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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, Retail

Richmond Walmart Deal Hits Buffer — Again

Plans for the $100 million Walmart-anchored shopping centre in West Cambie have once again hit a roadblock after city council’s planning committee refused to approve the project.

With only two of the five councillors on committee in support — Evelina Halsey-Brandt and Linda Barnes were in favour — the proposal was shunted back to city staff at the end of an occasionally heated two-and-half-hour meeting Tuesday.

The primary reason for stalling this time was planning chair Coun. Bill McNulty’s demand to know just how many people are expected to flock to the 14-acre shopping centre between Alderbridge Way and Alexandra Road, near Garden City Road.

It’s a factor that McNulty, whose motion it was to send the proposal back to staff, believes is critical to be aware of before he can consider sending the proposal to a public hearing.

“I’m in no rush to push this forward,” said McNulty of the now 10-year-old plans.

Read more at: http://www.richmond-news.com/news/update-richmond-walmart-deal-hits-buffer-again-1.627675#sthash.9EFCdDFB.dpuf

September 19, 2013by david.taylor@colliers.com
Development

Vancouver Community Plans Update

After feedback from the public, Vancouver City Council asked staff to review the public consultation process for each plan area and consider extending the timelines regarding Vancouver’s four Community Plan processes currently underway (Downtown Eastside, Grandview-Woodland, Marpole and the West End).
Here is City staff’s recommendations on each Plan for consideration by  Council next week:
  • That the Downtown Eastside Local Area Plan go to Council on schedule in November 2013, and that the associated zoning and bylaw amendments be considered at that time for referral to Public Hearing in early 2014.
  • That the West End Community Plan go to Council on schedule in November 2013, and that the associated zoning and bylaw amendments be considered at that time for referral to Public Hearing in early 2014.
  • That the Marpole Community Plan, following additional community consultation on the proposed revisions to the draft plan, be deferred for additional consultation and be considered by City Council in the last quarter of 2013 or first quarter of 2014. (Approx. 3-6 month delay)
  • That  Council direct staff to extend the original schedule for the Grandview-Woodland Community Plan in order to create a Citizens’ Assembly to be organized for all areas of the Grandview-Woodlands Plan, including options and challenges related to planning appropriate transit-oriented density along the Broadway Corridor at the south end of the Community. (at least a 6 month delay)
Read more in the Staff report here: http://former.vancouver.ca/ctyclerk/cclerk/20130925/documents/cfsc1.pdf
September 17, 2013by david.taylor@colliers.com
Development

Lynn Valley Gets New Tower Plan

The controversial redevelopment of the Lynn Valley Centre is back with a fresh face, ready for a new round of public vetting.

Under Bosa Development Corporation’s new plan, presented at an informal meeting at the mall on Thursday night, the developer is looking to build 379 new condo units in seven buildings, including two 12-storey towers with ground level commercial storefronts, an eight-storey tower and a series of four-to six-storey lowrises.

Bosa’s previous proposal envisioned 14-and 22-storey residential towers along with two six-storey buildings, bringing 439 units of housing.

“I heard loud and clear what people wanted was a mountain village and a mountain village is what I’m trying to deliver,” said Mark Sager, Bosa’s point man for the project and former West Vancouver mayor. “It is not finished. This is not a formal public information meeting. This is not part of the formal process at all. It is simply: ‘Here’s where I’m at. Here are my thoughts. What do you think so far?'” Many aspects of the plan are preliminary and liable to change at council’s discretion, Sager said. But with the Bosa towers being shorter than the nearby Kiwanis Lynn Manor and the proposal coming well under the density allowed in the official community plan, he feels they are on the right track.

Read more at: http://www.nsnews.com/news/lynn-valley-gets-new-tower-plan-1.623213#sthash.9hA5vnay.dpuf

September 16, 2013by david.taylor@colliers.com
Development

Concert Unveils Plans for SEFC Site

Concert Properties has submitted a rezoning application for their site in Southeast False Creek, directly East of The Village. Concert_SEFC

The proposal includes:

  • a waterfront park, greenway/bikeway paths, an internal street network
  • five residential buildings consisting of one 18-storey building, two 15-storey buildings, one 14-storey building, and one 12-storey building
  • a total density of 624,522 SF including 519,595 SF of market residential in four buildings and 104,927 SF of non-market affordable rental units
September 13, 2013by david.taylor@colliers.com
Development

Mayor Says Grandview-Woodland Plan Could be ‘Delayed Significantly’

When it comes to controversial neighbourhood plans, especially in Grandview-Woodlands, Vancouver Mayor Gregor Robertson says the city has shifted gears to listen to the public.

“Certainly with Grandview-Woodland and Marpole, I’ve said clearly we’re not going forward with the current timeline,” Robertson said to reporters at a Wednesday launch event for the city’s online public engagement tool, Talk Vancouver.

City council is expected to decide on Sept. 25 whether to extend the community plan, along with three other community plans underway in Marpole, the West End and the Downtown Eastside.

“I think we’ll see Grandview-Woodland delayed significantly and a lot more work, back to the drawing board, to make sure that voices are heard and that we shape the plan for the long-term of that neighbourhood as best as possible,” Robertson said.

Read more: http://metronews.ca/news/vancouver/792663/vancouver-mayor-says-grandview-woodland-plan-could-be-delayed-significantly/

September 12, 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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