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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Development, Office

Office Infill Development Proposed for Hotel Vancouver Site

Larco has submitted a rezoning application to add a new office addition to the Hotel Vancouver property at 900 W Georgia Street.

The proposal is to allow for the development of a 12-storey office building at the Southern part of the site while retaining the heritage designated, Hotel Vancouver building. The proposal includes:

  • 264,732 SF of new buildable area;
  • 222,141 SF of office space;
  • a total density of 13.10 FSR;
  • A building height of 225 ft.; and
  • 201 vehicle parking spaces and 226 bicycle parking spaces.

The application is being considered under the Rezoning Policy for the CBD and CBD Shoulder.

The architect for the project is Architects-Alliance.

March 3, 2023by david.taylor@colliers.com
Apartment, Development

109 Unit Rental Building Pitched for East Van Site

Intracorp has submitted a rezoning application for a three lot land assembly at 1749-1765 East 33rd Ave, between Victoria & Knight Street in East Vancouver.

The 30,000 SF site is eligible under the Secured Rental Policy allowing for rezoning to RR-2B which allows up to 5-storeys and 100% market rental.

The proposal is to allow for the development of a 5-storey rental project that includes:

  • 109 secured market rental units;
    • 32 studios, 28 one-bedrooms and 38 two-bedrooms;
  • A total density of 2.20 FSR;
  • A building height of 55 ft.;
  • 37 vehicle parking spaces and 170 bicycle parking spaces.

The application is being considered under the Secured Rental Policy.

The site was assembled between 2021 and 2022 for $12 Million, or $169/buildable SF.

The architect for the project is RWA Architecture.

March 1, 2023by david.taylor@colliers.com
Apartment, Development

Third Space Planning 99 Rental Units for West 4th Site

Third Space has submitted a development application for the former gas station site at the Northeast corner of West 4th Avenue and Macdonald in Kits.

The 22,256 SF site is zoned C-2, which now allows 6-storey development for rental apartments.

The proposal includes:

  • 99 market rental units;
    • 15 studios, 43 one-bedrooms, 41 two-bedrooms;
  • 15,000 SF of retail space;
  • A proposed density of 3.70 FSR;
  • A proposed height of 71.7 ft.;
  • Two levels of underground parking, providing a total of 107 parking spaces having vehicular access from the lane

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 Yamamoto Architecture.

February 16, 2023by david.taylor@colliers.com
Apartment, Development, Retail

Rezoning Proposal for Former MEC Broadway Site Unveiled

Reliance Properties and Quadreal have submitted their long-anticipated rezoning application for the former MEC site at 130 West Broadway. MEC moved into a new purpose built facility on West 2nd Avenue.

The site is owned by Quadreal and Reliance in a 50/50 partnership. Despite having acquired the site over five years ago and originally submitted a rezoning enquiry in 2017, the rezoning application was delayed as a result of the Broadway Plan process.

Located within the Broadway Shoulder Area (East) neighbourhood sub-area of the Broadway Plan, the project site encompasses a significant portion of the south side of the block between Columbia and Manitoba Streets, on West Broadway.

The rezoning proposal is to allow for a two-tower rental apartment complex that includes:

  • two towers, 29 & 28-storeys in height;
  • 524 secured market rental units;
  • Commercial space at grade and on level 2;
  • A 37-space child care facility;
  • A total density of 8.46 FSR;
  • significant rooftop amenity spaces;
  • Building heights of 328 ft. (east tower) and 325 ft. (west tower); and
  • 372 vehicle parking spaces and 1,151 bicycle parking spaces.

The application is being considered under the Broadway Plan.

The architects for the project are NMDA and Arcadis/IBI Group.

The full rezoning application can be viewed here: https://www.shapeyourcity.ca/130-w-broadway

February 15, 2023by david.taylor@colliers.com
Condo, Development

27-Unit Condo Building Proposed for Cambie Corridor Site

A rezoning application has been submitted b Ardor Homes for a two-lot assembly at 5515-5525 Elizabeth Street just South of Queen Elizabeth Park in the Cambie Corridor area.

The proposal is to allow for the development of a 4-storey condo building that includes:

  • 27 condo units;
  • Rooftop amenity space;
  • A total density of 2.0 FSR;
  • A building height of 45 ft.; and
  • 48 vehicle parking spaces and 67 bicycle parking spaces.

The application is being considered under the Cambie Corridor Plan.

The architect for the project is Andrew Cheung Architects.

February 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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