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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Apartment, Condo, Development, Office, Retail

Pinnacle Revises Gatineau Place Proposal to Include Density Transfer

Pinnacle International is seeking City of Burnaby Council approval to allow a density transfer to facilitate the development of both their Austin-Gatineau Place property, and a nearby site also owned by Pinnacle, called Carrigan Court.

The Gatineau proposal was first unveiled in 2019, and generated some attention by proposing three towers totaling 1.9 Million SF, the tallest of which envisioned at 82-storeys, likely a new tallest for Metro Vancouver. The new proposal would now see four towers for the site with the tallest at 80-storeys.

The 6.2 acre Austin-Gatineau site is located in the Lougheed Town Centre Plan area. It was acquired by Pinnacle from Shape Properties in 2018.

Following the initial proposal, a number of issues were identified relating to both the ability to accommodate the site’s allocated density and density associated with the Rental Use Zoning policy which came into place in 2020. It was determined that the site could not accommodate the non-market rental density. Also, the British Columbia Transportation and Finance Authority (BCTFA) would not permit any encumbrances over adjacent Provincial-owned land, which had a significant impact on the siting of one of the Austin-Gatineau Site’s towers identified in the Master Plan.

In 2021, the City of Burnaby a Density Transfer Policy allowing density transfers to accommodate non-market rental housing on concurrent rezonings for nearby sites.

As Pinnacle is the owner of a nearby 3.40 acre property at 3846 Carrigan Court, an existing 141-unit rental apartment property that they are now proposing to transfer the inclusionary rental from the Austin-Gatineau site to a redeveloped Carrigan Court.

The revised proposals for both sites are as follows:

Austin-Gatineau Site

  • Four condo towers of 80, 76, 73 & 50-storeys in height, each atop commercial podiums;
  • Three phases;
  • 2,474 condo units;
  • a total floor area of of 2.3 Million SF;
  • a total density of 11.82 FAR.

Carrigan Court

  • Three residential towers of 33-storeys, 25-storeys & 23-storeys;
  • Two phases;
  • 900 total residential units;
  • 546 rental units including:
    • 141 replacement rental units;
    • 405 inclusionary units transferred from the Austin-Gatineau site;
  • a total floor area of 734,810 SF;
  • a total density of 4.95 FAR.
A previous version of the proposal that envisioned 3-towers.

The architect for the project is JYOM Architects.

April 8, 2022by david.taylor@colliers.com
Apartment, Condo, Development

47-Storey Condo/Rental Tower Proposed for Brentwood Site

Millenium Development has submitted a rezoning application for a high-density residential project near Holdom Station at Douglas Road and Springer Street in the Eastern portion of the Brentwood Town Centre area of Burnaby.

The 36,414 SF site falls within Neighbourhood G of the Brentwood Town Centre Plan, allowing a rezoning of the site based upon RM5-s, RM5-r and C1 zoning, allowing a maximum potential density of 9.30 FAR.

The existing site is improved with five older commercial/industrial buildings.

The site sits directly South of another recent master-plan proposal by Boffo Developments that envisions four towers.

The proposal is for a 47-storey condo tower that includes:

  • 379 residential units;
  • 277 condos;
  • 57 market rental units;
  • 45 affordable rental units;
  • a total density of 8.30 FAR;
  • a total building height of 502 ft;
  • 3,400 SF of ground floor retail;
  • amenity spaces including an outdoor pool;
  • 376 underground parking stalls.

The architect for the project is Chris Dikeakos Architects.

April 7, 2022by david.taylor@colliers.com
Condo, Development

60-Unit Condo Building Planned for Cambie & 27th

Aria Pacific has submitted a rezoning application for a two-lot land assembly at 4261 Cambie St and 503 West 27th Avenue in Vancouver. The proposal is to allow for the development of a 6-storey condo building that includes:

  • 60 condo units;
    • 26 one-bedrooms, 26 two-bedrooms & 8 three-bedrooms;
  • A total density of 2.79 FSR;
  • A building height of 77.5 ft.;
  • 88 vehicle parking spaces and 132 Class A bicycle parking spaces.

The application is being considered under the Cambie Corridor Plan.

The architect for the project is Arno Matis.

April 6, 2022by david.taylor@colliers.com
Condo, Development

62-Unit Condo Building Planned for Cambie Corridor Site

Pennyfarthing Homes has submitted a rezoning application for a 4-lot land assembly at 5079-5161 Ash Street, one block West from Cambie Street at the proposed extension of West 35th Avenue. The proposal is to allow for the development of a 6-storey condo building that includes:

  • 62 condo units;
    • 1 studio, 22 one-bedrooms, 31 two-bedrooms & 14 three-bedrooms;
  • A total density of 2.0 FSR;
  • A building height of 71 ft.
  • 73 vehicle parking spaces and 135 bicycle parking spaces.

The proposed project requires a future extension of West 35th Avenue which would allow access into the Heather Lands Development to the West of the site.

The application is being considered under the Cambie Corridor Plan.

The architect for the project is Shift Architecture.

April 3, 2022by david.taylor@colliers.com
Apartment, Condo, Development

Final Phase of Evelyn by Onni to Include More Rental Units

Onni has applied to rezone the final phase of their 21 acre Evelyn project in West Vancouver. ‘Lot 8’ totals 3 acres of vacant land at Taylor Way and Evelyn Drive.

Most of the overall project has now been completed. The remaining six single family dwellings on Lot 10 and
the four townhouses on Lot 6 (attached to Lot 7) are now under construction.

Lot 8 is the largest development parcel at Evelyn. The proposed rezoning for the site contemplates a terraced building similar to the ‘Forest Edge’ buildings in Lots 5 & 7.

The proposal seeks to add 109 additional rental units to the site. The current zoning for Lot 8 allows for a residential apartment building containing up to 119 units, of which a minimum of 30 of those must be for rental housing. The proposal is to increase the number of secured rental units from 30 to 139 (17 affordable units plus 122 market rental). There is no increase to the number of condo units (stays at 89). The total proposed number of units for Lot 8 would increase 119 to 228 and the overall unit count at Evelyn by Onni would increase from 350 to 459.

Details for the Lot 8 rezoning include:

  • 228 total units
    • 89 condos (including 10 townhouses)
    • 122 market rental units
    • 17 below-market rental units
  • a total density of 1.85 FSR;
  • building heights from 5 to 8-storeys with site slope;
  • public realm additions including a pedestrian path at the south end of the site to complete the east-west connection to Taylor Way, and new landscaping
  • indoor and outdoor resident amenity areas
  • 294 underground parking spaces.

There is no CAC applicable given the addition of rental and below market rental units.

The architect for the project is Cicozzi Architecture.

April 3, 2022by 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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