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, Office

Cloverdale Gateway Project to Break Ground Within a Month

A prime piece of Cloverdale real estate that’s sat vacant nearly 15 years won’t be a patch of dirt much longer.

Construction on the Cloverdale Gateway project is expected to start by late February or early March, according to the building’s architect, after Surrey city council approved a final re-zoning application last month.

22299cloverdale020614gateway01webA two-storey office and retail building at the entrance of the historic downtown core would replace the empty lot that was once home to a gas station.

Burnaby’s PJ Lovick Architects firm spearheaded the design featuring brick columns, long wood beams and tall glass windows.

“It will be a great gateway piece,” said architect Andrea Scott, adding construction on the corner of Highway 10 and 176 Street should be finished by the year’s end.

Read more: http://www.cloverdalereporter.com/news/244016691.html

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

43-unit Condo Building Proposed for West King Edward

Pennyfarthing Development Corp. has made an application to rezone an assembled site at 357-391 West King Edward Avenue (one block East of Cambie) from RS-1 to CD-1  District.  The proposal is for a residential development consisting of one 4-storey building and 2-storey townhouses along the lane.

The proposal includes:

    • 43 residential units;
    • a maximum building height of 50.5 ft
    • a total density of 1.88 FSR
    • 48 underground parking spaces.

The 22,956 SF site was assembled last year for a total of $6,985,000, representing $162 per buildable SF.

357 King Edward_2 357 King EdwardLearn more: http://former.vancouver.ca/commsvcs/planning/rezoning/applications/357-391wkingedward/index.htm

February 5, 2014by david.taylor@colliers.com
Development

Another Proposed Rental Project, On Fraser Street

Another application for a rental apartment project has been submitted under the Rental 100 incentive program; this time in South Vancouver. The application is to rezone 7350 Fraser Street from RT-2  to CD-1 to allow a 6-storey rental building that includes:

    • 96 secured market rental units
    • a building height of 45.3 ft
    • a density of 2.61 FSR
    • 78 underground parking spaces

7350 Fraser Street_2 7350 FraserLearn more here: http://former.vancouver.ca/commsvcs/planning/rezoning/applications/7350fraser/index.htm

February 5, 2014by david.taylor@colliers.com
Development

Edgemont Village Plan Nearly Complete

The District of North Vancouver is in the final stages of consultation and planning regarding the Edgemont Village Centre Plan. The Plan has been in the works for several years, and finally began a process of public consultation in February 2013; partially as a result of development proposals forthcoming on the old Petro Canada site, as well as Grosvenor’s SuperValu site.

Edgemont Village PlanLearn more on the District’s site: http://www.dnv.org/upload/documents/Council_Agendas_Minutes/140205CW_AGN.pdf#page=1

February 4, 2014by david.taylor@colliers.com
Development, Investment

Judge Backs Forced Sale of North Vancouver Complex

A recent B.C. Supreme Court decision has paved the way for owners of an apartment and townhouse complex in North Vancouver to sell to a developer – despite the wishes of some owners to stay put.

B.C. Supreme Court Justice Lauri Ann Fenlon recently sided with the majority of owners of Seymour Estates on Lytton Street, who asked the court to approve the sale of the entire property.

That decision satisfied the vast majority of owners, who argued in court they’ll get more money by selling as a group than they could individually and avoid potentially costly repair bills as the 40-year-old complex ages.

For a small group of owners, however, the decision could force them to move off the North Shore, where they have community ties, if they can’t find similar affordable housing – or out of the housing market entirely.

Read more: http://www.nsnews.com/news/judge-backs-forced-sale-of-north-vancouver-complex-1.810849

February 3, 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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