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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Development

Prime City of Richmond Development Site Sold

Canada Sunrise Development Corp. has acquired a 4.91 acre site across from Lansdowne Mall on No. 3 Road in a $69,000,000 deal.

The site is identified as Urban Core T6 in the City of Richmond’s City Centre area plan.

Sunrise

Canada Sunrise is a Canadian subsidiary of UEM Sunrise Berhad, one of Asia’s largest and leading development corporations. They are currently nearing completion on the Quintet project further North on No. 3 Road.

April 4, 2014by david.taylor@colliers.com
Development

Marpole Community Plan Before City Council Today

UPDATES VIA TWITTER

Marpole Community Plan adopted.

#Marpole Community Plan #MarpoleCP approved unanimously with minor additions to emphasise most significant community concerns #VanPoli

— Liveable Vancouver (@LiveableVan) April 3, 2014

Speaker in favour of revised #Marpole plan: “Far more reasonable balance between market forces & community values” than previous. #vanpoli

— NPA Vancouver (@NPAVancouver) April 2, 2014

 

Speaker proposing rental housing project on behalf of client for Southwest Marine Drive in #Marpole. To consider as part of plan. #vanpoli

— NPA Vancouver (@NPAVancouver) April 2, 2014

 

So far speakers are supportive of Marpole plan. Not perfect, but a step forward. Pleased at less single-family home rezoning #vanpoli

— emily jackson (@theemilyjackson) April 2, 2014

1st speaker to Marpole plan: supports plan, could not have asked for better process since Council agreed to extend consultation #vanpoli

— Van Mayor’s Office (@VanMayorsOffice) April 2, 2014

Staff say most #Marpole rezonings would not reach FSR noted in plan. A rare few “anomolous” properties might exceed FSR in plan. #vanpoli

— NPA Vancouver (@NPAVancouver) April 2, 2014

 

The revised Marpole Community Plan finally goes before council today — two years after city staff began working on it. Once adopted, the plan will guide growth and development over the next 30 years.

Residents protested the draft plan, largely over concerns about proposed rezoning of single-family areas, but the latest document appears to satisfy many critics, including Mike Burdick, spokesman for the Marpole Residents’ Coalition, who said the majority of the group’s members support the plan.

“The reason we’re in favour of it is because it basically fulfills our mandate when we started the coalition, which was to remove the single-family homes from the rezoning effort,” he said. “Almost 100 per cent of the single-family homes were going to be rezoned and now it’s only about 15 per cent.

Burdick acknowledged not everyone backs the document, “but they have a right to speak to that at the council meeting. As far as the organizing group goes, the people who have been to meetings for the last 10 months, we’re happy with it.”

(Tuesday afternoon, a copy of proposed amendment for the Marpole Plan was emailed to the Courier, which was drafted by Marpole residents Don Larson, Wendy Turner, Anita Romaniuk, Claudia Laroye, Gudrun Langolf, Ron Richings and Terry Slack. It asks that city council instruct city staff to investigate the undeveloped lands between Kent Avenue south to the Fraser River in the proximity of Cambie Street [to the west] with an intent to purchase one or more properties for the purpose of developing a ten-acre park. The proposed amendment asks that the park be created in the next two years and that a committee be formed to assist in developing and designing the proposed park and riverfront walkway.)

Read more: http://www.vancourier.com/news/developing-story-revised-marpole-plan-earns-support-1.938412

April 2, 2014by david.taylor@colliers.com
Development, Office

Construction Update: 745 Thurlow Street

745 Thurlow March 30th.jpg

Taken March 30, 2014 by Alex Wren

March 31, 2014by david.taylor@colliers.com
Development

Market Spotlight: Ian Gillespie

Developer Ian Gillespie: “This is going to sound arrogant but no one else is willing to do what I’m doing”

By Frances Bula

Developer Ian Gillespie is much in the news these days, as he launched his Gesamtkunstwerk exhibit a week ago as part of the build-up to Vancouver House, the Bjarke Ingels-designed tower that with be blooming flower-like (thin stalk, showy bee-attracting thing on top) next to the Granville Bridge.

Here’s a recent feature I did on him in Vancouver magazine. In advance of your column, I notice Gillespie seems to draw a lot more negative comments than any other developer I write about. I’ve done profiles of Peter Wall and the Malek brothers at Millennium, mentioned people like Terry Hui at Concord and Andrew Grant at PCI and Michael Audain at Polygon in stories any number of times, and never seen as much vitriol directed at them as at Gillespie. (Interestingly, others in the development community seem to be at least as annoyed by him as many resident groups.)

I’m guessing it’s because he tends to wade in to contentious parts of town, attracting more attention. (Some development companies I report on simply never ask for rezonings — they just don’t want to deal with the hassle. They stick strictly to land that’s already zoned for what they want to …read more

Source: Frances Bula

March 31, 2014by david.taylor@colliers.com
Development

1134 Burrard Street

By ChangingCity

1134 BurrardHere’s another of the projects that are being developed to help solve the very limited housing opportunities for the homeless and hard to house in Vancouver. We haven’t featured the building before on the blog, in part because the render that was available showed a rather unexciting project (and a dematerializing vehicle).

Fortunately the reality is far more attractive. Designed by DYS Architecture, it’s a 16-storey 141 unit building that will be run by The Kettle Friendship Society in conjunction with Family Services of Greater Vancouver. The main floor will house the Directions Youth Services Centre that was on the City-owned site before the redevelopment. BC Housing provided the majority of construction funds, but the project was also financially supported by Streetohome Foundation with contributions from both CIBC and Canadian Western Bank.

Directions provides health, mental health and addiction services, counseling, employment and training opportunities, peer support services, access to community and business partnerships and practicum programs, literacy and life skills training, and recreational, interactive, and artistic (music and art) programs. It will also include a Vancouver School Board Learning Centre. 30 of the units will be committed to youth under the age of 25.

 …read more

Source: Changing City

March 30, 2014by david.taylor@colliers.com
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16 Apr

First Capital REIT acquired by Choice Properties and KingSett for $5.2-billion

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16 Apr

First Capital REIT --> Choice Properties REIT and Kingsett Capital are teaming up to acquire the Canadian real estate company in a deal valued at over $9 billion, including assumed debt. Choice Properties will acquire roughly five billion dollars worth of shopping centres, while

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16 Apr

West Vancouver condo project in receivership, causing 'heartbreak' in Dundarave

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9 Apr

Greater Vancouver commercial real estate transactions down 8.3% in 2025 via @westerninvestor

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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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