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

Musqueam Showcase Preferred Option for Development on Endowment Lands

Developing Story: Musqueam showcase preferred option for development on endowment lands.

The preferred option for the Musqueam Indian Band’s development of a 22-acre site on University Endowment Lands was presented at an open house last night.

The band plans to develop a site known as Block F between University Boulevard and Acadia Road, land which was returned by the provincial government under a 2008 reconciliation agreement. The open house is part of the pre-application process.

The preferred option envisions a commercial village of 30,000 square feet, a four-storey 120-room hotel, residential buildings, including three-storey town homes, four-to-six storey buildings, and four towers between 18 to 22 storeys, as well as open spaces in the form of trails, parks and village greens, according to Gordon Easton, project manager at Colliers International.

Easton added it allows for the mature stand of trees to remain with the wetlands in the centre of the site.

“That’s something we heard quite strongly from the community and the Pacific Spirit Park Society — that that was something they’d really like to see and also respecting the current trail network connections that exist on the site,” he said.

Thursday marks the third open house for the project — about 300 attended the first open house in early December and another 170 attended the second one in early February. Almost 1,300 views have been recorded to date for the Block F topic on PlaceSpeak, an online community consultation site.

Read more: http://www.vancourier.com/health/Fred+unleeshed/7731376/story.html#ixzz2QvPrePJj
April 19, 2013by david.taylor@colliers.com
Development

Steveston Secondary on the Block, Again

Richmond Review – Steveston Secondary on the block, again.

As many as 20 developers are in the mix as potential suitors for the former 13-acre home of Steveston secondary school on No. 2 Road, which is once again on the sales block.

For the past five years or so, the Ministry of Education has placed a moratorium on the sale of school lands to parties other than independent school operators. And with the local school board opting not to sell to an independent school, the Steveston site has remained unsold.

But the prospects for a sale changed earlier this month, when B.C. Education Minister Don McRae wrote to the district that it would extend the completion period for the sale and transfer of title for the Steveston Secondary School site until March 31, 2015.

For the past month, the Richmond school district has sought expressions of interest for the site from developers as well as 75 other parties who previously expressed an interested in the land, Sargent said.

Read more: http://www.richmondreview.com/news/203484941.html

April 18, 2013by david.taylor@colliers.com
Development

City of Vancouver Selling Brentwood Tower Site

The City of Vancouver is currently selling a property at 4270 Dawson Street in the Brentwood Town Centre area of Burnaby.  The property, located at the Southwest corner of Dawson and Madison, is 2.67 acres and is currently occupied by Fedex.
4270 DawsonThe site previously had a rezoning application in 2004 for a 30-storey, 155 unit tower with 18 townhouses fronting both Madison and Dawson, with a total density of 1.58 FAR.
The City notice indicates that the invitation to offer is open until May 17, 2013.
April 17, 2013by david.taylor@colliers.com
Development

Bastion Buys Shell Site on Arbutus & West Broadway

Arbutus & Broadway Shell

Bastion Development Corp. has purchased the Shell Gas Station site on the Northwest corner of the Arbutus and West Broadway intersection.  Shell is currently operating on the property under a land lease.  The site is nearly 29,000 square feet and has 200 feet of frontage on West Broadway.

April 15, 2013by david.taylor@colliers.com
Development, Retail

Here’s a Twist: Developers Ask Residents What Stores They Want

Developers are increasingly using social media and online surveys to ask area residents what businesses they want in their neighbourhood, turning away from traditional market research that determines what types of stores might draw customers.

When real-estate developer Robert Fung started to look at how best to fill 8,000 square feet of retail space in New Westminster, B.C., he decided to approach it like a retailer and ask potential customers what they thought might be a good fit. He turned to Facebook, Twitter and community blogs to solicit feedback from people who live in the area.

Mr. Fung says the response to the two-week campaign was “overwhelming, immediate and highly informative,” and it led the developer to refine his target retail mix and modify the storefront configurations to dovetail with what respondents envisioned.

“I didn’t have anyone say, ‘Put a London Drugs in it or a Shoppers Drug Mart’ – not that that’s a bad thing, but it’s not the character we hope to provide,” says Mr. Fung, president of Salient Group, which is behind the Trapp + Holbrook project in downtown New Westminster.

Read more: http://www.theglobeandmail.com/report-on-business/small-business/starting-out/heres-a-twist-developers-ask-residents-what-stores-they-want/article11165548/

April 15, 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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