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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Development, Office, Retail

New Auto Dealership Planned for Burrard & 4th Corner

Dilawri Group have have submitted their development application for the former Esso Gas Station site at the Southeast corner of Burrard and West 4th Avenue.

The plan for the 14,461 SF, C-2B zoned site is to develop a new dealership building for Jaguar and Land Rover. The Jaguar & Land Rover dealerships are currently located at 1730 Burrard Street.

The building will be 2.5 storeys. Details include:

  • 21,707 SF of showroom space;
  • 10,096 SF of office space;
  • a total building height of 52 ft.;
  • a total density of 2.49 FSR;
  • 66 total parking stalls.

Under the site’s existing C2B 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 Kasian Architecture.

A similar scale building was completed across the street in 2018, now home to Comor Sports, with offices above.

November 21, 2019by david.taylor@colliers.com
Condo, Development, Office, Retail

11-Storey Mixed Use Building Proposed for Granville Street Site

Buffalo Investment have submitted an application to rezone the vacant former gas station site at 8655 Granville Street. The 15,076 SF site located on the West side of Granville Street, just South of West 70th Avenue. It is currently zoned C-2 but was redesignated as part of the Marpole Community Plan.

The proposal consists of an 11-storey mixed-use building and includes:

  • 55 condo units;
    • 19 one-bedrooms, 27 two-bedrooms & 8 three-bedrooms;
  • 8,605 SF of retail space;
  • 8,090 SF of office space on the 2nd floor;
  • A building height of 126 ft.;
  • A total density of 4.10 FSR; and
  • 73 underground parking spaces and 110 bicycle spaces.

The application is being considered under the Marpole Community Plan.

The site was acquired by Buffalo in February 2018 for $20,000,000 or $316 per buildable SF based on the application.

The architect for the project is GBL Architects.

The full rezoning application can be viewed here: https://rezoning.vancouver.ca/applications/8655granvillest/index.htm

November 19, 2019by david.taylor@colliers.com
Condo, Development, Office, Retail

Condos & Office Space Proposed for Cambie Site

Vivagrand Developments has submitted a rezoning application for the site they own at 5812-5844 Cambie Street, at the corner of Cambie Street and West 42nd Avenue.

The site was previously proposed for a mixed-use development up to 10-storeys under the old Cambie Corridor Plan, which was revised for higher densities as part of the areas new designation as the Oakridge Municipal Centre.

The current proposal consists of a mixed-use development with a 32-storey condo tower and a 12-storey office tower over a four-storey podium. It includes:

  • 257 condo units;
    • 170 one-bedrooms, 57 two-bedrooms & 30 three-bedrooms;
  • 106,589 SF of office space;
  • 12,000 SF of retail space;
  • a 37-space public childcare facility and a youth centre;
  • a total density of 9.85 FSR; and
  • • 303 parking spaces and 536 Class A bicycle spaces over four levels of underground parking.

This application is being considered under the Cambie Corridor Plan.

The architect for the project is IBI Group.

November 13, 2019by david.taylor@colliers.com
Development, Retail

Redevelopment of Main & 19th Site Includes Heritage Retention, 36 Units

A development application has been submitted for the ‘Bryant Block’ at the Southeast corner of Main & 19th in Vancouver.

The 14,477 SF, C-2 zoned site is presently occupied by a used car sales parking lot at the corner, and a 3-storey mixed use brick building on the south side. The brick building, named “Bryant Block” was constructed in 1911, and includes Baker’s Dozen Antiques on the ground floor.

The site sits directly North of Landa Global’s Main & Twentieth condo project, nearing completion.

The plan for redevelopment of this site is to retain, alter, add and convert the existing building into a larger 4-storey mixed-use building. The proposal includes the following:

  • 36 residential units;
    • 15 studios, 4 one-bedrooms, 12 two-bedrooms & 5 three-bedrooms;
    • including three townhouses.
  • 5,363 SF of retail space (in 5 CRUs);
  • a total density of 2.43 FSR;
  • building height of approximately 52 feet; and
  • a total of 56 parking spaces and a total of 78 bicycle space on site.

The application describes the design rationale: “Due to the character significance of the existing building, it was agreed with staff to retain the west wall of the building, repair the existing brick cladding and restore / replicate missing elements as per historic documents (cornices, brackets, signage).

The building consists of two different massings: the existing volume with resorted character at the SW corner, and a contemporary expressed volume wrapping around it. On west and south sides, the two massings are separated by deep recessed glazed bays, in order to emphasize the distinct appearance of the historic building.

The significant elements of the existing facade will be restored or reconstructed are per archive photos and similar existing elements in the area from the same age: brackets, cornices, dentils. The returns of the brick facade will be a different colour brick. A “secondary” cornice will also be returned on the sides.

The new building has very clear lines and colours, having a strong presence at the corner and at the same time not competing with the retained building. The 4th floor is extending over the existing building, but it is well recessed back and has no roof overhang at the overlapping portion in order to “disappear” when viewed from the street. “

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 Rositch Hemphill.

November 1, 2019by david.taylor@colliers.com
Apartment, Development

Oakridge Land Assembly Slated for Rental Tower

A rezoning application has been submitted to the City of Vancouver for a three lot land assembly at 441-475 West 42nd Avenue, just East of Cambie Street and Oakridge Centre.

The 18,791 SF site was designated for rezoning in the Cambie Corridor Plan Phase 3, which identified several sites near Oakridge for higher density. The designation allows for 80% market rental, with 20% below market.

The proposal consists of an 18-storey secured market rental residential building with a 4-storey podium over one level of underground parking and includes:

  • 124 rental units (including 29 below market rental units);
  • A rooftop indoor/outdoor amenity space and a children’s play space above the podium;
  • A building height of 202.5 ft;
  • A total density of 6.67 FSR ; and
  • 39 parking spaces and 4 car-share parking spaces; and
  • 291 bicycle parking spaces.

This application is being considered under the Cambie Corridor Plan.

The architect for the project is Urban Solutions Architecture.

October 28, 2019by 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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