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

‘The Views’, Coal Harbour Project Launches

The Janda Group has launched registration for their project at 1255 West Pender Street in Coal Harbour. The 14-storey, 27-unit project has been named ‘The Views at Coal Harbour’.

The project is being built to a density of 5.7 FSR and includes approximately 3,500 SF of office space on the lower floors. A development permit has been in place since 2007.

More information can be found on the project’s website.

1255 West Pender 21255 West Pender

January 15, 2013by david.taylor@colliers.com
Development

Onni Agrees to Second Public Hearing on North Vancouver Safeway Site

North Shore Outlook – Developer Onni agrees to second public hearing on North Vancouver Safeway site.

Developer Onni Group will return to North Vancouver city hall for a second go at a public hearing on the company’s divisive Safeway site proposal, after the first hearing was tainted by accusations of bullying and impropriety on all sides.

Onni’s vice-president of development Beau Jarvis made the announcement Monday, citing the “outpouring of support” he said the company received over the holidays for its 13th Street and Lonsdale Avenue condo-tower proposal.

“To be quite blunt, we got a bit of an earful over the holidays from people who had publicly expressed support for the project,” Jarvis said in a press release Monday.

“Their position was simple – ‘we want the project, we went out and supported the project and Onni should not abandon the project until the council has formally said yes or no’. At the end of the day, we could not ignore those voices,” he continued.

Read more: http://www.northshoreoutlook.com/news/186871082.html

January 15, 2013by david.taylor@colliers.com
Development

Burnaby Proposes Changes to C-8 and C-8A Zoning in Hastings Area

In an effort to improve the viability of development proposals in the Hastings Heights area, the City of Burnaby is proposing that the number of storeys in the C8 and C8a District be changed in rezoning to allow for a residential mezzanine floor (or a 5th storey) in the rear portion of the grade level commercial envelope. Design details include:

  • Development of a residential mezzanine should not impact the viability of grade level commercial uses fronting Hastings Street.The residential mezzanine must occupy the rear, upper portion of the commercial envelope.
  • Taking into account the minimum depths for the commercial and residential mezzanine units and the established front and rear yard setback requirements of the C8 and C8a District, lots with a minimum depth of 112.5 ft. would qualify for consideration for a building with a residential mezzanine floor.

Source: City of Burnaby

January 14, 2013by david.taylor@colliers.com
Development

Towering Concerns Touch Lynn Valley

North Shore Outlook – Towering concerns touch Lynn Valley.

A couple hundred people packed a District of North Vancouver council meeting Monday, as vocal resistance to high-density neighbourhoods in North Vancouver continues.

Proposed Lynn Valley Town Centre

Proposed Lynn Valley Town Centre

Most were there to protest the Lynn Valley Town Centre Implementation Plan, a rigorous public consultation process on the future of new development in Lynn Valley. Attendees told council they felt the consultation plan would merely pay lip-service to residents’ concerns while high-rise development plans for Lynn Valley would go ahead regardless of the public’s wishes.

In actual fact, the implementation plan is just the next step in the district’s Official Community Plan (OCP), a long-term growth management strategy ratified in 2011 after two years of public consultations. That next step, approved unanimously by council Monday, merely directs staff “to undertake an intensive and focused community engagement initiative in early 2013 to seek further feedback to shape and refine the Lynn Valley Town Centre Implementation Plan.”

Read more: http://www.northshoreoutlook.com/news/186176101.html

January 10, 2013by david.taylor@colliers.com
Development, Market Research

City Recommends Changes to I-1 Zoning in Mount Pleasant Area

The City of Vancouver is recommending changes to the I-1 Zoning as part of the City’s Metropolitan Core Jobs Plan. The changes are intended to enhance the use of sites within the I-1 zone in Mount Pleasant, which was generally limited to light industrial or mixed use at a density of 1.0 to 3.0 FSR. Included in the changes is more flexiblity for office use.

I-1Summary of Proposed Changes:

  • A variety of service uses have been proposed for increase in allowable density, while still remaining within the overall 3.0 FSR density limit.
  • Several service uses that were previously not permitted are proposed to be allowed as conditional uses, like entertainment.
  • A greater variety of office uses are proposed to be permitted. In the existing zoning, several categories of General Office use are not allowed. In the proposed zoning, all of the categories of General Office use will be allowed.
  • This means a mixed use building could be comprised of 1.0 FSR of the identified light industrial/service space on the ground floor and 2.0 FSR of General Office space above.
  • There will be an opportunity with a potential Parking Payment-in-lieu District in the area for the developer to partner with new developments in the same area in order to provide additional parking over and above specific site requirements. This will be important for smaller sites to get to 3.0 FAR.
January 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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