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

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
Development

Anthem Proposing 61-unit Townhouse Project in Maplewood Area of North Vancouver

Anthem Properties is proposing to redevelop 7 single family lots between 435 and 475 Seymour River Place for a 61 unit townhouse project. The site is located in the northwest corner of the Maplewood Village Centre plan area and is designated for 1.2 FSR residential development. The development concept includes 5 separate 3-storey townhouse buildings all over common underground parking at a density of 1.224 FSR.

Anthem_Seymour River Place

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

Steveston Secondary Land Enters Next Phase

The short list of developers for the Steveston secondary site got shorter last Tuesday. Richmond School Board members have narrowed it down to three potential applicants.

“They were all very high calibre, and I was very impressed with all of them,” said board chair Donna Sargent.

The board will convene for a summer meeting on July 22 to consider the three submissions.

Last month, five residential developers were chosen over a dozen who applied to build on the 13-acre site along No. 2 Road.

Board members based their criteria on value (financial compensation the district would receive), vision (for the neighbourhood that takes into account its surroundings) and voice (ensuring the residents have a say).

Read more: http://www.richmond-news.com/life/Losing+religion+Buddhism+bucks+trend/8618990/story.html#ixzz2YkWFcvPm
July 11, 2013by david.taylor@colliers.com
Development

Onni to Stage Open Houses on its Imperial Landing Proposal

Onni to stage open houses on its Imperial Landing proposal – Richmond Review.

The Onni Group will stage two open houses next week in Steveston as part of a bid to rezone its newly-constructed Imperial Landing properties.

The developer’s six low-rise buildings—built along Bayview Street on the last piece of land at Imperial Landing—feature apartments on upper floors and commercial units on the ground floor. But the commercial zoning allows for only maritime-related businesses.

Imperial Landing

Onni submitted a rezoning application to the city in March to allow more commercial uses in the ground floor space of the six buildings, which are now largely complete.

On a website dedicated to Onni’s new proposal, waterfrontrezoning.com, the developer contends rezoning the commercial space to allow a broader range of commercial retail uses “will better serve the community’s needs.”

Read more: http://www.richmondreview.com/news/214434901.html

July 9, 2013by david.taylor@colliers.com
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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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