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

Belford Planning 5 Towers For Metrotown

Belford Properties has submitted a series of revised, phased rezoning applications for four sites that they own in the Metrotown area of Burnaby.

Each of the sites was originally proposed for rezoning in 2017 & 2018; however, due to market conditions and changes to the City of Burnaby’s rental zoning policies, the projects have not moved forward until now.

The four sites in question are proposed to be rezoned concurrently, incorporating the rental use zoning and tenant assistance policy measures adopted in 2020. A phased development agreement (PDA) is required. Part of the overall proposals involves shifting density and consolidating the rental units on one site.

Overall, the proposal envisions 1,255 residential units (867 condos & 388 rentals) in five towers, located on four separate sites.

The sites in question are:

  • 6630 Telford Avenue (Site A)
  • 6366 Cassie Avenue & 6433 McKay Avenue (Site B)
  • 6444 Silver Avenue (Site C)
  • 4355 Maywood Street (Site D)

Site A (Telford) and Site B (Cassie/McKay) are proposed to be developed immediately and concurrently as part of Phase 1. Site C (Silver) and Site D (Maywood) are permitted to be developed at a later date, either concurrently or separately, based on market conditions.

Details for each site include the following:

6630 Telford Avenue

  • a 31-storey market & non-market rental tower & a 15-storey market rental tower;
  • 168 market rentals & 220 non-market rentals;
  • a total density of 8.11 FAR;

6433 McKay Avenue and 6366 Cassie Avenue

  • a 39-storey condo tower;
  • 337 condo units;
  • a total density of 4.45 FAR;
  • a building height of 411 ft.

6444 Silver Avenue

  • a 41-storey condo tower;
  • 254 condo units;
  • a total density of 5.97 FAR;
  • a building height of 412 ft.

4355 Maywood Street

  • a 32-storey condo tower;
  • 276 condo units;
  • a total density of 7.84 FAR;
  • a building height of 321 ft.

In each case, the rezoning is based upon the RM-4s guidelines.

The architect for the Telford site is indicated as DA Architects & Planners. The architect for the Silver Avenue project is IBI Group.

The 220 replacement rental units are required to be rented in accordance with the Rental Use Zoning Policy, i.e. right of first refusal to tenants displaced by the four rezoning applications, with subsequent tenancies being at 20% below CMHC median rates. Fifty percent (50%) of the additional rental units must be rented at CMHC median rental rates and the remaining 50% can be rented at market rental rates.

November 19, 2021by david.taylor@colliers.com
Apartment, Condo, Development

733-Unit, Two Tower Metrotown Project Planned by Wesgroup

Wesgroup is proposing two condo and rental towers with podium frontage in the Maywood neighbourhood of the Metrotown Downtown Plan.

The 78,550 sq ft site is located on Willingdon Avenue south of Beresford Street. The proposed development plan is for a 35-storey condo tower and a 38-storey condo and non-market rental tower. Both buildings will be oriented towards an internal court yard with an 8-storey podium.

The existing site contains two older lowrise apartments with a combined 116 rental units that will be replaced. The rezoning utilizes the RM5s and RM5r Multiple Family Residential District and Metrotown Downtown Plan as guidelines.

The project includes:

  • 733 total units;
  • 617 condos;
    • 61 studios, 309 one-bedrooms, 185 two-bedrooms, 62 three-bedrooms,
  • 116 non-market rental units;
    • 92 one-bedrooms & 24 two-bedrooms.
  • a total density of 7.13 FAR;
  • building heights of 342 ft and 394 ft.;
  • 804 underground parking stalls.

The architect for the project is Chris Dikeakos Architects.

November 10, 2021by david.taylor@colliers.com
Apartment, Development, Retail

Rental Building Proposed for Arbutus & 16th

Strand Development has submitted a rezoning application for the gas station site at the Southwest corner of Arbutus & West 16th in Vancouver. The site at 3205 Arbutus Street is 16,776 SF and currently zoned C-2.

The proposal is a 4-storey rental building that includes:

  • 54 market rental units;
    • 12 studios, 23 one-bedrooms, 17 two-bedroom & 2 three-bedrooms;
  • 4,274 SF of retail space facing Arbutus;
  • A total density of 2.50 FSR;
  • rooftop amenity space;
  • A building height of 60 ft.;
  • 39 car parking spaces and 102 bike parking spaces.

The application is being considered under the Secured Rental Policy

The slope of the site allows parkade access directly into the P1 level and facilitates a mezzanine level of residential units along the lane, while maintaining a 4-storey expression along Arbutus Street.

The project is meant as a “sister” building to the recently completed Kits Walk building located at 2075 West 12th Avenue.

The architect for the project is Yamamoto Architecture.

November 7, 2021by david.taylor@colliers.com
Apartment, Development

392 Rental Units Proposed for Oakridge Site

A rezoning application has been submitted for a six-lot land assembly at 5562-5688 Manson Street, just North of West 41st Avenue in the Oakridge area of Vancouver.

The application is being made by an investor group managed by Mirage Management.

The project, entitled ‘Oakridge Residences’, is to allow for the development of two 18-storey rental buildings and includes:

  • 392 rental units;
  • 20% below market units;
  • a 37-space childcare facility
  • A total density of 5.97 FSR;
  • A building height of 209 ft.;
  • 227 underground parking spaces and 733 bicycle spaces

The application is being considered under the Cambie Corridor Plan.

The architect for the project is DA Architects + Planners.

The rezoning application can be viewed here: https://shapeyourcity.ca/5562-5688-manson-st

November 4, 2021by david.taylor@colliers.com
Apartment, Condo, Development

Boffo Proposing Four Towers for Brentwood Site

Boffo Developments has submitted their rezoning application to establish a Conceptual Master Plan for the “Bassano” site, a 4.1 acre high density residential site, now industrial, at the Southeast corner of Springer and Lougheed in the Brentwood area of Burnaby. Immediately to the north of the site, along the Lougheed frontage, is the SkyTrain Millennium Line Guideway.

Under the Brentwood Town Centre Development Plan, the subject site is designated for high-density multiple-family residential utilizing the RM5s and RM5r Multiple Family Residential Districts as guidelines

The site was originally envisioned for development in 2017 and now Boffo is moving forward with a master plan concept.

Details of the master plan proposal is a 3-phase project including:

  • 4 condo towers up to 34 to 50-storeys in height;
  • a 6-storey rental podium;
  • 1,246 units;
    • 1,102 condos;
    • 144 non market rentals;
  • 1.3 Million Gross Buildable SF;
  • a total density of 7.06 FAR;
  • street oriented townhouses;
  • outdoor amenity space.

It is envisioned that the three phases and their adjacent service provisions would be completed over a 10 year period. However, the exact timing of development will be influenced by market conditions.

Given the site’s Town Centre location, Boffo is proposing to utilize the supplemental amenity density bonus provisions indicated within the Zoning Bylaw. In so doing, Boffo would achieve an additional 1.6 FAR.

The architect for the project is IBI Group.

October 24, 2021by 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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