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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Apartment, Rental

20-Storey Rental Tower Proposed for Mount Pleasant Site

Fabric Living has submitted their rezoning application for 461-479 East 16th Avenue in the Mount Pleasant area of East Vancouver. The 16,111 SF site is an assembly of four parcels totaling 132 feet of frontage.

The site is located in the Broadway Plan, within the Mount Pleasant South Apartment Areas – Area B subarea.

The proposal for the site is to allow for the development of a 20-storey mixed-use building that includes:

  • 171 rental units;
  • 34 units (20%) at below-market;
  • commercial space on the ground floor;
  • a total density of 6.80 FSR;
  • A building height of 238 ft.

The application is being considered under the Broadway Plan.

The architect for the project is Francl Architecture.

May 9, 2024by david.taylor@colliers.com
Apartment, Development, Rental

22-Storey Rental Tower Proposed for West End Site

Townline Homes has submitted a rezoning application for a site at the northeast corner of Davie Street and Cardero Street in the West End of Vancouver. The proposal for the 17,290 SF site contemplates the replacement of a 4-storey, 33-unit condo building with a 22-storey rental tower.

A previous DP application for this site was originally submitted by Townline in 2022, proposing a tower with 96 condo units and 32 social housing units. The existing RM-5D zoning allows 7.0 FSR with 5,500 SF floorplates.

Details of the proposal include:

  • 198 market rental units;
  • 20% below-market rental units (approximately 37 units);
  • a total density of 8.0 FSR;
  • 6,600 SF floorplates;
  • A building height of 226 ft. with additional height for mechanical appurtenances.

This application is being considered under the West End Community Plan.

The architect for the project is Boniface Oleksiuk Politano Architects.

The site was acquired in 2018 for $45,250,000 or $326 per buildable SF based on the application.

April 29, 2024by david.taylor@colliers.com
Apartment, Development, Rental, Retail

116-Rental Tower Latest Broadway Plan Application

A new rezoning application has been submitted for a site in the South Granville area of the Broadway Plan.

The 12,507 SF mid-block site is located at 1365 West 12th Avenue, on the North side of West 12th between Hemlock and Birch Streets. The site is currently improved with a 3-storey walkup apartment building with 19 units known as Shamrock Manor.

The proposal is to allow for the development of a 20-storey rental building that includes:

  • 116 market rental units;
  • 20% below market rental units (approximately 23 units);
  • 14 studios, 34 one-bedrooms, 56 two-bedrooms & 12 three-bedrooms;
  • 2,300 SF of retail space on the ground floor;
  • A total density of 6.50 FSR;
  • A building height of 222 ft.

This application is being considered under the Broadway Plan.

The architect for the project is Sea to Sky Architecture.

The site was acquired in February 2022 for $9,450,000 or $116 per buildable SF based on the application.

February 16, 2024by david.taylor@colliers.com
Apartment, Development

Latest Broadway Plan Proposal Features Two Towers, 283 Rental Units

Sightline Properties has submitted a rezoning application for a site in the South Granville area for a new rental residential project.

The site at 1726 West 11th Avenue is 31,250 SF and located at the corner of 11th Avenue and Pine Street.

The proposal is to allow for the development of 20-storey and 19-storey rental towers over a four-storey podium and includes:

  • 283 rental units;
  • 20% of the floor area secured for below market rental units (approximately 57 units);
  • retail space on the ground floor;
  • A density of 6.80 FSR;
  • A building height of 208 ft.
  • 216 undeground parking stalls.

This application is being considered under the Broadway Plan.

The architect for the project is Ciccozzi Architecture.

January 22, 2024by david.taylor@colliers.com
Apartment, Development

53-Unit Rental Building Eyed for Former Gas Station Site In Lower Lonsdale

Pattison Developments has submitted a rezoning application for the former Husky Gas Station at West 3rd and Forbes in the Lower Lonsdale area of North Vancouver.

The 15,000 SF triangular shaped site at 351 West 3rd Street is located at the south-east corner of West 3rd Street and Forbes Avenue. In the current OCP, the site is designated Residential Level 5 which allows a maximum density of 2.60 FSR (including 1.0 bonus FSR), and a maximum height of 6-storeys.

The proposal for the site is a 6-storey market rental building that includes:

  • 53 rental units
    • 5 studios, 36 one-bedrooms, 6 two-bedrooms & 6 three-bedrooms;
  • 6 of the units will be mid market rental units;
  • a total density of 2.60 FSR;
  • 28 underground parking spaces.

The architect for the project is MGBA.

The site was acquired by Pattison in March 2021 for $7,075,000 or $181 per buildable SF based on the application.

The rezoning may be one of the first in Metro Vancouver to proceed without a public hearing based on the recent Provincial amendments to Section 464 of the Local Government Act. The amendments require municipalities not to hold a public hearing if an OCP is in place for the subject site; the bylaw is
consistent with the OCP; the development is residential.

January 19, 2024by 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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