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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Condo, Development

67-Unit Infill Development Proposed for West Van Site

Sterling Pacific Developments have put forward a preliminary development proposal for a 4.5 acre site in the Eagle Harbour area of West Vancouver, located between Caulfield and Glen Eagles. The site is on Daffodil Drive and is bordered by the CN Railway, Westport Road and Eagle Creek.

A previously approved subdivision plan anticipated 10 large single family lots for 5,500 – 7,000 SF houses.

The preliminary plan for the project, entitled ‘Aquila’, includes:

  • 67 townhouse and duplex units;
  • 3 and 4 bedrooms units ranging from 1300 to 2400 SF;
  • Unit prices ranging from $1,100,000 to $1,900,000;
  • a total density of 0.52 FAR;
  • a new playground.

The architect for the project is Formwerks.

The application is only preliminary and seeking public consultation before moving to a formal application.

July 23, 2020by david.taylor@colliers.com
Apartment, Development

140-Unit Rental Building Pitched for North Van Site

Tricor Pacific & Redic Developments have applied to the District of North Vancouver for a rezoning and OCP amendment to redevelop seven single-family lots in the Lynn Creek area of North Vancouver on Mountain Highway and Oxford Street, next door to Lynn Creek Apartments, completed in 2018.

The OCP designates the subject site as “Residential Level 6” (RES6) which
envisions medium-rise apartments at a density of up to approximately 2.5 FSR. The application proposes a higher density which will require the OCP amendment.

The plan for the 33,000 SF site is to build a new 6-storey rental building that includes:

  • 140 rental units;
  • 134 market rentals;
  • 6 non-market rentals;
  • 16 studios, 55 one-bedrooms, 64 two-bedrooms & 5 three-bedrooms;
  • a total density of 2.69 FAR;
  • 101 parking spaces on one underground level.

The architect for the project is Yamamoto Architecture.

July 17, 2020by david.taylor@colliers.com
Apartment, Development, Office, Retail

9-Storey Mixed Use Building Proposed for False Creek Flats Site

Wave Developments has applied to the City of Vancouver for permission to develop on a 19,724 SF site at East 2nd and Scotia.

The proposal is for a new 9-storey mixed residential and commercial use building, consisting of:

  • Manufacturing, Brewing and Distilling Use at Level 1 & 2;
  • Ground floor restaurant/retail space;
  • Gym & office space on level 2;
  • Market rental units on levels 3-7;
  • Office space on levels 8-9;
  • 66 parking stalls on two levels of underground parking;
  • A building height of 102 ft.;
  • A total density of 4.0 FSR.
The above rendering from the architect’s website depicts what may be a previous version of the design. Credit: Studio Balcaen Kwan
The above rendering from the architect’s website depicts what may be a previous version of the design. Credit: Studio Balcaen Kwan
The above rendering from the architect’s website depicts what may be a previous version of the design. Credit: Studio Balcaen Kwan

Under the site’s existing IC-3 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 Studio Balcaen Kwan.

The full development application can be viewed here: https://development.vancouver.ca/pc315-319e2nd/index.htm

July 14, 2020by david.taylor@colliers.com
Apartment, Development

78-Unit Rental Building Planned for East Van Site

A rezoning application has been submitted to the City of Vancouver for a 19,000 SF site at 1405 E 15th Avenue and 3071-3047 Maddams St in East Vancouver. The site is located along Knight Street, just West of Clark park and is an assembly of four single family lots.

The proposal is to allow for the development of 6-storey market rental building that includes:

  • 79 rental units;
  • 51 studios, 20 two-bedrooms & 8 three/four bedrooms;
  • A total density of 2.58 FSR;
  • A maximum height of 68.2 ft.;
  • 24 vehicle parking spaces and 135 bike parking spaces.

The application is being considered under the Affordable Housing Choices Interim Rezoning Policy(External link).

The architect for the project is Stuart Howard Architects.

July 14, 2020by david.taylor@colliers.com
Condo, Development

40-Unit Condo Building Slated for New West Site

Applications have been submitted to the City of New Westminster in order to rezone a site at 909-915 Twelfth Street, at the corner of Twelfth and London Streets at the edge of the Moody Park Neighbourhood. The 13,000 SF combined site is currently older single storey commercial buildings.

The proposal for the site is a 5-storey condo building that includes:

  • 40 condo units;
  • 2 studios, 14 one-bedrooms, 18 two-bedrooms & 6 three-bedrooms;
  • a total density of 2.50 FAR;
  • a building height of 64 ft.;
  • 61 underground parking spaces.
  • purchase of a portion of the City-owned lane.

The architect for the project is Vivid Green Architecture.

The site was assembled in 2017 for $4,460,000 or $136 per buildable SF based on the application.

July 12, 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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