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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

New Master Plan for Larco’s New Westminster Site

New Westminster and Larco Investments have come up with a new master plan for developing its waterfront site.

28736newwest131204-660Quayside

It’s been nearly two decades since discussion on what to do with the Larco land located between the Fraser River Discovery Centre and Westminster Pier Park currently being used for parking. Previous plans called for five towers, with above-grade parking, but with nothing happening on it, the city went to Larco looking for more dynamic plans that could improve the connection between the waterfront and the Downtown, have better sightlines and still be economically viable for Larco.

The latest master plan revealed in a report to city council Monday calls for more open space, three towers instead of five to maintain sightlines, a dedicated park site of two acres, an extended waterfront esplanade, and a hotel.

It’s expected work could begin on amending the zoning in early 2014.

The plans call for three tall, slender towers on the western portion of the site with about 800 residential units. Townhouses would be incorporated into the base of the third tower while retail would be in the other two.

Read more: http://www.newwestnewsleader.com/news/234112961.html

December 2, 2013by david.taylor@colliers.com
Development

City Forms Truce with Marpole Residents

The City of Vancouver has quelled Marpole residents’ furor over their draft community plan — at least for now — through additional consultation.

The city started holding a series of “coffee talks” in the neighbourhood in mid-November offering residents individual discussions with planners. Two more coffee talks are scheduled next week on Dec. 3 and 4, while “community dialogue sessions” are set for Nov. 30 and Dec. 7.

Planners have also been meeting informally with small groups for “kitchen table talks,” including with members of the Marpole Residents’ Coalition.

Council voted, at the end of September, to extend consultation on the plan based on residents’ complaints about consultation and issues such as the proposed rezoning of some single-family areas to allow stacked townhouses and low-rise apartment buildings.

Read more: http://www.vancourier.com/news/developing-story-city-forms-truce-with-marpole-residents-1.715293#sthash.LgrqhmNR.dpuf

December 2, 2013by david.taylor@colliers.com
Development

Port Moody Meeting Tackles OCP Density, Waterfront Issues

There was standing room only at Inlet Theatre Wednesday as more than 300 people flooded Port Moody council chambers to throw bouquets and brickbats to council for the city’s draft official community plan.

Dozens called for the preservation of the ocean waterfront instead of towers while others lauded higher density proposed along the Evergreen Line route. Several people suggested the city purchase the Mill and Timber site — currently an operating mill with about 80 employees — and use it for park space.

“We will lose what we value most, namely the small-town feel, charm and ambiance,” said Reiner Specht, who has formed an ad-hoc group called Port Moody Citizens’ Coalition to oppose the OCP changes. “A lot of people don’t want skyscrapers,” said Ron Simpson. “Let’s see growth on a human scale.”

Rod MacVicar, the city’s 2012 environment award winner for his work promoting marine research on the inlet, said the city could get a good deal if it bought the Mill and Timber property. “We are losing an opportunity to pick up this site and do something with it,” he said.

Others said the city will benefit from higher density because it would preserve greenspace while adding more services close to people’s homes.

Read more: http://www.tricitynews.com/news/233777201.html

November 29, 2013by david.taylor@colliers.com
Development

Maple Ridge to Push Commercial over Condos

Maple Ridge’s downtown condo-building incentive plan worked so well it kickstarted $100 million of construction in the downtown and cost the district only $1 million.

Now, Maple Ridge wants to see if the same trick will bring in more business and industry.

Council voted on a one-year extension of the commercial part of the town centre investment incentive program Tuesday, in an attempt to get every possible penny focused on commercial growth.

Under the three-year residential incentive plan, which expires Dec. 31, developers who built in the downtown got priority processing for their applications, fee reductions, tax exemptions and cash grants to put up their projects.

With that now ending, the commercial incentives only will be extended another year, ending in December 2014 – providing council approved the plan on Tuesday.

Read more: http://www.mapleridgenews.com/news/233538401.html

November 27, 2013by david.taylor@colliers.com
Apartment, Development

Bentall Kennedy Proposing Rental Project for South Granville

Bentall Kennedy, on behalf Sun Life, has applied to the City of Vancouver to rezone a one and a half acre existing apartment property known as Forte Apartments at 1755 West 14th Avenue from RM-3  to CD-1. The application is being made under the City’s Rental 100 program to allow a 100% market-rental development, including:

  • retention of the existing 13-storey, market-rental building;
  • the addition of two new buildings:
    • a 12-storey apartment building;
    • a 3-storey townhouse building;
  • the addition of 122 new market-rental units in the two new buildings;
  • a proposed total denisty of 3.56 FSR;
  • 89,129 sq. ft. of new floor area

1755 West 14th Ave

 

November 25, 2013by 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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