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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, Development, Retail

Rental Building Proposed for Former Richmond Cactus Club Site

Headwater Projects has applied to the City of Richmond for permission to rezone the former Cactus Club site on No 3 Road, at the Southeast corner of No. 3 and Lansdowne Road, just South of Lansdowne Mall. The site is 29,000 SF in total.

The proposed rezoning would permit the development of a new 15-storey purpose built rental development with ground floor retail. Details include:

  • 149 market rental apartment units;
    • 13 studios, 62 one-bedrooms, 73 two-bedrooms;
  • 5,732 SF of ground floor retail;
  • a total density of 3.7 FAR;
  • 143 parking spaces.

The project requires an OCP amendment: ” The Official Community Plan (OCP) designates the subject site as “Mixed Use”. The proposed OCP amendment and proposed rezoning are consistent with this designation. The OCP, in Section 3.3 (Diverse Range of Housing Types, Tenure and Affordability), also encourages the development of purpose-built market rental housing and allows for up to a 0.25 FAR density bonus for projects with 100% market rental housing residential use, where 100% of the units incorporate basic universal housing features, and provide at least 40% family-friendly unit sizes (having at least two bedrooms). An OCP Amendment is being brought forward in conjunction with this application to amend the Market Rental Housing Policy under Section 3.3 to introduce wording to permit additional density bonus area for new rental housing projects on a site specific basis to meet community need. Projects would still need to meet the design objectives of the CCAP. The proposed rezoning is consistent with this proposed OCP amendment. “

The architect for the project is MCM.

February 24, 2020by david.taylor@colliers.com
Condo, Development

62 Townhouse Units Proposed for Cambie Corridor Block

Belford Properties has submitted their development application for a full-city block in the Cambie Corridor Phase 3 townhouse area. The 45,989 SF site comprises seven RS-1 zoned lots on the South side of West 28th Avenue between Ash and Heather Streets.

The lots were previously rezoned to RM-8A and consolidated into one lot. The proposal for the block consists of:

  • 62 units in stacked townhouse and rowhouse form;
    • 24 one-bedroom units, 10 two-bedrooms & 28 three-bedrooms;
  • a density of 1.19 FSR;
  • a proposed height of approximately 38 feet for front and approximately 28 feet for rear buildings; and
  • one level of underground parking providing 63 parking spaces, having vehicular access from the lane.

The application describes the design rationale: ” The development consists of 9 blocks arranged around a courtyard the blocks are arranged such that none of the building widths exceed 27m. While the zoning guidelines would allow for building depths of up to 14.2m we have opted for wider units with decreased depth in order to maximize access to daylight and ventilation within the units as well as provide a more generous courtyard.

Section 2.6.3 of the zoning guidelines recommends a minimum courtyard width of 7.3m, and this proposal achieves a courtyard width which varies between 9.3m and 9.9m. The individual buildings are further broken down by individually rotating each townhouse by 3 degrees and by Design Approach allowing the ground floor level for each block to step down with the sloping site. This allows for a strong expression of distinct units which is further emphasized by the use of different shades of brick, and color elements at the entrance canopies.

All units are accessed either directly from the street, or have their main entrances at the courtyard via a private patio. The courtyard can be accessed by 3 entrances along West 28th, entrances at both Ash and Heather Street as well as a 2 connections via the lane.”

Under the proposed RM-8A 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 Simcic + Uhrich Architects.

The site was assembled in 2018 for $33,000,000 or $602 per buildable SF.

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

Details Emerge for 450 West Georgia Office Tower

Austeville Properties has submitted their rezoning application for 450 West Georgia Street, a mostly vacant lot with two smaller buildings at West Georgia and Richards. The site is located between Deloitte Summit (400 West Georgia) and Telus Garden.

The proposal calls for a 23-storey office building with retail at grade. Details include:

  • 374,068 sq. ft. of office space;
  • 1,500 sq ft. of retail space;
  • a building height 286 ft.;
  • a total density of 15.65 FSR;
  • 270 vehicle parking spaces and 236 bicycle spaces

This application is being considered under the Rezoning Policy for the Central Business District (CBD) and CBD Shoulder.

The architect is W.T. Leung Architects.

February 16, 2020by david.taylor@colliers.com
Apartment, Development

35 Rental Units Proposed for West 4th Site

A rezoning application has been submitted for a 7,400 SF site at 3084 West 4th Avenue and 2010 Balaclava Street. The site is currently zoned RM-4 and the rezoning seeks to allow for the development of a 6 storey residential building that includes:

  • 35 market rental units (with 20% of the residential floor area assigned to moderate income households)
    • 8 studios, 14 one-bedrooms & 13 two-bedrooms
  • a total density of 2.95 FSR;
  • a building height of 66 ft.); and
  • 15 underground parking stalls and 54 bike spaces.

The application is being considered under the Moderate Income Rental Housing Pilot Program.

The architect for the project is Ekistics Architecture.

February 11, 2020by david.taylor@colliers.com
Development

1.3 Acre West 57th Ave Site Trades in $44 Million Deal

Coromandel Properties has completed on the acquisition of two lots at West 57th Avenue and Laurel Street in the Cambie/Marpole area of Vancouver for $44,000,000. The two lots comprise 1.3 acres and add to a land assembly that now totals 1.97 acres.

The lots in question include a large vacant, treed lot on West 57th, as well as a single family lot fronting Laurel Street.

The lots are connected to the separately owned Salvation Army Homestead site which will be similarly redeveloped in the future as part of a different development with a shared roadway dedication linking Laurel Street and Oak Street.

The lots form part of a ‘Unique Site’ designation in the Cambie Corridor Plan, which will allow rezoning for:

“new development (that) will include low- and mid-rise buildings that provide an active residential street interface. New connections through the site and an enhanced public realm along 57th Avenue will integrate the site into the mixed use community.

…Allow a range of housing types, emphasizing low-rise apartments or townhouses on the southern portion of the site and lower mid-rise buildings internal to the site.”

It is also anticipated that the heritage house at 7255 Laurel Street will be preserved and possibly relocated on site as part of a rezoning proposal.

No rezoning application has yet been made public nor density figures announced.

February 11, 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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