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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

Proposed 46-storey Brentwood Tower in Limbo

Proposed 46-storey tower in limbo.

A proposal for what could potentially be one of Burnaby’s tallest towers – standing at 46-storeys – was withdrawn at a recent public hearing held in council’s chambers.

On March 19, three rezonings were up for public input, except for the highrise proposed for Gilmore Ave. with a three-storey townhouse podium facing Halifax Street and a two-storey residential amenity podium that included a rooftop swimming pool.

Coun. Colleen Jordan, who attended the public hearing, said she could not comment on why the proposed tower was withdrawn.

Now the proposal is in limbo – it will either go to a future public hearing with changes or not go ahead at all. The site’s developer is Millenium Development, which has also developed 10 other highrises in the city, including Mayfair Place, Belvedere and One University Crescent in the SFU community.

Read more: http://www.burnabynow.com/news/Ukrainian+group+targets+member+again/8157576/story.html#ixzz2Oqhk6HV8
March 28, 2013by david.taylor@colliers.com
Development

Over 1,000 Units in the Works for the Cambie Corridor, And It’s Just the Beginning…

It has been nearly two years since the Cambie Corridor Plan was implemented. The Plan, which covers a large stretch of land from West 16th Ave all the way south to Marine Drive, has already yielded a flurry of sales activity, with dozens of single family lots sold over the past two years.

So what does that activity look like so far? Here’s a summary:

  • Approximately 15 land assemblies of 3 or more single family lots have completed.
  • There are 10 sites that have submitted rezoning applications, totalling 1,043 units
  • 4 sites have been approved for rezoning
  • 2 projects are currently selling and under construction
  • Average Community Amenity Contribution (CAC) charge of $40.00 per SF

Here’s a look the projects at various stages of planning and construction.

APPROVED

Elizabeth by Mosaic, 4837-4861 Cambie Street

ElizabethRezoning for this project was approved in 2012. It is a 5-storey woodframe project with 41 units, including 6 rental units and a total density of 2.05 FSR. The project is apparently over 50% sold at an average in the mid-$600’s per SF. Total CAC: $37 per SF. It is now in the construction phase.

Prelude by Cedar Developments, 6311 Cambie Streetprelude

Rezoning approved in 2011. 6-storey concrete project with 56 units and a density of 2.90 FSR. The project is apparently over 60% sold at around $700 per SF. Total CAC: $42 per SF. It is now under construction.

66361 cambie361-6385 Cambie Street by Wanson Development

Rezoning for this project was granted at a public hearing on March 14, 2013. The project is expected to launch sales later this year and features 63 market units in an 8-storey concrete building with retail at grade. The total density approved is 3.29 FSR. Total CAC: $44 per SF.

4533-4591 Cambie Street by Intergulf

Rezoning for this project was also granted on March 14, 2013. This is a site we told you about last year and the proposal includes 167 units in 3 6-storey buildings. The total density approved is 2.50 FSR. Total CAC: $40 per SF.

PROPOSED

4139-4187 Cambie Street by Dava Developments

This site was sold by us in 2011 and is now at the open house stage (April 4 at 5pm at the Douglas Park Community Centre). The plan is for two 6-storey buildings and a total of 76 units. 2.60 FSR.

4412-4488 Cambie Street by Dava Developments

Dava also acquired this site at Cambie and W 29th Ave and has filed for rezoning for 102 units and a total density of 2.60 FSR.

4959-5109 Cambie Street by (Private local developer)

This site was a large assembly of 10 lots by an offshore developer in September 2011. A rezoning application was subsequently filed by Formwerks Architecture for a 161-unit development in a 6-storey development.

665-685 West 41st Avenue (site owned by FY Shao)

This site was also assembled and sold in September 2011. A rezoning application was subsequently filed, also by Formwerks Architecture for a 267-unit development (inclusive of some rental units) in a 6-storey development.

755-795 West 41st Avenue (site owned by Buffalo Investments Ltd.)

This site sold in November 2011 for $184 per buildable SF. A rezoning application was filed in September 2012 for a 6-storey building totaling approximately 110 units and a density of 2.72 FSR (above the guide of 2.50 FSR).

Other sites that may recieve applications shortly include a site now owned by Kenstone Properties in the 4900 block of Cambie, 563-571 West King Edward Ave now owned by Regent International, and the King Edward Station lands at 4099 Cambie Street owned by Yuanheng Development.

Of course, we haven’t even mentioned the largest rezoning application in the whole corridor; that being the Oakridge Centre redevelopment (which we covered last year) which could exceed 2 Million SF of space and almost 2,000 units.

Given the number of single family lots in the corridor that have yet to sell, the projects listed here are just the beginning, and it will be years, possibly decades before the corridor is anywhere near full buildout. Stay tuned here for future land sales and rezonings.

March 26, 2013by david.taylor@colliers.com
Development

Burrard Gateway: Revised Rezoning Application Submitted

After nearly 4 years on the drawing board, the partnership of Reliance Properties and Jim Pattison Developments have submitted a revised rezoning application in an effort to move the Burrard Gateway project forward.

Burrard Gateway 1The property, located at Burrard and Drake, is currently used as the Jim Pattison Downtown Toyota Dealership, with two small old house structures (non-heritage) and two small commercial buildings, one of which is currently housing a Scion Dealership. It was also reported in BIV this week that Reliance has secured the 7-11 site at the corner of Hornby and Davie, where it is expected a tower in the range of 28 storeys will become the 4th tower in the project.

The current plan calls for the following:

    • along Hornby Street, a 54-storey tower and a 36-storey tower, with a 7-storey podium, providing retail, office and residential uses, including rental housing;
    • along Burrard Street, a 14-storey office tower, including a 3-storey automotive dealership
    • an increase in the total number of residential dwelling units, from 619 units to 810 units;
    • a proposed density of 13.3 FSR (up from 11.8 in the previous proposal)
    • a maximum height of 525.7 ft.

Burrard Gateway 2Burrard Gateway 3

March 22, 2013by david.taylor@colliers.com
Development

Land Sale a ‘Windfall’ for West Vancouver Church: Neighbours

North Shore Outlook – Land sale a ‘windfall’ for West Vancouver church: neighbours.

A church in the British Properties wants to sell its land to a developer. What could be built in place of a church in the British Properties has caused quite a stir.

If the church’s land is sold, duplexes and single-family homes could go in the large lot. That’s 19 homes, consisting of 11 detached dwellings and eight duplexes, to be exact.

The congregation at North Shore Unitarian Church isn’t satisfied with the aging space, said representatives from the church. There’s no bus service so many seniors can’t make service by themselves and the 43-year-old building isn’t wheelchair accessible.

370-380 MathersSo the congregation should move somewhere else on the North Shore that’s more accessible, said a delegation of church members at a West Van council meeting on Monday. If the land at 370 and 380 Mathers Ave. is rezoned, the buyer, Darwin Construction, wants to develop the area.

Read more:http://www.northshoreoutlook.com/news/199187241.html

March 22, 2013by david.taylor@colliers.com
Development

FOR SALE: 5695 Lougheed Highway, Burnaby

5695 Lougheed Hwy_BRO Page 15695 Lougheed_Brochure

March 21, 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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