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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Development, Hotel, Rental

Kitsilano Rental Project Revised to Include Hotel

Millennium Development has submitted a revised rezoning application for their site at 2158–2170 West 1st Avenue in Kitsilano, near the corner of Yew Street. The site was the subject of a 20-storey, 185-unit rental tower proposal in 2024, and that scheme was approved earlier this year. The new application is an amendment to add 6 floors and convert some of the space to hotel.

The 20,980 SF site is in the Kitsilano North – Area B policy area of the Broadway Plan. The revised proposal calls for a 26-storey mixed-use building over five levels of underground parking and includes:

  • 121 secured rental units, made up of 97 market rental units and 24 below-market units (20% of dwelling unit area);
  • 99 hotel rooms;
  • 6,294 SF of ground-floor commercial space, split into three retail units;
  • A total density of 8.73 FSR (183,200 SF total);
  • A building height of 301 ft., plus additional height for rooftop amenity and mechanical space.

How the Floors Are Organized

The podium holds retail and the lobbies at grade, with below-market rental on levels 2 and 3 and market rental on level 4. Level 5 is an amenity floor that includes hotel check-in. Levels 6 through 16 are hotel, and market rental sits above on levels 17 to 25, topped by a rooftop amenity level and a mechanical floor. The hotel makes up 77,611 SF of the total, and the residential component is 99,295 SF.

How It Compares to the Approved Scheme

Approved (2024 application)Revised (2026 application)
Storeys2026
Residential rental units185121
Hotel roomsNone99
FSR6.808.73
Height212 ft.301 ft.

The rental unit count drops by 64 units, or about 35%, while height rises by roughly 89 ft. and density by 1.93 FSR. The hotel rooms bring the total to 220 keys.

The Applicant’s Rationale

The application is being considered under the Broadway Plan and asks the City to consider height and density beyond current policy. Hotel use is not listed in the KKNB policy table. The applicant argues it is a minor geographic extension of hotel uses already contemplated in the adjacent KW4A and KKNC policy areas, within three blocks of the site, and that the added tower levels align with the Residential High-Rise 1 designation in the new Official Development Plan, which allows up to 26 storeys. The booklet also notes the Hotel Development Policy’s stated need for more hotel rooms across the city.

The typical tower floorplate grows to about 6,923 SF to fit a third elevator, up from the 6,800 SF the referral report had described as supportable.

Process

The full rezoning application can be viewed here: https://www.shapeyourcity.ca/2158-2170-w-1-ave-3

October 24, 2026by david.taylor@colliers.com
Development, Hotel

26-Storey Hotel Proposed at Oak & 12th

Marquee Group has submitted their rezoning application for the site they own at 2777 Oak Street; at the Northwest corner of Oak and West 12th, just West of Vancouver General Hospital. The proposal calls for a 26-storey hotel tower under the Broadway Plan and Transit-Oriented Areas Rezoning Policy.

Key stats:

  • 314 hotel rooms
    • 160 short term stay, 154 long term stay
  • 12.4 FSR
  • 308 ft in building height

Ground-floor commercial space is included in the proposal.

The project architect is B+H Architects.

April 22, 2026by david.taylor@colliers.com
Development, Hotel, Rental

Hotel & Rental Tower Slated for Yaletown Corner Site

Nonni Property Group has submitted their rezoning application for the 15,714 SF site that they own at 888-896 Cambie Street, at the Northeast corner of Cambie and Smithe on the edge of Yaletown and Downtown.

The proposal is to allow for the development of a 29-storey hotel and rental building, that includes:

  • 165 rental units (on the 14th to 29th floors);
  • 246 hotel rooms (on the 1st to 13th floors);
  • Façade retention of heritage building at 888 Cambie St;
  • a total density of 19.77 FSR;
  • A building height of 285 ft.

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

The architect for the project is McKinley Studios.

The full rezoning application can be viewed here: https://www.shapeyourcity.ca/888-896-cambie-st

November 28, 2025by david.taylor@colliers.com
Apartment, Development, Hotel

44-Storey Hotel & Rental Tower Proposed for Surrey City Centre Site

RBI Group has submitted a rezoning application to the City of Surrey for a 14,360 SF site on the south side of 97A Avenue, between 136A Street and 137 Street, in the Medical District of the City Centre Plan.

The site is designated Downtown in the Official Community Plan (OCP) and Employment in the City Centre Plan, and is zoned Neighbourhood Commercial Zone (C-5) and Urban Residential Zone (R3).

The proposal for the site is a 44-storey hotel and rental tower that includes:

  • 266 hotel rooms;
  • 180 rental units;
  • a total density of 18.9 FAR;
  • a building height of 479 ft.;
  • 142 parking stalls.

The architect for the project is Group 161/DF Architecture.

November 7, 2025by david.taylor@colliers.com
Apartment, Development, Hotel

29-Storey Hotel Proposed for West End Site

Marcon has submitted a rezoning application for 2030-2038 Barclay Street in the West End. The site is currently a 4-storey extended stay hotel property called Rosellen Suites.

The site was previously approved for a 10-storey, 19-unit condo project under the existing RM-5B zoning.

The new proposal is to allow for the development of a 29-storey hotel and long-term stay building and includes:

  • 292 units;
    • 65 short term stay rooms & 227 serviced apartments;
  • 2,800 SF of restaurant space;
  • a total density of 14.7 FSR; and
  • A building height of 329 ft.

The architect for the project is Henriquez Partners.

The full rezoning application can be viewed here: https://www.shapeyourcity.ca/2030-2038-barclay-st

November 4, 2024by 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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