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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

South Surrey Tower Proposal Heads to Council in January

A public hearing on a residential towers proposal with arts amenities for South Surrey could take place as soon as Feb. 3, if the project passes first and second readings in January.

That’s the target date, according to Shawna Nickel, marketing director for Cotter Architects Inc., designer of the multi-purpose project proposed for co-developers the Reifel Cooke Group and the Surrey City Development Corporation.

50708whiterockSemiahmoo_ProposedMixofUses_Large

The target date for first and second readings of the project is Jan. 13. If both readings are passed, the project would be able to proceed to public hearing on Feb. 3.

The two-tower proposal – which, in addition to around 328 residential units, would provide building shells for both a 350-seat theatre/performing arts centre and contemporary arts cafe and gallery – would be located at the corner of 152 Street and 19 Avenue.

Read more: http://www.peacearchnews.com/news/236475391.html

December 19, 2013by david.taylor@colliers.com
Development

Mixed Use Proposal for Lower Lonsdale Moves to Public Hearing

An application by Staburn Property Group for a site at 101-149 Lonsdale Avenue was moved forward at City of North Vancouver Council.

The rezoning application seeks to rezone the 101-149 Lonsdale Avenue lots from their existing LL-2 Lower Lonsdale zoning to a site-specific zone to permit a six-storey mixed-use building containing 69 residential units, 10,825 SF of commercial office space, and 12,589 SF of retail space at grade. 101-149 Lonsdale

 101-149 Lonsdale_2

The application further proposes dedicating the “Beasley Block” (also known as the “McDowell Block”), at the south end of the site, as a Municipal Heritage Site. The project includes five non-market residential units proposed to be owned and operated by the Vancouver Resource Society. The development includes a mix of unit sizes and types, with three junior 1-bedroom units, 36 1-bedroom units, 27 2-bedroom units and three 3-bedroom units. The net density is 3.5 FAR.

December 18, 2013by david.taylor@colliers.com
Development, Office

Cadillac Fairview Mulling 24-Storey Office Tower Near Gastown

Cadillac Fairview has submitted an enquiry to the Gastown Historic Area Planning Committee as a precursor to what may be a formal application to develop a mixed-use office tower on a vacant parking lot adjacent to their existing Station building; adjacent The Landing building at 375 Water St. The preliminary proposal calls for a 24-storey office tower, 417 ft tall, with 440,000 SF of gross building space.
601 W Cordova
The subject site is at the edge of the Downtown and Gastown districts and in between two
designated heritage buildings, the CPR Station and The Landing. It is one of the sites
referenced by the Central Waterfront Hub Framework which was adopted by City Council on June 11, 2009. While this proposal follows a number of other office projects planned or under construction downtown, it is unique in terms of location and potential views. Stay tuned for more on this project…
December 17, 2013by david.taylor@colliers.com
Development

Morningstar Homes Acquires North Van School Site

The North Vancouver School District is making inroads with the disposition of its surplus lands.

At a public meeting on Nov. 26 the school board voted 5-2 in favour of selling long-shuttered Monteray elementary to Morningstar Homes for at least $6.38 million.

Morningstar, which specializes in building single-family homes, is now in the process of filing a development application with the District of North Vancouver for the decommissioned school property situated above Montroyal Boulevard.

Monteray school officially closed in June 2004. The building was then leased for several years, but has been vacant since the spring of 2011.

Board chair Franci Stratton said selling to Morningstar was the right decision for all concerned parties, including the Monteray school neighbourhood. “I think in terms of where it was located, this particular piece, the community was hoping it was something the board would approve,” said Stratton.

Monterey Schoolmonterey

Read more: http://www.northshoreoutlook.com/news/235790881.html

December 17, 2013by david.taylor@colliers.com
Development

Another 300 Units Coming to Metrotown

A few older apartment buildings from the 1950s and 1960s could be replaced with a shiny new redevelopment in the Metrotown area.

The proposed 38-storey apartment tower with street fronting townhouses on Nelson Avenue and Dunblane Avenue and underground parking will go to a public hearing on Jan. 28, 2014.

The site includes 6616, 6642 and 6668 Nelson Ave. and 6635 Dunblane Ave., which currently have a single-family dwelling and older apartment buildings ranging from two to three storeys. The site is also in the heart of other new developments, including the 35-storey apartment building being constructed north of the proposed project.

“The development form has a strong street orientation on the site’s public frontages as well as a strong contextual relationship to the surrounding existing high and lowrise apartment developments,” states Lou Pelletier, director of planning and building, in his report.

A total of 304 units are proposed, ranging from 470 square feet to 1,686 sq. ft.

Read more: http://www.burnabynow.com/news/another-300-units-coming-to-metrotown-1.753554#sthash.snWI6yji.dpuf

December 17, 2013by 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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