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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

Polygon Planning 278 Units for Coquitlam Site

Polygon has submitted a rezoning application for a 2.8 acre site in the Burquitlam area of Coquitlam. The site is currently an assembly of 18 single family homes that are zoned RS-1 and RS-3.

The overall development would be divided into two sites that would be developed under two separate partnerships. The two sites are entitled ‘Cardinal’ and ‘Burquitlam East’. The two sites would include a total of three 6-storey buildings.

Details of the overall proposal include:

  • 278 condo units;
  • a total density of 2.3 FAR;
  • 207 underground parking stalls in the first phase (Cardinal);
  • $1,981,000 in DCC’s from Cardinal, $746,000 in CACs overall.

The architect for the project is Integra Architecture.

July 3, 2020by david.taylor@colliers.com
Apartment, Development

Redevelopment of West Van Rental Site Could Include 21-Storey Tower

The preliminary proposal has been submitted for redevelopment of the Shoreland Apartment site at 2190 Bellevue Avenue. The redevelopment had been rumoured last year and was thought to include a concurrent application and demolition of the “Pink Palace” building known as Villa Maris at 2222 Bellevue, although the application does not anticipate immediate redevelopment of Villa Maris at this time.

The Shoreland is a 62-unit, 11-storey rental apartment building that was built in 1963 by the current owners. The site is 29,185 SF in size.

The current zoning for the site is RM2 which allows up to 20 storeys in height.

The owners have put forth two potential redevelopment options for Council to consider:

  • Option one: 
  • 6 storey non-market building on the west side of the site and a 17 storey market building on the east side of the site
  • 186 rental units (24 non-market rental units and 162 market rental units).
  • 5.20 FAR density
  • Option two: 
  • 6 storey non-market building on the west side of the site and a 21 storey market building on the east side of the site
  • 230 rental units (24 non-market rental units and 206 market rental units). 
  • 6.24 FAR density

Both options include a 6-storey building with affordable units dedicated for “essential service workers”.

A tenant relocation assistance strategy is proposed to be implemented which includes the Villa Maris site located at 2222 Bellevue Avenue. The proposal does not include redevelopment of the Villa Maris site.

The preliminary development proposal will be presented to Council on June 22, 2020, to determine if the proposal can proceed to public consultation prior to the adoption of the Ambleside Municipal Town Centre Local Area Plan.

The architect for the project is James Cheng.

June 18, 2020by david.taylor@colliers.com
Apartment, Development

Proposal Would Switch Cambie Condo Project to Rental

A second rezoning application has been submitted for a small corner site at Cambie and West 32nd in Vancouver that had been previously approved for a 15-unit condo project in 2017. The rezoning was never enacted and the project never went into pre-sales.

The new proposal seeks to switch the project from condo to rental, keeping the same 6-storey building form and density.

The rental proposal includes:

  • 34 market rental units (from 15 condos);
  • a density of 2.46 FSR (unchanged);
  • Building height of 71 ft.;
  • 29 vehicle parking spaces and 64 bicycle parking spaces.

There is no change in the density, height, or form of development from the prior approved application. This new application will be subject to all current policies, guidelines, bulletins, and development permit requirements. A virtual Q&A will not be held for this application, however questions can be emailed to staff at any time.

The application is being considered under the Cambie Corridor Plan.

June 18, 2020by david.taylor@colliers.com
Development, Office, Retail

6-Storey Office Building Proposed for Cambie

A rezoning application has been submitted for a 66 foot, mid-block site at 3353 Cambie Street, on the West side of Cambie between West 17th and West 18th Avenues. The site is currently improved with older single storey retail.

The proposal is to rezone from the current C-2 zoning under the Cambie Corridor Plan to allow a new 6-storey office building. The proposal includes:

  • 3,200 SF of ground floor retail/restaurant space;
  • 4,700 SF of childcare space on 2nd floor
  • 16,200 SF of office space on levels 3 to 6;
  • A total density of 3.0 FSR;
  • A building height of 78 ft.;
  • 36 parking spaces and 10 Class A bicycle parking spaces.

The architect for the project is Radiant City Architecture Inc.

June 17, 2020by david.taylor@colliers.com
Condo, Development

Burquitlam Land Assembly Slated for 63 Townhouses

Anthem Properties has submitted a rezoning application for a 6-lot, 66,000 SF land assembly in the Burquitlam area of Coquitlam.

The proposal calls to rezone 909, 913, 917,921, 925 and 927 Grant Street from RS-1 One-Family Residential to RT-2 Townhouse. The Burquitlam-Lougheed Neighbourhood Plan designates the subject properties for Townhousing and supports rezoning to RT-2.

The proposal calls to develop six buildings consisting of:

  • 63 stacked townhouse units;
  • 21 one-bedrooms, 39 three-bedrooms & 3 four-bedroom units;
  • 91 underground parking spaces;
  • a total density of 1.10 FAR.

The architect for the project is Integra Architecture.

The site was acquired in 2018 for $15,190,000, or $210 per buildable SF.

June 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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