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

City of North Vancouver OKs Smaller Sized Units

City OKs smaller sized units.

The City of North Vancouver has agreed to reduce the minimum unit size in apartment and condo buildings.

Following a public hearing, council voted July 15 to change the minimum size requirements that currently range from 450 square feet to 850 square feet, to 400 square feet for all unit types, regardless of the number of bedrooms.

“They work in most places, so that’s the key,” said Mayor Darrell Mussatto. “I don’t think any developer is going to build a unit that’s 400 square feet for three bedrooms. That would be pretty crazy. That would be Hong Kong style.”

Though most of council approved of the changes, there was some opposition.

“Until somebody proves to me that you can make 400 square feet work as a three bedroom facility, I can’t support that,” said Coun. Rod Clark.

Read more: http://www.nsnews.com/news/City+smaller+sized+units/8700560/story.html#ixzz2aAFZlF5S
July 26, 2013by david.taylor@colliers.com
Development

Concord Pacific Initiates Rezoning Process for 26-acre Brentwood Site

Thought Brentwood was already getting big with Shape Properties’ Brentwood Mall redevelopment and Appia’s Solo District? Add another large multi-phase tower project to the mix.

Concord Pacific has initiated a rezoning process for a massive 26-acre site at Lougheed Highway and Beta Avenue. Portions of the site are City-owned properties that will be sold to Concord, and much of the site are designated for high-density and medium-density residential development in the Brentwood Town Centre Plan.

Lougheed and Beta 2

Lougheed & Beta

While still very preliminary, the rezoning application anticipates a multi-phased highrise, mid-rise and low-rise residential development with a commercial component.The plan also includes a dedication of 7.7 acre portion of the property for a new elementary school and neighbourhood park at the Southern end of the property. The site is bordered on the South by the BNSF Railway. Dawson Street would be extended through the site to connect Beta Avenue to Douglas Road.

July 23, 2013by david.taylor@colliers.com
Development, Market Research

City Puts the Brakes on Grandview Woodland Community Plan

As we reported last week, the City decided to backtrack on proposed tower heights around Commercial and Broadway as part of the Grandview Woodland Community Plan. Now the City has responded further, by suggesting they will extend the timeline for the planning process by six months. Here is an excerpt from a motion of notice for next week’s Council meeting:

“As of July 15, 2013, 718 individuals have sent a message to Mayor and Council, noting that “the land use rezoning proposals in the ‘Emerging directions’ document and map…came as a complete surprise to the community when they were published in June 2013” and demanding at least six months more for the Grandview-Woodland Community Plan (“a reasonable period of time”) for “an open and collaborative process to discuss, debate and select preferred options with regard to these proposals.”

THEREFORE BE IT RESOLVED THAT Council direct staff to:
a. Extend the timeline for the Grandview-Woodland Community Plan by at least six months;
b. Conduct an open and collaborative process for the community to discuss, debate, and select preferred options for the Community Plan.”
July 18, 2013by david.taylor@colliers.com
Development

Development Proposal at 755-795 West 41st Ave Moves Forward

Buffalo Investment (Canada) Ltd.’s proposed rezoning of 5 single family lots at 755–795 West 41st Avenue, just West of Oakridge Mall, goes to City Council next week. The proposal is to build two six-storey residential buildings and two-storey townhouses containing a total of 74 residential units under the Cambie Corridor Plan. The rezoning would increase the density from 0.70 FSR to 2.87 FSR and the height from 35 ft. to 64 ft.

755-795 West 41st AveThe site was sold in November 2011 for $15,750,000, which equates to $160 per builable SF on achieved density (assuming it is approved at public hearing).

An interesting note from the City regarding applicable CAC’s:

“Based on an evaluation of previously approved Cambie Corridor rezonings, a target CAC rate of $55 per square foot, based on the net additional increase in floor area, has been
determined to be appropriate for this application and for future Phase 2 area residential rezonings of four- to six-storeys in height.”
Source: City of Vancouver
July 18, 2013by david.taylor@colliers.com
Development

Steveston Skyline Could Be Changed by Proposal

The Steveston “skyline” could have a slightly different look if a City of Richmond proposal gets the green light.

Changes to building height and density in the village core were due to be presented to city council’s planning committee Tuesday afternoon.

The proposal was based, in part, on public consultation, including 83 completed surveys in April and May.

According to the Steveston Village Conservation Strategy, one third of all buildings on Moncton Street are allowed to be three stories and have a floor area ratio 1.6 times the lot area.

The proposal would reduce the maximum building height to two stories and reduce the maximum density to 1.2, with exceptions granted on a case-by-case basis.

Read more: http://www.richmond-news.com/life/Losing+religion+Buddhism+bucks+trend/8618990/story.html#ixzz2ZJZGe0qI
July 17, 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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