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

Massive Edmonds Project Goes to Public Hearing

Although the deals offered at the Value Village in Edmonds will surely be missed, its replacement proposes to be a new community hub.

The rezoning application for a mixed-use development with three highrise residential towers, an office building, two-storey retail podium and underground parking in the Highgate area is headed to public hearing on Jan. 28, 2014.

The proposed redevelopment, at 7350 Edmonds Street and 7338 Kingsway Avenue, was first brought to council’s attention in July 2012. A Value Village and a multi-tenant building currently sit on the site.

value-village-redevelopment-burnaby

“We are excited to build a landmark project that will add to the growth of the neighbourhood,” Michael Sengara, development coordinator with Cressey Development Group, told the Burnaby NOW. “This particular corner of Kingsway and Edmonds is a prominent one, and the office building on the corner is a reflection of that.”

IBI/HB Architects put forward the rezoning application on behalf of the developer, Cressey Development Group.

Read more: http://www.burnabynow.com/news/massive-edmonds-project-goes-to-public-hearing-1.753477#sthash.v228QMtZ.dpuf

December 11, 2013by david.taylor@colliers.com
Development, Office

Bentall Kennedy Planning 31-Storey Office Tower

1090 West PenderBentall Kennedy has submitted a rezoning application for the site it owns at 1090 West Pender Street, currently an 11-storey office building.

Bentall acquired the property from West Pender Property Group in 2011 for $19,500,000 as part of a transaction that included a trade of 50% interest in 1050 West Pender Street.

The plan calls for a new 31-storey office building with:

  • 564,000 SF of office space with retail and service uses on the lower two levels;
  • 486 underground parking spaces;
  • a total density of 18.0 FSR
  • a total height of 403 ft. (about the same height as Bentall 3)

1090 West Pender_2Link to the full rezoning application: http://former.vancouver.ca/commsvcs/planning/rezoning/applications/1090wpender/index.htm

December 7, 2013by david.taylor@colliers.com
Development

Grosvenor’s 1300-block Development Approved for Ambleside

West Vancouver council voted this evening in favour of Grosvenor’s development for the 1300-block of Marine Drive.

Two new buildings — one six storeys and the other seven — will be built on the Ambleside-area block, which currently houses the West Vancouver police department, an empty lot and a handful of small stores and restaurants. The mixed-use development will have 98 residential units with commercial and office space below.

55774northshoregrosvenor

Plans show a public atrium and underground parking lot will join the two buildings. “We have evaluated that project from side to side – believe me – to make sure it was the right deal for West Vancouver,” said Mayor Michael Smith, who has made it his mission to revitalize Ambleside so more people are drawn to the waterfront.

Read more: http://www.northshoreoutlook.com/news/234175111.html

December 3, 2013by david.taylor@colliers.com
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
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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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