOAs. The Amazing Brentwood site is within a 200m radius of the Skytrain Station, thereby requiring the City of Burnaby to permit a minimum 5.0 FAR density for the site.

Shape is now proposing a variety of amendments to the Master Plan to accommodate the required additional nonmarket inclusionary rental density, associated offset density and new TOA policy.

The proposed changes are summarized as follows:

  • Increased tower heights up to 80-storeys at centre of site;
  • An additional 4.7 Million SF of residential density (2.4M SF minimum rental);
  • No additional commercial floor area (the RUZP allows 50% of comm density as rental residential);
  • Addition of childcare space;
  • Additional green space.
January 25, 2024by david.taylor@colliers.com
Condo, Development, Retail

Beedie Planning Transformative Port Moody Project

Beedie Living has submitted a rezoning and OCP Amendment application to the City of Port Moody for a 3.8 acres site in the Moody Centre area of Port Moody.

The overall plan, entitled “Spring Street” includes three condo towers at 3060-3092 Spring St. and 80-85 Electronic Avenue, just east of the Moody Centre SkyTrain station. The proposal anticipates a 6-storey non-market building targeted as a womens’ transition facility on a smaller site two blocks West at 2806 Spring Street.

Details of the combined proposal for the two sites includes:

  • Three condo towers (32, 34 & 38-storeys in height);
  • 1,012 residential units (inclusive of 65 non-market);
  • 46,484 SF of retail & restaurant space;
  • a total density of 5.26 FAR;
  • a large plaza on the site referred to as the “living room”
  • 1,199 parking stalls.

It is expected that the project will be built in two phases.

The architect for the project is Perkins&Will.

January 24, 2024by david.taylor@colliers.com
Apartment, Development

Latest Broadway Plan Proposal Features Two Towers, 283 Rental Units

Sightline Properties has submitted a rezoning application for a site in the South Granville area for a new rental residential project.

The site at 1726 West 11th Avenue is 31,250 SF and located at the corner of 11th Avenue and Pine Street.

The proposal is to allow for the development of 20-storey and 19-storey rental towers over a four-storey podium and includes:

  • 283 rental units;
  • 20% of the floor area secured for below market rental units (approximately 57 units);
  • retail space on the ground floor;
  • A density of 6.80 FSR;
  • A building height of 208 ft.
  • 216 undeground parking stalls.

This application is being considered under the Broadway Plan.

The architect for the project is Ciccozzi Architecture.

January 22, 2024by david.taylor@colliers.com
Apartment, Development

53-Unit Rental Building Eyed for Former Gas Station Site In Lower Lonsdale

Pattison Developments has submitted a rezoning application for the former Husky Gas Station at West 3rd and Forbes in the Lower Lonsdale area of North Vancouver.

The 15,000 SF triangular shaped site at 351 West 3rd Street is located at the south-east corner of West 3rd Street and Forbes Avenue. In the current OCP, the site is designated Residential Level 5 which allows a maximum density of 2.60 FSR (including 1.0 bonus FSR), and a maximum height of 6-storeys.

The proposal for the site is a 6-storey market rental building that includes:

  • 53 rental units
    • 5 studios, 36 one-bedrooms, 6 two-bedrooms & 6 three-bedrooms;
  • 6 of the units will be mid market rental units;
  • a total density of 2.60 FSR;
  • 28 underground parking spaces.

The architect for the project is MGBA.

The site was acquired by Pattison in March 2021 for $7,075,000 or $181 per buildable SF based on the application.

The rezoning may be one of the first in Metro Vancouver to proceed without a public hearing based on the recent Provincial amendments to Section 464 of the Local Government Act. The amendments require municipalities not to hold a public hearing if an OCP is in place for the subject site; the bylaw is
consistent with the OCP; the development is residential.

January 19, 2024by david.taylor@colliers.com
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West Vancouver condo project in receivership, causing 'heartbreak' in Dundarave

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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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