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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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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Condo, Development

21 Townhouse Units Proposed for North Van Site

A preliminary rezoning application has been submitted for a 30,000 SF site near Edgemont Village in North Vancouver.

The site at 3712-3718 Edgemont Boulevard is currently improved with a four-plex built in 1951 and designed by Fred Hollingsworth.

A previous application for the site included preservation of the existing heritage structure and the addition of 25-30 units but the proposal did not proceed.

The OCP designates this site Residential Level 3: Attached Residential, which permits a density up to 0.8 FAR.

The new proposal for the site includes:

  • 21 two-storey townhouses;
  • a total density of 0.8 FAR;
  • 41 underground parking spaces.

The architect for the project is Robert Blaney.

The site was listed for sale for $9,800,000 and sold earlier this year for $7,000,000 of $293 per buildable SF based on the application for townhouses.

August 28, 2023by david.taylor@colliers.com
Apartment, Development

61 Infill Rental Apartments Planned for West End Property

Starlight has applied to the City of Vancouver for permission to develop two infill rental buildings on an existing apartment property they own at 1755 Haro Street in the West End.

The 138-unit, 19-storey concrete highrise known as Peter Manor, was originally built in 1970, and acquired by Starlight in 2018 as part of a four property portfolio sale for $247 Million.

The infill proposal for the property includes a new 6-storey apartment building fronting Haro Street, and a 3-storey townhouse building fronting the lane.

Details include:

  • 61 market rental units;
    • 28 one-bedrooms, 24-two-bedrooms & 9 three-bedrooms;
  • A building height of 61 ft.;
  • New density of 1.69 FSR.

Under the site’s existing RM-5A zoning, the application is “conditional” so it may be permitted. However, it requires the decision of the Director of Planning.

The architect for the project is BHA Architecture.

August 17, 2023by david.taylor@colliers.com
Apartment, Development, Retail

Redevelopment of Dunbar Theatre Site to Include 45 Rental Units

A development application has been submitted to the City of Vancouver for the Dunbar Theatre site at 4555 Dunbar Street, at the corner of West 30th Avenue.

The proposal calls for the redevelopment of the 19,700 SF corner site with a new 5-storey, mixed-use building containing retail use on the first level and residential on levels 2 through 5.

The proposal includes the following:

  • 45 rental units;
    • 2 studios, 24 one bedrooms, 13 two-bedrooms & 6 three bedrooms;
  • 6,702 SF of theatre space;
  • 4,944 SF of retail space including a coffee shop and restaurant;
  • a total density of 2.89 FSR;
  • a building height of 68 ft.
  • Two levels of underground parking having vehicular access from the lane.

The proposal includes heritage designation of the retained exterior and structure of the Dunbar Theatre, originally constructed in 1935 and expanded and altered in 1964. The plan includes retaining the historic façade, theatre lobby, and select interior elements of the auditorium that are reinstated or replicated to match the original.

Under the site’s existing C-2 zoning, the application is “conditional” so it may be permitted. However, it requires the decision of the Director of Planning.

The architect for the project is Giant Union Design Architecture & Planning Ltd.

The site was assembled between 2017 & 2018 for a combined $30,180,000 or $558 per buildable SF based on the application.

August 1, 2023by david.taylor@colliers.com
Development, Land

SOLD: Westside Vancouver Land Assembly

I am pleased to announce the successful completion of sale of a 1-acre, 6-lot land assembly at 1026-1108 West 41st Avenue in Vancouver.

July 25, 2023by david.taylor@colliers.com
Apartment, Condo, Development, Retail

632 Units Proposed for ‘Seylynn Centre’ Site in North Van

A preliminary rezoning application has been reviewed by the District of North Vancouver for ‘Seylynn Centre’, a 3.1 acre assembly of 24 lots previously single family homes demolished in 2018. The site, owned by Denna Homes, is now being used as the construction staging for the neighbouring ‘Apex’ tower by Denna across Fern Street from the site.

A previous proposal was submitted in 2017 that envisioned a 19-storey tower and 6-storey building with 412 units and a density of 2.90 FSR.

The revised proposal for the site includes a 22-storey tower and 6-storey podium in the eastern portion of the site (“Phase 1”) and a 29-storey tower and 6-storey podium in the western portion of the site (“Phase 2”).

Details include:

  • 334 condo units;
  • 146 market rental units;
  • 152 student housing units;
  • 17,825 SF of retail space;
  • a total density of 3.90 FSR;
  • a public plaza on the southern portion of the site;
  • 597 parking spaces.

The current proposal includes a density of 3.9 FSR, exceeding the site’s envisioned density of 2.9 FSR, and the “CRMU3” land use designation which supports a density up to approximately 3.5 FSR. The applicant is seeking an OCP amendment for the additional density, with the provision of non-market student housing, which equates to 1 FSR and 24% of the proposal’s residential component, provided in support of this request.

Further information about the preliminary proposal can be viewed here: https://www.dnv.org/property-development/1505-1571-fern-st-520-540-mountain-highway-1514-1568-hunter-st-seylynn-centre

July 13, 2023by david.taylor@colliers.com
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David Taylor Personal Real Estate Corporation

Colliers International

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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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