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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, Office, Retail

6-Storey Retail & Office Building Planned for Port Moody Site

A rezoning application has been submitted to the City of Port Moody for a 17,247 SF assembly of two single family lots on St. Johns Street to allow a new office building.

The site is designated Mixed Use – Moody Centre in the Official Community Plan, allowing for development up to 6-storeys.

The proposal for the site includes:

  • 24,014 SF of retail space on the lower 3 floors;
  • 19,041 SF of office space on the upper 3 floors;
  • 5,253 SF of restaurant space on the top 2 floors;
  • a total density of 3.48 FAR;
  • 103 parking spaces on 3 underground levels.

The architect for the project is Mara + Natha Architecture.

July 6, 2023by david.taylor@colliers.com
Apartment, Development, Retail

Rezoning Plan Unveiled for PCI’s Broadway & Arbutus Project

The detailed rezoning application for 2096 West Broadway & 2560-2576 Arbutus Street, on the East side of Arbutus, has been submitted by PCI Group in partnership with Translink to the City of Vancouver. The site sits directly across Broadway from the Arbutus station currently under construction.

The project was first announced in May of this year. is to allow for the development of a 30-storey mixed use building. The zoning would change from C-3A and C-8 and includes:

  • 260 market rental units, 20% at below market rates;
  • 7,600 SF of retail space;
  • 7,100 SF of space for the Ohel Ya’akov Community Kollel;
  • A secondary Broadway Subway station entrance for Arbutus Station;
  • A total density of 11.40 FSR’
  • A building height of 298 ft.; and
  • 191 vehicle parking spaces and 489 bicycle parking spaces.

This application is being considered under the Broadway Plan.

The architect for the project is MCM.

July 6, 2023by david.taylor@colliers.com
Apartment, Development

13-Storey Rental Building Planned for North Vancouver Site

A rezoning application has been submitted for the redevelopment of a site in the Central Lonsdale area of Vancouver.

The site is located at 1536-1550 Eastern Avenue, directly South of a project completed by Anthem Properties in 2022. A previous application was made for the site in 2022 that included a two-level, 18-space childcare facility. The application was denied by the City of North Vancouver.

The revised application includes a 13-storey market rental building with a smaller childcare space on the ground floor, including:

  • 118 rental units;
  • 24 studios, 65 one-bedrooms, 14 two-bedrooms & 15 three-bedrooms;
  • 13 mid market rental units;
  • a 9,400 SF, 81 space daycare
  • a total density of 3.45 FSR;
  • 93 parking spaces.

The architect for the project is Rafii Architects.

June 19, 2023by david.taylor@colliers.com
Apartment, Development

344-Unit, Two Tower Rental Project Planned for Oakridge Site

Rize Alliance Properties and Minto Group have submitted their rezoning application for a 6-lot land assembly at 5350-5430 Heather Street in the Oakridge area of Vancouver.

The plan calls for the development of two 18-storey buildings over 4-storey podiums and includes:

  • 344 market rental units;
  • 20% of the floor area secured for below market rental units (approximately 69 units);
  • A total density of 6.28 FSR;
  • A building height of 175.0 ft.; and
  • 226 vehicle parking spaces and 642 bicycle parking spaces.

The application is being considered under the Cambie Corridor Plan.

The architect for the project is Dialog.

The site was acquired in January of this year for $47,300,000, or $178 per buildable SF based on the rezoning application.

June 13, 2023by david.taylor@colliers.com
Development

Quadreal Initiating Planning for Redevelopment of Capilano Mall Site

Quadreal has submitted a pre-consultation application for the eventual redevelopment of the Capilano Mall site in North Vancouver.

The 17 acre site will require an OCP Amendment for an eventual rezoning and redevelopment based upon a new master plan for the site.

The site is one of the largest single sites in the City of North Vancouver.

The new master plan for the site will be shaped over an extensive process with the City that will factor in a variety of development considerations, site constraints, planning policy and community and stakeholder consultation.

The City of North Vancouver outlines the development process for the project as follows:

• Step 1: Pre-consultation / Early Direction
• Step 2: Initial OCP Amendment application submission
• Step 3: Opportunities and Constraints
• Step 4: Options Development
• Step 5: Preferred Master Plan Concepts
• Step 6: Full OCP Amendment Application/ Rezoning Submission
• Step 7: Review of OCP Amendment Application/ Rezoning
• Step 8: Council Consideration

Staff recommend that Council proceed to process an application for the project, with further details expected later this year.

The planning/architecture firm involved is Dialog.

June 9, 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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