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

“Vancouver Builders Follow the Lure of Culture” Globe & Mail

Topical article in the Globe & Mail stemming from the sale of the Waldorf Hotel site: 

“Vancouver is suffering growing pains as the landmarks and small beloved icons come down to make way for condo and mixed-use developments.

The recent selling of the Waldorf Hotel to a condo developer felt like the nail in the coffin for many Vancouverites, after the recent loss of the old Pantages theatre on Hastings and the Ridge movie theatre on Arbutus Street. Before them, we saw music venues Richard’s on Richards and the Starfish Room get razed for condos. If I were to go further back, the list would take up this entire column.”

Read the full article HERE.

January 24, 2013by david.taylor@colliers.com
Development

City of North Vancouver Staff Seek Bonusing Study

City staff seek bonusing study.

The City of North Vancouver may soon look to outside expertise to help get its density bonusing policy in order.

The process by which the city trades extra development density in exchange for community amenities has been a frequent point of contention, both in the community and at the council table, during recent years. City staff are now recommending the city hire an outside consultant to help put together a study meant to tackle a number of issues raised at a public workshop on density bonusing held in the fall.

Among the more frequent critiques at the workshop: that the process lacks transparency and creates confusion; that council goes overboard with density in order to secure community amenities like affordable housing or childcare space; and that there is no benchmark to measure the value of density bonuses, project-to-project to make sure the city is getting a “fair deal.”

Read more: http://www.nsnews.com/business/City+staff+seek+bonusing+study/7859028/story.html#ixzz2IuL8RUzI
January 24, 2013by david.taylor@colliers.com
Development

Nelson Development to Go Ahead, Despite Concerns

Nelson development to go ahead, despite concerns.

Plans for a 38-storey tower and three-storey townhouses on two properties on Nelson Avenue are going ahead despite a handful of concerns brought forward by area residents.

The rezoning application, put forward by developer Concord Pacific, went to second reading at Monday night’s council meeting. The primary concerns regarding the properties at 6530 and 6550 Nelson Ave. focused on the density and shape of the building, loss of the rental housing currently on the two properties, vehicle access and traffic safety, and construction impacts, according to a report from the city’s planning and building department.

6350 Nelson Ave

The concerns are related to the proposed density and shape of the building related to the amenity density bonus, and the form of the building in relationship to the neighbourhood, the report stated.

The development plan is consistent with council’s policies on density and the plan for the Metrotown area, Lou Pelletier, director of building and planning, stated in the report, and the value of the amenity bonus would be $9.5 million.

Read more: http://www.burnabynow.com/Nelson+development+ahead+despite+concerns/7838152/story.html#ixzz2Ichzm3n2
January 21, 2013by david.taylor@colliers.com
Development

OPEN HOUSE: Pearson Dogwood Lands

The City of Vancouver’s Planning Department and Vancouver Coastal Health are initiating the first phase of a comprehensive planning program to consider the redevelopment of the Pearson Dogwood Lands, located on Cambie Street, between 57th and 59th Avenues.

The City of Vancouver and Vancouver Coastal Health (VCH) are discussing renewal and expansion plans for the 25.4 acre site of the George Pearson Centre and Dogwood Lodge. Pearson Centre is home to adults with a range of disabilities, while Dogwood Lodge houses seniors who require complex care.

VCH needs to renew the existing site to meet the current and future health care needs of the community and would like the site to provide other uses as well. In the future, this area could welcome new residential, office, retail and community amenity uses.

The City is initiating a comprehensive planning program to create a policy statement to guide the redevelopment of the Pearson Dogwood site. This process will include opportunities for community members and stakeholders to offer their feedback and ideas.

Pearson

OPEN HOUSE:

Dates & Times

Thursday, January 31st , 5-8 pm

Saturday, February 2nd, 10 am – 2 pm

Location:

Pearson Dogwood Project Office, 601 West 59th Avenue, Vancouver

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

Dava Developments Acquires Site at Cambie & West 28th Ave

Dava Developments has acquired a 4-lot assembly located at 4412-4488 Cambie Street. The total property size is 39,180 SF, represents a partial city block with no direct neighbour, and is designated under the Cambie Corridor Plan for 2.5 FSR residential. The site sold for $14,840,000, or $151 per buildable sq ft. The properties had been listed for sale for a combined value of $19,552,000.

4412-4488 CambieThis will be Dava’s second project in the Cambie Corridor. They have submitted a rezoning application for a site they acquired at Cambie and 26th.

January 18, 2013by david.taylor@colliers.com
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David Taylor Personal Real Estate Corporation

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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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