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

Market Spotlight: Burnaby Rezoning Updates

Here is a list of rezoning applications headed for Burnaby City Council’s consideration on Monday:

Phase 1 of Brentwood Town Centre Project

Brentwood Phase 1The first phase of the Brentwood Town Centre redevelopment by Shape Properties is seeking to move forward to first reading and public hearing next month. Phase 1 includes development of a new externally oriented commercial shopping centre, public plaza and high street within the 8-acre southwest quadrant. It includes:

  • 546,820 SF of new commercial space in 2-4 storey buildings
  • Density of 1.56 FAR
  • Central civic plaza

Phase 2 of Station Square

Station Square Phase 2The second phase of the Station Square redevelopment by Anthem Properties is seeking to move forward to first reading and public hearing next month. The first phase is now substantially sold out and under construction. Phase 2 includes development the next two towers atop a low-rise retail and office podium on the Eastern portion of the site. It includes:

  • two towers – one 38-storeys and one 48-storeys
  • 768 total units
  • a total density of 5.34 FAR
  • 97,343 SF of new commercial space

Canada Way and Claude Avenue

Canada Way and ClaudeThe owners of this 4.6 acre site have filed a rezoning application for a 132 unit stacked-townhouse development with underground parking to a total density of 0.9 FAR.

 

 

 

October 28, 2013by david.taylor@colliers.com
Development

Vancouver City Staff Reject Proposal for Stong’s Site

City of Vancouver staff have rejected a rezoning application for a six-storey mixed-use building on the Stong’s Market site.

Brian Jackson, the city’s manager of planning and development, recommended the proponent pull the application in light of opposition based on Dunbar’s community vision, which prescribes a four-storey limit on buildings.

Stongs Dunbar

“I, of course, only recommend to council, so if [the applicant wishes] to pursue, they could still go to council with our negative recommendation and then it would be council that would formally turn them down, but I have recommended that they withdraw their application,” Jackson told the Courier Thursday morning.

Henriquez Partners Architects filed the rezoning application with the city on behalf of the landowner Harwood Group.

The site in question includes properties from 4508 to 4560 on Dunbar Street and 3581 West 30th Avenue — the current locations for Stong’s, McDermott’s Body Shop and two parking lots. The rezoning proposal provided space for the grocery store to move back in after the project was completed.

Read more: http://www.vancourier.com/news/vancouver-city-staff-reject-proposal-for-stong-s-site-1.671185#sthash.SVXFJSfr.dpuf

October 28, 2013by david.taylor@colliers.com
Development

50-unit Rental Project Proposed for West 41st and Cambie

Qualex-Landmark is proposing to rezone 458-476 West 41st Avenue from RS-1  District to CD-1 for a rental residential development including one 6-storey building and 2-storey townhouses at the rear of the site. The proposal consists of:

    • 50 secured market rental units
    • a proposed density of 2.55 FSR 37,152 SF

400 Block West 41st Ave_2 400 Block West 41st AveThis rezoning application is being considered under the Cambie Corridor Plan and the Secured Market Rental Housing Policy (Rental 100).

Qualex had purchased the site in 2010 for $2,500,000, or $67 per BSF based upon proposed density.

October 24, 2013by david.taylor@colliers.com
Development

Richmond School District Steveston Secondary for $41 Million

The site of the former Steveston secondary in Richmond sold to Polygon Homes for $41,125,000.

“The board is enthusiastic about what this means for our district,” said Donna Sargent, board chair at Richmond School District No. 38. “The sale of these lands provides us with funding that can be used for other capital projects and will ensure the legacy of Steveston will remain within the Richmond community.”

The 13-acre site will be split into eight acres sold to Polygon and five acres reserved for a park. There are no conditions on the sale and any rezoning will be done with the city.

12.58 acre Steveston Secondary Site

12.58 acre Steveston Secondary Site

The secondary school closed in June, 2007 and was merged with the nearby London secondary to become Steveston London secondary in September, 2007.

Read more: http://www.vancouversun.com/news/Richmond+school+district+sells+site+former+Steveston+secondary+million/9072480/story.html#ixzz2iaZ4Jtga
October 23, 2013by david.taylor@colliers.com
Development, Office

North Vancouver City OK’s Office Block

There is a sizable new office block with a design not like any other on the North Shore coming to central Lonsdale.

City of North Vancouver council voted Monday night to approve a five-storey, 9,600-square-foot retail/office building on the corner of 12th Street and Lonsdale Avenue. The site is currently home to a convenience store, a Vietnamese restaurant, a pizza restaurant as well as a laundromat and hair salon.

12th and LonsdaleThe building’s facade is like most glass curtain wall designs used in office towers, except it is rotated 45 degrees and divided up into a mesh. The outer wall then curves outward and turns into an awning over the sidewalk.

The proposal exceeds the density allowed on the site, however council agreed to amend the official community plan because the building includes “employment generating space,” and because the developer is contributing $172,800 to the city’s community amenity fund.

Read more: http://www.nsnews.com/news/north-vancouver-city-ok-s-office-block-with-striking-design-1.668835#sthash.crKSabUK.dpuf

October 23, 2013by david.taylor@colliers.com
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David Taylor Personal Real Estate Corporation

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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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