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Development

West End Community Plan Scheduled for Adoption Next Week

The West End Community Plan is on the City’s agenda for Wednesday November 20th. The Plan will guide rezoning and development in the West End, and focuses growth along four main corridors.

In most cases, rezoning applications will require a CAC contribution as part of the public benefit strategy, or will require a substantial social housing component.

West End Plan_2

 

Contact me for more information on the Plan and opportunities for redevelopment.

November 15, 2013by david.taylor@colliers.com
Development

Company Eyes 40-storey Tower with 500 Rental Units in New West

Changes made by the developer to Plaza 88’s proposed fourth tower have done little to appease New Westminster council.

The Degelder Group wants to build a 40-storey highrise with 500 rental units—235 studios and 265 one bedrooms ranging from 312 to 570 square feet—at 900 Carnarvon St. The structure would also include six floors of above-ground parking.

19665newwest131113-900Carnarvonfile“When I saw this I was really upset. I can understand why when Plaza 88 was originally developed and built there were seven floors of above-ground parking, but at the same token I don’t think that is needed here. They’re also asking for 40 floors which is huge,” said Coun. Bill Harper, who also slammed the small size of the units, at the Nov. 4 council meeting.

“The whole thing is problematic for me. I can’t see myself supporting this. Just because they say they can sell those units today doesn’t mean they’re going to be what we want 10 to 15 years from now. I have real problems with this whole process.”

Read more: http://www.newwestnewsleader.com/news/231616591.html

November 13, 2013by david.taylor@colliers.com
Development

Market Spotlight: Marpole Plan – Granville Sub-area

Within the Marpole Community Plan, the City of Vancouver has identified Granville Street, from West 57th down to Marine Drive, as a focal point for densification. This comes after the Granville at 70th project on the old Safeway site is already nearing completion. The Granville “high street” area is mostly commercially zoned, with some residential zoning on the periphery. The City’s concept is to strengthen and enhance the area as a walkable, mixed use neighbourhood centre with a variety of shops, services, restaurants, and a mix of housing.

There a presently few opportunities for development in the area given small lot sizes and high property values.

Highlights for Granville

  • Reinforces the “heart of Marpole” and welcoming place to Vancouver
  • Adds new development and improvements to public spaces to support shops and services
  • Focuses higher buildings (6-12 storeys) and more density on Granville Street
  • Creates strong walking and cycling connections to transit and other key destinations such as school, parks, and the Fraser River

marpole-plan-granville-subareaRead more here: http://vancouver.ca/home-property-development/marpole-community-plan-granville.aspx

November 9, 2013by david.taylor@colliers.com
Development

Marpole Community Plan Revised; New Plan Back To Old Plan

After widespread opposition to late changes in the Marpole Community Plan this summer, the City of Vancouver has presented a revised draft plan that pulls back on changes in quieter single family areas and focuses growth along the main arterials including Granville, Oak and Marine Drive.

Here are the changes:

Before

marpole-plan-map-beforeAfter

marpole-plan-map-afterThe newest draft is essentially a return to the initial draft plan that was presented this spring. It focuses growth in 4-12 storey buildings along arterial streets, as opposed to townhouses.

The resistance to the Plan was almost entirely a result of late changes before the final draft presentation in June. At that time, the City proposed rezoning a large swath of single family lots to townhouse. This was a change that had not been presented nor widely discussed and it angered a great deal of residents. It resulted in the Plan being sent back for an additional round of consultation.

Not only did this move result in a delay of the plan, it was probably pointless and showed a disconnect from economic feasibility. With most single family lots in the range of 5,000-6,000 SF and house values of $1.5M+, a rezoning to townhouse would not have yielded any increase in value for most owners based upon land value and very little redevelopment would’ve occurred anyway.

What has the City likely learned from this process? In predominantly single family areas, residents are most likely to oppose new density increases except along main arterials where traffic is present already and attendant property values are lower due to their location.

What’s next for the Plan?

The City of Vancouver will be holding a dozen or so open houses and community discussion events to receive feedback on the revised plan before looking for council approval in early 2013.

Stay tuned for detailed analysis on implications and opportunities in each of Marpole’s five subareas…

November 8, 2013by david.taylor@colliers.com
Development

White Rock Gives Narrow Go-ahead to 12-storey Vidal Project

A controversial highrise proposed for Vidal Street is going ahead, following narrow approval by White Rock council Monday.

Zoning and Official Community Plan amendments that facilitate construction of the 12-storey project received final reading on 4-3 votes, with Mayor Wayne Baldwin and Couns. Al Campbell and Helen Fathers opposed.

Fathers said she couldn’t support the amendments after hearing from residents that the project is “too much, too dense, they don’t like it.” “I don’t believe this is the right time for it,” she said.

The project, proposed for 1467-1519 Vidal St., includes 12 townhouse units and 97 apartments, underground parking and public green space.

Read more: http://www.peacearchnews.com/news/230899631.html

November 7, 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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