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Apartment, Condo, Development, Office, Retail

Iconic Landmark Project Proposed for Burnaby

An “iconic landmark project” has been put forward by Pinnacle International for a 6.2 acre site in the Lougheed Town Centre area of Burnaby. Based on the preliminary design details, including towers up to 82-storeys in height outlined in the preliminary rezoning application, the towers may become the tallest in B.C..

The site, located at 9858 Gatineau Place has an enviable location directly next to the Skytrain Station and just South of Shape Properties’ 72-acre ‘City of Lougheed‘ / Lougheed Mall site, with its first phase now under construction. A master plan was created for both sites in 2016; however, the Gatineau Place site was subsequently sold to Pinnacle in February 2018 for $220,000,000. The site is currently improved with surface parking lots and a residential sales centre.

Preliminary details for the proposed project include:

  • Three residential towers (82-storeys, 67-storeys & 62-storeys);
  • up to 1.9 Million SF of market residential (11.91 FAR);
  • 20% rental housing (2.16 FAR);
  • estimated 430,000 SF of office, retail & hotel uses;
  • relocation of Gatineau Place to align with the new north-south Grand Promenade road;
  • new covered transit plaza adjacent to the SkyTrain station and bus loop;
  • a new pedestrian bridge over Austin Road to connect the covered transit plaza and subject site with the Lougheed Mall site to the north.

The application describes the design rationale: “The ground level for each tower will be animated with retail uses that will activate the public realm and integrate with the transit plaza. The second level will include retail components in each building together with a hotel lobby in the “East Tower” and an office lobby in the “West Tower”. The tower podiums will share common thematic elements and will be interconnected with sky bridges allowing pedestrian movement between buildings and a connection to the Lougheed Mall Precinct.

The three towers will vary in height, with the largest (East Tower) reaching 82 levels comprised of retail, hotel and residential uses. The West Tower will feature retail, office and residential components within 67 levels, while the “South Tower” will be 62 levels in height and will include retail and residential uses. The design is inspired by nature with the three buildings metaphorically representing an ensemble of flowers expressed through appropriate massing and architectural articulation.”

No renderings have been released publicly yet, and there is no word yet on design architects.

October 28, 2019by david.taylor@colliers.com
Condo, Development

Burquitlam Townhouse Site Slated for 69 Units

Anthem Properties has submitted rezoning and development permit applications for a stacked townhouse project on a 75,681 SF site in Burquitlam. The site is located on Ducklow Street.

The site is an assembly of seven single family lots that are designated as townhouse in the Burquitlam-Lougheed Neighbourhood Plan (BLNP).

The plan for the site includes:

  • Seven stacked townhouse buildings;
  • 69 units;
    • 16 one-bedrooms, 2 two-bedrooms & 51 three-bedrooms;
  • a total density of 1.15 FAR;
  • two levels of underground parking with 136 spaces;
  • $207,502 in voluntary CACs.

The architect for the project is Integra Architecture.

Anthem assembled the site in 2018 for $21,115,000, or $242 per buildable SF based on the application.

October 28, 2019by david.taylor@colliers.com
Apartment, Development, Retail

89 Rental Units Planned for Main & 32nd

Strand Development has submitted a rezoning application for a 20,164 SF site that it owns at Main Street and East 32nd Avenue in Vancouver. The site at 4745-4795 Main Street is currently a surface parking lot that is zoned C-2 which allows up to 4-storeys, while the rezoning anticipates a 6-storey rental building including:

  • 89 market rental units;
    • 16 studios, 42 one-bedrooms, 25 two-bedrooms & 6 three-bedrooms;
  • 12,432 SF of retail space;
  • a density of 3.67 FSR;
  • a maximum height of 72 ft.; and
  • 80 underground parking stalls and 156 bike spaces.

The application is being considered under the Secured Market Rental Housing (Rental 100) Policy.

The application describes the design rationale: ” The proposed massing along Main Street is comprised of three components including a six storey corner element on the southeast corner of the site, a centralized four storey street wall characterized by a rhythm of repeating balconies, and a five storey book end. By providing different massing components characterized by differing widths and heights, the building reads as three distinct but related components, thereby reducing the overall scale of the building as viewed from the street frontage. “

The site was acquired in December 2018 for $19,243,000, or $251 per buildable SF based on the application.

The architect for the project is Yamamoto Architecture.

October 28, 2019by david.taylor@colliers.com
Apartment, Development, Market Research, Office, Retail

City of Coquitlam Releases Draft City Centre Area Plan

The City of Coquitlam (Council-in Committee) will receive a report outlining the Draft City Centre Area Plan (CCAP), which will form new land use policy for the Coquitlam City Centre area.

The planning effort got underway in the fall of 2018, and is now ready for council consideration and public consultation. The draft document, now completed, will proceed with the next phase of public consultation on the Draft CCAP. Based on that next phase consultation feedback, refinements will be made to the draft CCAP prior to Council’s consideration of bylaw adoption of the Plan in early 2020.

The main objectives of the plan are summarized by five ‘big moves’ outlined in the report, including:

1. Creating a Vibrant Downtown Core: The majority of population and employment growth in City Centre will be directed to a defined, mixed use Commerciai Downtown Core (of approximately 51 hectares/127 acres). The Core will be anchored by an Entertainment District that will serve as a destination for socializing and gathering. The Core will also include a hotel and conference space to serve businesses, tourists and visitors to Coquitlam. Concentrating growth in this manner will establish a sense of vibrancy in the ‘heart’ of City Centre and help create an active downtown.

2. Establishing a Strong Employment Base: A key component of a successful downtown is establishing a strong employment base. To achieve job growth, the amount of employment-generating floor space is recommended to be increased in the Commercial Downtown Core. To help augment employment generating floor space, two Office Business Districts are envisioned for City Centre, which have been strategically situated around a transportation nexus that includes a major bus hub, two SkyTrain stations, a West Coast Express station, and highway access and visibility. These Districts are envisioned to contain a dense concentration of office space, including office towers, situated within high density mixed-use developments along with a mix of other employment-generating businesses. To meet the evolving needs of businesses, several areas outside the Commercial Downtown Core will accommodate Business Enterprise uses to support a thriving downtown.

3. Building a Family-friendly Downtown: The Draft CCAP seeks to establish a family-friendly City Centre through the provision of public and civic amenities, including child care services and a new elementary school site centrally located in City Centre. To meet the varying needs of households of all types and at all stages of life, a variety of housing choices, tenures and price levels will be provided across City Centre. This will be achieved by respecting established neighbourhoods and directing new high density residential developmentto the Commercial Downtown Core.

4. Enhancing Recreation and Cultural Services: Enhancements to civic amenities and the public realm are essential to creating an inviting and active downtown that meets the needs of residents, attracts visitors and businesses to City Centre, and are critical to support a growing community. The CCAP seeks to create a network of parks and publicly accessible open spaces to encourage social interaction and enhance physical and mental well-being. Centrally located civic amenities will contribute to the vibrancy of the Commercial Downtown Core by providing cultural and recreational amenities for residents and businesses.

5. Integrating and Connecting Downtown: Transit-Oriented Development is central to strengthening the area’s role as a Regional City Centre and transportation hub. Improved ease of movement throughout City Centre will be achieved through a finer street grid. Pedestrian-friendly streets, pathways and greenways that are safe, well designed, and seamlessly connect commercial and office development with neighbourhoods, schools, parks, natural areas (including the Coquitlam River), and recreation and cultural facilities will help create an enjoyable, safe, and healthy environment for walking and cycling.

Land Use

The proposed land use changes focus on the Commercial Downtown Core, which is intended to be a major regional centre of commerce and employment, as well as a vibrant mixed-use neighbourhood with high-density residential. To help achieve this active, vibrant downtown, development in the Commercial Downtown Core are recommended for a commercial floor space requirement of 1.0 FAR (rising from current 0.5 FAR). To achieve vibrancy and vitality in and around the Commercial Downtown Core, draft policies seek to create visually interesting, inviting and functional spaces through:

• The establishment of three Precincts (Pinetree-Lougheed Precinct, Lincoln SkyTrain Station Precinct and Four Corners Precinct) in and around key intersections and SkyTrain stations to serve as welcoming destinations in City Centre and form an interconnected ‘spine of activity’ along Pinetree Way.

The report also notes current discussions with major property owners, including: ” Morguard, Marcon, Choice Properties, BentallGreenOak, Polygon and Concert). Recently, another developer (e.g., Ledingham McAllister) has come forward with a proposed land assembly in the Pipeline Road corridor in the vicinity of Glen Drive and Inlet Street. “

The full staff report including draft plan can be viewed here: https://www.coquitlam.ca/docs/default-source/council-agenda-documents/citydocs–3504867-v1-councilincommittee_2019_10_28_-_item_3.pdf?sfvrsn=2

October 25, 2019by david.taylor@colliers.com
Condo, Development

467 Units Proposed for Burquitlam Site

Anthem Properties has submitted a rezoning and development permit application to permit the development of a 1.4 acre site located in the Burquitlam-Lougheed Neighbourhood Plan area of Coquitlam.

533 Cottonwood is located to the east of Clarke Road, and is currently bound by three and four-storey residential buildings to the north, a three-storey residential building to the east, Cottonwood Avenue to the south, and Whiting Way to the west.

The existing property contains an older 98 unit apartment building.

The proposal calls for a 42-storey condo tower, and a 6-storey rental building. Details include:

  • 332 condo units;
    • 193 one-bedrooms, 97 two-bedrooms & 42 three-bedrooms;
  • 135 market rental units (inclusive of 20 below-market units);
    • 2 studios, 72 one-bedrooms, 28 two-bedrooms & 13 three-bedrooms;
  • a total density of 5.5 FAR;
  • 531 parking spaces;
  • $8.95 Million in density bonus payments;
  • $244,000 in CACs.

The architect for the project is IBI Group.

Anthem acquired the site in 2018 for $40,500,000 or $117 per buildable SF based on the gross density in the application.

October 18, 2019by 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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