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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Development

Concord Pacific Unveils Plans for 1,300 Units Near B.C. Place

Concord Pacific has unveiled plans for a new neighbourhood of 1,300 condominiums in eight buildings by the northern end of Cambie Bridge near BC Place.

Part of the downtown’s new sports and entertainment district, the neighbourhood is being called False Creek Central.

False Creek Central

The area includes a new $535-million casino, hotel and entertainment complex being built next to BC Place by Paragon Gaming Corp. Last week, Paragon announced it has revamped its proposal for the project, which included no plans to expand gambling. Paragon proposed to relocate Edgewater Casino at its existing size.

The development proposal is significant both in size — as one of the largest in the city’s history — and in meaning, according to architect and planner Michael Geller.

Read more: http://www.vancouversun.com/Concord+Pacific+unveils+massive+Vancouver+development+near+Place/8989658/story.html#ixzz2gfhRS1Im
October 3, 2013by david.taylor@colliers.com
Development

52-Storey Tower Proposed for Brentwood Area

Ledingham McAllister is proposing a 52-storey residential tower at Gilmore Ave. and Halifax St., next to their existing project “Aviara” which is now close to half sold and is currently under construction. The proposal will head to Burnaby City Council next week and if approved, will reach first reading and public hearing in October.

“Aviara II” will include 595 residential units located in a 52-storey tower at the corner of Halifax and Gilmore, with two 4-6 storey buildings located along the Gilmore and Douglas Road frontages. The 2.9 acre site is large enough to accomodate three 25-storey towers, but Ledingham was encouraged to pursue a higher tower to preserve views for developments to the South.The proposal includes 715 parking spaces.

The development is being built at an overall density of 5.0 FAR, after a density bonus of 1.6 FAR under the City of Burnaby’s Brentwood Town Centre “s” designation. The bonus density is being valued at $73 per SF, or $13,265,779.

1713 Douglas Rd

 

September 27, 2013by david.taylor@colliers.com
Development

Paragon Reintroduces BC Place Casino/Hotel Proposal

Paragon Development Ltd. has reinvented its proposal for a $535 million redevelopment of the south side of BC Place Stadium as what they are calling an urban resort that plays up entertainment and plays down gambling with the relocation of its Edgwater Casino on False Creek.

Paragon’s last plan, in a lease deal with the BC Pavilion Corporation, was rejected by the City of Vancouver in 2011 over the proposal’s expansion of its gaming floor, but company officials said Tuesday that they’ve listened to their opponents and the new proposal is a straight transfer of Edgewater’s existing operations to the new facility, which fits into the city’s existing rezoning approval.

Paragon, with financing partner Dundee Corp.’s and operating partner 360 Vox, a real estate management company, unveiled the revamped design Tuesday, which calls for two luxury hotels with 550 rooms, a conference centre restaurants and retail space that will be linked in with BC Place.

The overall development will be 675,000 square feet of space and create an additional 2,000 jobs within the complex. Developers are aiming for completion of the project in 2016.

Read more: http://www.vancouversun.com/business/commercial-real-estate/Paragon+Gaming+offers+million+resort/8952619/story.html#ixzz2fqQS3bFw

 

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

Polygon Pursuing Height Amendment for North Vancouver Site

Polygon Homes, who successfully bid for a full city block on West Esplanade from the City of Vancouver last year, is looking for an OCP amendment to allow a highrise. Two development options presented to council for the 2.24 acre property  at 255 W. 1st Street include a mix of residential and commercial uses to a density of 2.6 FAR.

Option 1 includes a Concept a 5-storey built form with commercial uses accessible from W. Esplanade and residential uses above. Development is divided into two buildings. The larger building is “U” shaped with the opening facing south to maximize on harbour/city views as well as light exposure. The second building runs parallel to Mahon Avenue.

Option 2 proposes a 7 storey building on the western edge of the site running parallel to Mahon Avenue, terracing gradually down to a 4 storey street wall against W. Esplanade. A separate 16 storey tower is proposed in the southeast corner of the site containing the rest of the residential density. Because the existing OCP only allows 6-storeys, this option would require an OCP amendment;  however, it is supported by the City.

255 W Esplanade

255 W Esplanade_2

September 24, 2013by david.taylor@colliers.com
Development, Office

Morguard Proposing 25-Storey Office Building at 601 West Hastings

Morguard has applied to the City of Vancouver to amend the existing CD-1 for their property 601 West Hastings Street (also referred to as 333 Seymour Street) to retain the existing office tower, and build a 25-storey office building with:

  • A total floor area of 227,700 SF
  • 3,627 sq. ft. of ground level retail space
  • a public plaza
  • a density of 24.34 FSR
  • a proposed height of 357 ft
  • 102 parking spaces and 78 bicycle parking spaces in 5 levels of underground parking

601 West Hastings601 West Hastings_2

September 19, 2013by david.taylor@colliers.com
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David Taylor Personal Real Estate Corporation

Colliers International

DT

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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