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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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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Apartment, Development

150-Unit Rental Project Slated for Mount Pleasant Site

HAVN Developments have submitted a rezoning application under the Broadway Plan to redevelop a 4-lot land assembly at the corner of East 10th Avenue and Carolina Street in the Mount Pleasant area.

The 16,000 SF site is located immediately adjacent another recent rezoning proposal by Fastmark Development for a 19-storey, 175-unit rental tower.

The Broadway Plan only permits one tower in this block, and so the proposal requires a relaxation of that policy, as well as some minor relaxations on building setbacks. The application makes light of an ongoing issue surrounding LOE applications made by property owners in the Broadway Plan to secure tower placements. From the submission: “Due to the extraordinary volume of LOE applications, the processing period took over six months; while we were waiting for a response to our application, another project on the same block bypassed the LOE process and submitted for Rezoning. As there is a one tower limit on the block, we understand that by opting for the reccommened LOE process, 2535 Carolina has lost its position as the only tower on this block, and the opportunity to be a compliant project under the current policy is no longer possible.”

The proposal for the site at 2535 Carolina Street is to allow for the development of an 18-storey rental building that includes:

  • 150 rental units with 20% below market rental units (approx. 33 units);
  • 828 SF corner store;
  • a total density of 5.80 FSR;
  • A building height of 204 ft.; and
  • 53 vehicle parking spaces and 250 bicycle spaces.

The site is located in the Broadway Plan.

The architect for the project is MCMP Architects.

December 6, 2023by david.taylor@colliers.com
Apartment, Development, Retail

PCI Proposing 25-storey Rental Tower for Broadway Plan Site

PCI Developments has submitted a rezoning application for a mid-block site in the Fairview neighbourhood. The site at 1434 West 8th Avenue is located half a block East of Granville Street.

The 17,000 SF site sits just to the Northeast of their Broadway & Granville tower, now under construction.

The proposal for the West 8th site is to allow for the development of a 25-storey mixed-use building with a one-storey podium and includes:

  • 162 rental units with 20% below market (approx. 32 units);
  • 5,500 SF of retail space on the ground floor;
  • A total density of 8.07 FSR;
  • A building height of 265 ft.; and
  • 93 vehicle parking spaces and 281 bicycle spaces.

This application is being considered under the Broadway Plan.

The architect for the project is MCMP.

December 5, 2023by david.taylor@colliers.com
Development

Anthem Planning 184-Unit Rental Project for Oakridge Site

Anthem has submitted a rezoning application for a three-lot land assembly in the Oakridge area of Vancouver. The site at 5630-5668 Heather Street is located just North of West 41st Avenue. It totals 23,543 SF.

The site is designated in the Cambie Corridor Plan to allow buildings up to 18-storeys.

The proposal for the site is an 18-storey rental building. Details include:

  • 184 rental units with 20% of the floor area secured for below market rental units (approximately 37 units);
  • 1,200 SF of retail space on the ground floor;
  • A total density of 5.74 FSR;
  • A building height of 192 ft. with additional height for rooftop amenity space; and
  • 92 vehicle parking spaces and 352 bicycle spaces.

This application is being considered under the Cambie Corridor Plan.

The architect for the project is BHA Architecture.

December 1, 2023by david.taylor@colliers.com
Development, Hotel

33-Storey Hotel Proposed for Granville Street Site

Deecorp Properties has submitted a rezoning application for an 18,000 SF site that they own at the Northwest corner of Granville & Davie Streets in Downtown Vancouver.

The site had been the subject of a previous development application for a 7-storey rental apartment building in 2016. That application did not proceed.

The new proposal is for the development of a 33-storey hotel building with a four-storey podium. The proposal includes:

  • 464 hotel rooms;
  • Commercial space in the podium levels;
  • A floor space ratio 21.79 FSR;
  • A building height of 380 ft.; and
  • 33 vehicle parking spaces and 60 bicycle spaces.

The application is being considered under the Granville Street Interim Rezoning Policy.

The architect for the project is MCMP Architects.

October 31, 2023by david.taylor@colliers.com
Apartment, Development

Broadway Office Proposal Revised as Rental Apartments

Chard Development has applied to the City of Vancouver to revise their office project at 8 East Broadway to switch uses to rental residential.

The site is located at the southeast corner of East Broadway & Ontario Street in the ‘Broadway Shoulder Area East – Area B (MBSB)’ sub-area of the Broadway Plan.

A previous rezoning for the site was approved in 2020 for a 12-storey office building totaling 125,000 SF. Changing market conditions and the subsequent adoption of the Broadway Plan has prompted Chard to seek an alternate development scenario for the 16,100 SF site.

The new proposal is to permit a 14-storey rental residential building, including:

  • 152 market rental units;
  • 55 studios, 42 one-bedrooms, 38 two bedrooms & 17 three-bedrooms;
  • 4,200 SF of retail space on the ground floor;
  • Floorplates ranging from 7,300 to 11,700 SF;
  • A total density of 7.5 FSR;
  • A building height of 148 ft.;
  • 74 vehicle parking spaces and 320 bicycle spaces; and
  • A publicly accessible bike share station.

The Broadway Plan requires a minimum of one floor of ‘job space’ above the ground floor. The application by Chard is requesting consideration of market rental on the second floor, which is a deviation of policy.

The architect for the project is MCMP Architects.

The site was acquired in 2021 for $42,000,000, or $336 per buildable SF based on the revised application.

October 31, 2023by 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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