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

The View From The East

The View From The East by Clayton Perry Photoworks
The View From The East, a photo by Clayton Perry Photoworks on Flickr.

November 19, 2013by david.taylor@colliers.com
Development, Retail

Richmond Walmart Gets Green Light

After almost three hours of impassioned pleas begging city council to say no; it said yes, gifting to Richmond in the process its first ever Walmart.

At a packed out, standing room only public hearing at city hall council chambers, city council, by a majority 6-2 vote, approved SmartCentres’ controversial $150 million, ten-year-old proposal for a 14-acre outdoor shopping centre – anchored by U.S. retail giant Walmart.

Councillors Harold Steves and Chak Au were the only two to vote against the West Cambie plan – bound by Alderbridge Way, Garden City, Alexandra and No. 4 roads.

Before the plan was approved, veteran Steves went as far to brand the development the “worst or second worst” the city has ever been involved with.

However, although many in the audience had nothing but condemnation for the proposal – traffic concerns, loss of green space and views, environmental damage and dislike of Walmart topped the list – there was a surprising throng of approval for the project.

Read more: http://www.richmond-news.com/news/richmond-walmart-gets-green-light-1.701622#sthash.6uB8rJsY.dpuf

November 19, 2013by david.taylor@colliers.com
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
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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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