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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, Retail

78-Unit Condo Building Proposed Near Langara College

A rezoning application has been submitted for an 7-lot land assembly at the Northwest corner of West 49th Avenue and Manitoba Street, across the street from Langara College.

The site, 203-263 West 49th Avenue, totals 37,496 SF and is currently zoned RS-1. It includes 319 ft. of frontage on West 49th.

The proposal consists of a new 4-storey mixed-use building over two levels of underground parking and includes:

  • 78 condo units;
    • 1 studio, 49 one-bedrooms, 20 two-bedrooms & 8 three-bedrooms;
  • 24,836 SF of retail space at grade (8 CRUs);
  • A building height of 57 ft.;
  • A total density of 2.50 FSR;
  • 143 parking spaces and 280 bicycle spaces.

The application is being considered under the Cambie Corridor Plan.

The architect for the project is GBL Architects.

The site was assembled in 2017 for $26,760,000, or $286 per buildable SF based on the application.

October 9, 2019by david.taylor@colliers.com
Condo, Development

29-Unit, 5-Storey Building Planned for 12th Street in New Westminster

Rezoning and Development Permit applications have been submitted by Marchentic Holdings for a site at the corner of Twelfth and Dublin Street in New Westminster (841 12th Street).

The 13,099 SF site consists of two lots (837 and 841 Twelfth Street) and is located at the southeast corner of Twelfth and Dublin Streets at the edge of the Moody Park neighbourhood.

The proposal is for a new 5-storey residential building that includes:

  • 29 condo units;
    • 21 two-bedrooms & 8 three-bedrooms;
  • a total density of 2.13 FSR;
  • 51 parking spaces.

The architect for the project is Zhao XD Architect Ltd.

October 4, 2019by david.taylor@colliers.com
Condo, Development, Retail

181 Units Proposed for Moodyville Site

A preliminary application has been submitted by Cascadia Green Development for a site at East 3rd Street and St. Davids Avenue in North Vancouver.

The site is located in the middle of the Moodyville area, comprised of the
“Neighbourhood Centre”, the “East 3rd Street Corridor”, and the “St. Patricks Transition” areas described in the Moodyville Development Permit Area Guidelines.

An Official Community Plan amendment to expand the Mixed-Use Level 2 designation, replacing Residential Level 2 and Residential Level 5.

Preliminary plans for the project, entitled “Lolo on 3rd” envisions two 6-storey buildings separated by a plaza. Details include:

  • 181 condo units;
  • 27,319 SF of retail space along East 3rd & the lane;
  • a 1,500 SF daycare.

The architect for the project is Integra Architecture.

October 3, 2019by david.taylor@colliers.com
Apartment, Condo, Development, Retail

539 Units, Two Towers Planned for Burquitlam Site

Townline Homes, in partnership with Quadreal, have submitted their application to the City of Coquitlam for the 1.6 acre site that they own at 675 North Road and 668 Whiting Way in the Burquitlam area. The site is located on the east side of North Road, and is bound by Whiting Way to the east, Shepherd Avenue to the south, and North Road to the west.

The site is currently improved with two older lowrise apartment buildings totaling 593 units. It is located in the Burquitlam-Lougheed Neighbourhood Plan and is designated Transit Village Commercial.

Detail of the proposal include:

  • a 45-storey condo tower & 18-storey rental tower;
  • 385 market condo units;
    • 214 one-bedrooms, 119 two-bedrooms & 52 three-bedrooms;
  • 154 rental units inclusive of 20 below-market rental units;
    • 27 studios, 58 one-bedrooms, 35 two-bedrooms & 14 three-bedrooms;
  • 17,700 SF of retail space (strata retail units);
  • 665 parking spaces;
  • 35,300 SF of common amenity space;
  • tower heights of 470 ft. and 200 ft.;
  • a total density of 6.0 FAR;
  • a new east/west pedestrian connection;
  • $16 Million in bonus density funds & $230,000 in CACs

The architect for the project is Dialog.

The site sold in 2018 for $46,000,000, or $108 per gross buildable SF.

September 27, 2019by david.taylor@colliers.com
Apartment, Development

64 Rental Units Slated for Port Moody Site

A rezoning application has been submitted to the City of Port Moody for a for a two-lot land assembly in Port Moody at 148-154 James Road, just East of Moody Middle School. The two lots are currently single family and total 17,973 SF.

The plan for the site is for a new 6-storey rental project that includes:

  • 64 rental units;
    • 20 one-bedrooms, 26 two-bedrooms & 18 three-bedrooms;
  • 10% of the units dedicated to below market;
  • a total density of 3.14 FAR;
  • 64 underground parking spaces.

The architect for the project is Integra Architecture.

September 27, 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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