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, Development, Retail

103 Rental Units Slated for Kingsway Site

Rize Alliance has submitted a rezoning application for 810 Kingsway, a 24,800 SF site currently occupied by Sammy’s Flooring.

The proposal for the site is a 6-storey rental building under the City of Vancouver’s Secured Market Rental Housing (Rental 100) Policy.

Details include:

  • 103 market rental units;
  • 31 studios, 36 one-bedrooms, 29 two-bedrooms & 7 three-bedrooms;
  • 11,210 SF of retail space at grade;
  • a total density of 3.62 FSR;
  • a maximum height of 72 ft.; and
  • 92 underground parking stalls and 193 bike spaces.

The application describes the design rationale: “The C-2 guidelines have informed building stepbacks along Kingsway and rear-yard setbacks towards the lane. The intersection of Kingsway and Prince Albert Street is oblique, creating a flat iron condition. At this prominent corner, we are proposing a six story element that folds away from the Kingsway frontage, providing a visual landmark as well as space for a landscaped, publicly accessible plaza.
The grade of the site slopes steeply down from Kingsway south along Prince Albert Street. This grade change allows us to insert two-level townhouses fronting the lane without raising the building height relative to Kingsway. The five, three-bedroom, two-level townhouses along the lane provide valuable ground-oriented rental units suitable for families. These townhouses help to create a transition to the single-family homes to the south while providing animation and passive surveillance along the lane.
“

The architect for the project is Yamamoto Architecture.

April 28, 2020by david.taylor@colliers.com
Condo, Development

178 Units Proposed for Burquitlam Site

Purewest Properties has submitted a rezoning and development
permit application to the City of Coquitlam for a 1.5 acre site on Rochester Avenue in the Burquitlam area.

The site is an assembly of 8 single family lots located on both Rochester and Madore Avenues, west of Guilby Street in the Medium Density Apartment Residential in the Burquitlam Lougheed Neighbourhood Plan (BLNP). There are approximately 500 lowrise units in various stages of development within a block of the site.

Plans for the site include a ‘C-Shape’ 7-storey building (viewed as 6-storeys from all frontages except interior) with:

  • 178 condo units;
  • 90 one-bedrooms, 68 two-bedrooms & 20 three-bedrooms;
  • $417,000 in voluntary CAC payment;
  • a total density of 2.30 FAR;
  • 248 underground parking spaces.

The architect for the project is Ciccozzi Architecture.

Purwest assembled the site in 2018 for $25,400,000 or $153 per buildable SF based on the application.

April 26, 2020by david.taylor@colliers.com
Condo, Development

23 Townhouses Planned for Oak & 52nd

A development application has been submitted for a 24,341 SF site at the Northeast corner of Oak Street and West 52nd; an assembly of three single family lots.

The site is located in the Cambie Corridor Phase 3 townhouse areas, but required rezoning prior to development permit.

The plan for the assembled site includes:

  • 23 townhouse units in four buildings;
  • a total density of 1.19 FSR;
  • maximum heights of 36 ft. for front building facing Oak Street, and 37 ft. for buildings facing rear lane; and
  • one level of underground parking containing thirty (30) stalls, having access from the rear lane.

The site is subject to council enactment of the proposed rezoning from RS-1 to RM-8AN By-law, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning.

The site was assembled by Coromandel Properties in 2017/2018 for $12,550,000 or $434 per buildable SF based on the application.

The architect for the project is Yamamoto Architecture.

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

Rental Building Slated for Vacant East Broadway Site

A development application has been submitted to the City of Vancouver for permission to restore and retain the front façade of a fire damaged heritage “C” Building at 748 East Broadway, between Fraser and Prince Albert Streets.

The building suffered a fire in 2014 that destroyed much of the structure.

The plan for the redevelopment is a new 4-story mixed use building consisting of:

  • 18 rental units;
    • 10 studios & 8 one-bedrooms;
  • 2,171 SF of retail space;
  • a total density of 2.98 FSR;
  • a proposed height of approximately 45 feet; and
  • two surface parking spaces, having vehicular access from the lane.

Under the C-2C 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 Stuart Howard.

April 23, 2020by david.taylor@colliers.com
Development, Retail

Victoria & 49th Corner Proposed for Mixed-use Project

A development application has been submitted for a C-2 zoned, 11,000 SF site at the Northwest corner of Victoria Drive and East 49th Avenue. The site is currently occupied by an older retail building with five units.

The proposal is to develop a new 4-storey mixed-use building containing retail use (main floor) and residential (2nd floor – 4th floor), with:

  • 26 residential units
    • unit sizes from 516 to 900 SF;
  • a total density of 2.50 FSR;
  • a building height of 46 ft.;
  • a total of 33 parking spaces having vehicular access from lane.

Under the site’s existing C-2 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 Matthew Cheng Architect Inc.

April 23, 2020by 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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