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

Plaza of Nations: Northeast False Creek Plan Progress

The City of Vancouver held open houses June 9-12th to provide an update on planning work for the Plaza of Nations site. Topics on which the City is seeking feedback include the general form of development and land use, as well as the inclusion of sports centre (ice rink that could double as a Canucks training centre, and indoor sportscentre) and potential public benefits including a public plaza.

The current proposal by Canadian Metropolitan Properties is to provide:

  • 1,405,000 sq. ft. of Residential Space (approximately 2,400 new residents)
  • 352,000 sq. ft of Commercial Job Space (approximately 1,000 new workers)
  • Dedicated public open space of 70,062 sq. ft. which includes a public events plaza of approximately 48,000 sq.ft., 10,613 sq. ft. of additional dedicated public space and semi public space of approximately 24,000 sq. ft.
  • A Plaza Sports Centre, to be constructed in partnership with Aquilini Development as a Canucks training facility and sports science centre as well as a publicly accessible community space, including an ice rink, community meeting rooms and daycare centre.

City of Vancouver staff will now issue a report to Council that primarily deals with the Sports Centre proposal and civic plaza location.

Proposed sports centre

It is anticipated that a rezoning submission will be forthcoming in July 2011 with open houses in the Fall of 2011, and a public hearing in 2012.

Further information can be obtained here.

Source: City of Vancouver

July 8, 2011by david.taylor@colliers.com
Development

Cressey’s Southeast False Creek Project Approved

Cressey’s new Southeast False Creek project, branded ‘Meccanica’, has been approved for rezoning. The site was previously zoned M-2 Industrial (formerly home to Busters Towing).

The project consists of 170 units in a 12-storey tower and 6-storey podium. Total density is 3.5 FSR. Unit sizes range from 540 to 970 sq ft.

Cressey is taking registrations and sales will launch soon.

This will add to other upcoming inventory in the immediate area including Bastion’s Opsal project, and Onni’s Central in addition to several projects at various stages of construction.

Source: City of Vancouver

July 6, 2011by david.taylor@colliers.com
Development

Larco planning Redevelopment of Park Royal South

Larco Investments Ltd. is planning a redevelopment of Park Royal South to include potentially 350 condo units in two towers, as well as redesigned vehicle circulation, new retail space and state of the art cinemas.

Larco plans to consult with the public and Squamish First Nations over the next 6 to 9 months, followed by a formal proposal to the City of West Vancouver in early 2012. Construction could begin as early as 2014.

Plans are available at Park Royal, or can be viewed here.

June 25, 2011by david.taylor@colliers.com
Development

42-acre Burnaby Safeway Site on the Market

Canada Safeway has placed its 42-acre property in the Edmonds area of Burnaby on the market. The site is currently used for a warehousing and distribution centre but is designated within the City of Burnaby’s Official Community Plan as multi-family residential. It is an excellent development opportunity with the potential to develop upwards of 1,500 units.

It is one of the largest undeveloped parcels for multi-family development in Metro Vancouver and will garner considerable interest from the market. The property is being offered directly by Canada Safeway, with an offer deadline of July 5, 2011.

Further information can be obtained at Safeway’s website.

June 20, 2011by david.taylor@colliers.com
Development

Wall planning 1,300 unit Development at Boundary & Vanness

Wall Financial has applied to rezone 32 single family lots to permit redevelopment with three residential towers (31, 32 and 29 storeys) on the Boundary Road and Vanness Avenue frontages and a mid-rise (8-storey) building on the Ormidale Avenue frontage. A total of 1,319 dwelling units are proposed. Proposed FSR is 5.99 (799,218 square feet). The project would include a large outdoor public space on the Ormidale Avenue frontage and proposes approximately 33,000 square feet of Community Amenity Space in the two towers fronting Boundary Road.

Source: City of Vancouver

June 11, 2011by 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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