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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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Apartment, Condo, Development, Office, Retail

Metrotown Mixed-Use Project Heads to Public Hearing

Westland Homes’ proposal for a 52,532 SF Metrotown land assembly at 6450-6508 Telford Avenue will head to public hearing next week.

The subject site is within the Maywood neighbourhood of the Metrotown Downtown Plan area and is comprised of four properties: two strata buildings, a rental building and a vacant lot.

The Metrotown Downtown Plan designates the subject site for high-density multiple family residential development under the RM5s Multiple Family Residential District as a guideline.

The site will be subdivided into two legal parcels. The proposal on the northern parcel is for a 51-storey high rise building comprised of 44 levels of market strata residential uses atop a commercial podium with 6 levels of offices and one level of street fronting retail. The southern parcel is proposed to be developed with a 22-storey market and non-market rental apartment building.

Details include:

  • 575 total residential units;
  • 408 condos;
  • 167 rental units;
  • 68,409 SF of office and retail space;
  • a total density of 9.13 FAR;
  • building heights of 575 ft and 222 ft.;
  • 1,170 parking stalls.

The architect for the project is Chris Dikeakos.

January 15, 2021by david.taylor@colliers.com
Apartment, Development, Retail

6-Storey Mixed-Use Building Pitched for Kerrisdale Site

A rezoning application has been submitted for a site in Kerrisdale that was sold by our team in 2018.

The 15,310 SF site at the Northwest corner West 41st Ave and Maple Street burned down in a fire in 2017 and has sat vacant since.

The rezoning proposal calls for the development of a new 6-storey mixed-use building that includes:

  • 42 market rental units;
  • 6,800 SF of ground floor retail space;
  • 10,000 SF of daycare space on the 2nd floor;
  • 7,400 SF of co-tutor space on the 3rd floor;
  • Commercial retail units at grade;
  • A total density of 3.50 FSR;
  • A building height of 71 ft.;
  • 47 vehicle parking spaces and 65 bicycle parking spaces.

The application is being considered under the Secured Market Housing Policy (Rental 100).

The architect for the project is M Moser Associates in partnership with Gustavson Wylie Architects.

January 12, 2021by david.taylor@colliers.com
Condo, Development

Two Towers, 401 Condo Units Planned for West End Site

Bosa Properties, in partnership with Kingswood Properties, has submitted their rezoning application for the site they own at the Southwest corner of Alberni Street and Bidwell; half a block East of Denman Street in the West End of Vancouver.

The site is an assembly of two existing strata residential properties. The smaller strata building at 735 Bidwell was acquired in 2015 for $43,680,000.

The proposal, entitled “1700 Alberni” is to allow for the development of two residential towers (30-storey east tower and 34-storey west tower) over a five-storey mixed-used podium. The zoning would change from RM-5C to CD-1 District. The proposal includes:

  • 401 condo units;
  • 12 studios, 160 one-bedrooms, 199 two-bedrooms & 30 three-bedrooms;
  • 14,700 SF of ground floor retail;
  • a 24-space childcare facility;
  • A total density of 10.88 FSR;
  • Building heights of 345 ft. for the east tower and 385 ft. for the west tower;
  • 499 vehicle parking spaces, 20 visitor parking spaces, 3 commercial parking spaces, 2 childcare parking spaces, and 524 bicycle parking spaces

The application is being considered under the Rezoning Policy for the West End.

The architect for the project is Heatherwick Studio, in partnership with local team IBI Group.

The full rezoning application can be viewed here: https://shapeyourcity.ca/1728-alberni-st-and-735-bidwell-st

January 11, 2021by david.taylor@colliers.com
Apartment, Development, Retail

Proposal Submitted for 49-Unit Rental Building

Peterson Group have submitted a rezoning application for a site at 1375-1379 Kingsway.

The 12,010 SF C-2 zoned site is located on the south end of a triangular-shaped block at the corner of Kingsway and Knight Street.

The proposal is to allow for the development of a new 6-storey rental building. Details include:

  • 49 market rental units;
  • 20 studios, 11 one-bedrooms, 15 two-bedrooms & 3 three-bedrooms;
  • 5,900 SF of retail space;
  • A total density of 3.80 FSR;
  • A building height of 79 ft.;
  • 34 vehicle parking spaces and 98 bicycle parking spaces.

The application is being considered under the Secured Market Housing Policy (Rental 100).

The architect for the project is Yamamoto Architecture.

The site was acquired in 2018 for $8,250,000, or $173 per buildable SF based on the application.

January 8, 2021by david.taylor@colliers.com
Apartment, Development, Retail

150-Unit Rental Building Planned for East Hastings

A rezoning application has been submitted for a site at the Northwest corner of East Hastings and Penticton Street in East Vancouver, currently occupied by London Drugs and an adjacent vacant lot being used as a community garden.

The application is by Hastings Sunrise Development Ltd., a company with the same address as London Drugs’ head office.

The 39,601 SF site at 2585 East Hastings Street has 320 ft. of frontage on the North side of Hastings, more than half a city block, and is currently zoned C-2C. The proposal is to allow for the development of a 6-storey mixed-use building that includes:

  • 150 market rental units;
  • 45 studios, 59 one-bedrooms & 46 two-bedrooms;
  • 29,800 SF of retail space at grade including a new London Drugs store;
  • A total density of 3.54 FSR;
  • A building height of 72 ft.;
  • 147 vehicle parking spaces and 315 bicycle parking spaces.

The application is being considered under the Secured Market (Rental 100) Housing Policy

The architect for the project is Rositch Hemphill.

December 22, 2020by 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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