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

Townhouses Pitched for West Vancouver’s ‘Salmon House’ Property

The owners of the well known the property currently occupied by the well known ‘Salmon House on the Hill’ property in West Vancouver have submitted a Preliminary Development Proposal for the redevelopment of the property at 2221-2229 Folkestone Way.

The proposal includes a new smaller restaurant building totaling 4,500 SF and 10 townhome units averaging 2,700 SF each.

The total density for the site would increase from 0.28 FSR to 0.58 FSR. The overall parking would be reduced from 63 stalls currently, to 58 stalls.

The proposal is being considered under Policy 2.1.5 of the Official Community Plan for commercial sites. The application is still preliminary and has not been submitted as a formal application yet. An online open house will be held on March 16, 2022.

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

High Density Mixed Use Plan Envisioned for Lougheed & Willingdon Corner

Bosa Developments got the ball rolling this week on a conceptual high-density mixed use development at the Northwest corner of Lougheed and Willingdon in the Brentwood Town Centre area of Burnaby.

The “Brentwood West” site is approximately 3.27 acres (142,542 sq. ft.) in size and is comprised of seven individual parcels. One of the parcels (4488 Halifax Street) is vacant, three parcels (4430 Halifax Street, and 1801, 1925 Willingdon Avenue) are occupied by older low-rise office buildings, two parcels (both addressed 4461 Lougheed Highway) are occupied by older low-rise retail uses, and one parcel (1967 Willingdon) is occupied by a Petro Canada gas station.

The sites require a Community Plan Amendment and Conceptual Master Plan. Bosa owns the three parcels located at 4430, 4488 Halifax Street, and 1801 Willingdon Avenue. The remaining parcels are currently held by three separate owners.

The preliminary concept is a transit integrated mixed-use employment and commercial gateway into the Brentwood
Town Centre. The site is envisioned to be developed in four main phases, each having a unique identity and relationship within the site. It is anticipated that each phase would be brought forward as a single, or related grouping of site specific rezoning applications.

Upon completion, the approximately 3.27 acres (142,542 sq. ft.) site is envisioned to accommodate four mixed-use residential and commercial towers, two new public open spaces, a new street linking Buchannan Street to Lougheed Highway, and a range of public realm and infrastructure upgrades, including the achievement of the Town Centre Street Standards along the development frontages.

Phase 1 – Bosa owned sites at 4430-4488 Halifax Street – single condo tower over retail, with 6-storey non-market rental podium

Phase 2 – Bosa owned corner of Willingdon & Halifax – “signature” rental tower, with office & retail podium

Phase 3 – Corner of Lougheed & Willingdon – “landmark” condo & rental tower, with office & retail podium

Phase 4 – 1925 Willingdon – condo & non-market rental tower over, with office & retail podium

The overall permitted maximum density is 14.3 FAR, as per the following:

February 6, 2022by david.taylor@colliers.com
Apartment, Development

30-Storey Rental Tower Pitched for New Westminster Site

A pre-application has been submitted for the development of a vacant plot of land just South of the Schara Tzedeck cemetery, on the Western Edge of New Westminster, bordering Burnaby and just Northwest of the Queensborough Bridge. There is an existing enclave of single family homes directly south of the site, and the cemetery to the north and east.

The site at 2342 – 2346 Marine Drive is 23,500 SF and is a short walk to the 22nd Street Skytrain Station, though outside of any OCP designation to allow rezoning.

The proposal for the site includes a 30-storey rental apartment building that includes below market rental units. Details of the proposal include:

  • 230 ‘near market’ & below market rental units
    • 185 rented slightly below market rents (10% below market rents)
    • 45 below- and nonmarket units (20% of units)
  • 2,066 sq. ft. of ground floor retail;
  • 3,180 sq. ft. childcare space;
  • 4,574 sq. ft. community use space;
  • a total density of 8.7 FSR.
  • 246 underground parking stalls.

The application describes the project rationale: “As a not for profit organization, the board is looking to create an on-going source of revenue to service the organization for years to come. The best way forward to meet their objectives, and to service the community they are in is to create a development consisting of secured market rental and affordable rental housing. To that end, 20% of the residential units are to be designated as affordable rental units, or 46 units in the proposed design.”

The architect for the project is collabor8 Architecture + Design (BC) Inc.

The proposal is before the Land Use and Planning Committee, and will require further staff review before becoming a full application.

January 28, 2022by david.taylor@colliers.com
Development, Investment, Land

West Broadway Site Sells in $31M Deal

The Jim Pattison Group has acquired a 22,500 SF site at the Southeast corner of West Broadway and Balaclava Street in Kitsilano for $30,750,000. The site is zoned C-2C which allows a maximum density of 3.0 FSR; based on the existing zoning this price equates to $456 per buildable SF. There is no news yet on redevelopment plans.

January 25, 2022by david.taylor@colliers.com
Apartment, Development

36 Rental Units Proposed for East Vancouver Site

A rezoning application has been submitted for a property at Templeton and Oxford in East Vancouver.

The proposal is to allow for the development of a 6-storey market rental building. The zoning would change from RM-3A (Residential) District to CD-1 (Comprehensive Development) District. The proposal includes:

  • 36 market rental units;
    • 23 one-bedrooms, 9 two-bedrooms & 4 three-bedrooms;
  • A total density of 2.40 FSR;
  • A building height of 70 ft.;
  • 18 vehicle parking spaces and 68 bicycle parking spaces.

The application is being considered under the Grandview-Woodland Community Plan.

The architect for the project is Stuart Howard.

January 25, 2022by 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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