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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Apartment, Development, Retail

PCI Proposing 25-storey Rental Tower for Broadway Plan Site

PCI Developments has submitted a rezoning application for a mid-block site in the Fairview neighbourhood. The site at 1434 West 8th Avenue is located half a block East of Granville Street.

The 17,000 SF site sits just to the Northeast of their Broadway & Granville tower, now under construction.

The proposal for the West 8th site is to allow for the development of a 25-storey mixed-use building with a one-storey podium and includes:

  • 162 rental units with 20% below market (approx. 32 units);
  • 5,500 SF of retail space on the ground floor;
  • A total density of 8.07 FSR;
  • A building height of 265 ft.; and
  • 93 vehicle parking spaces and 281 bicycle spaces.

This application is being considered under the Broadway Plan.

The architect for the project is MCMP.

December 5, 2023by david.taylor@colliers.com
Apartment, Development

Broadway Office Proposal Revised as Rental Apartments

Chard Development has applied to the City of Vancouver to revise their office project at 8 East Broadway to switch uses to rental residential.

The site is located at the southeast corner of East Broadway & Ontario Street in the ‘Broadway Shoulder Area East – Area B (MBSB)’ sub-area of the Broadway Plan.

A previous rezoning for the site was approved in 2020 for a 12-storey office building totaling 125,000 SF. Changing market conditions and the subsequent adoption of the Broadway Plan has prompted Chard to seek an alternate development scenario for the 16,100 SF site.

The new proposal is to permit a 14-storey rental residential building, including:

  • 152 market rental units;
  • 55 studios, 42 one-bedrooms, 38 two bedrooms & 17 three-bedrooms;
  • 4,200 SF of retail space on the ground floor;
  • Floorplates ranging from 7,300 to 11,700 SF;
  • A total density of 7.5 FSR;
  • A building height of 148 ft.;
  • 74 vehicle parking spaces and 320 bicycle spaces; and
  • A publicly accessible bike share station.

The Broadway Plan requires a minimum of one floor of ‘job space’ above the ground floor. The application by Chard is requesting consideration of market rental on the second floor, which is a deviation of policy.

The architect for the project is MCMP Architects.

The site was acquired in 2021 for $42,000,000, or $336 per buildable SF based on the revised application.

October 31, 2023by david.taylor@colliers.com
Apartment, Condo, Development

Amacon Planning 61-storey Condo/Hotel Project for Brentwood Site

Amacon has submitted a rezoning application to the City of Burnaby for 46,640 SF site at 2211-2271 Rosser Avenue in the Brentwood Town Centre area.

The application proposed a highrise development as well as a density transfer from a nearby site at 5166 Halifax Street.

The Rosser site is currently improved with older industrial units and a residential sales centre. Under the Brentwood Town Centre Development Plan, the site is designated for medium to high-density mixed-use development utilizing the RM4, RM4s, RM4r, and C9 Districts as guidelines.

The proposal for the Rosser site includes:

  • a 61-storey highrise;
  • 541 residential units, including:
  • 442 condos
  • 27 market rentals;
  • 72 non-market rentals;
  • 172 hotel rooms in 11-storey podium;
  • a total density of 11.45 FAR;
  • 614 underground parking spaces.

Regarding the density transfer, the City notes: “A density transfer will facilitate the replacement of ageing rental units at the Halifax Site, as well as provide additional non-market and market rental units, while maintaining a scale of development that is in keeping with the intent of the Plan and adjacent developments. As outlined in that report, the construction of both sites will be phased, with the subject site (Rosser Site) proceeding to occupancy prior to the redevelopment of the Halifax Site. This would provide the opportunity for residents of the Halifax site to relocate to the Rosser Site on an interim basis, until the Halifax Site attains occupancy and their replacement rental units can be occupied.”

October 26, 2023by david.taylor@colliers.com
Apartment, Condo, Development

824-Unit, Two Tower Project Proposed for Brentwood Site

Millenium Development has submitted a rezoning application to the City of Burnaby for a 1.3 acre site at 4141 Lougheed Highway in the Brentwood Town Centre area.

The site is located on the north side of Lougheed Highway between Madison Avenue and Gilmore Avenue and sits in the recently approved Buchanan West Master Plan subarea. The site is currently improved with an older industrial warehouse building and surface parking.

The proposed rezoning is for a two tower mixed use development utilizing the RM5s, RM5r
and C3 districts.

Details of the proposal include:

  • 62-storey & 54-storey towers;
  • 10-storey hotel podium;
  • 824 residential units, including:
  • 488 condos;
  • 246 market rental units;
  • 80 non-market rental units;
  • 280 hotel rooms;
  • a total density of 13.33 FAR;
  • 794 underground parking stalls on 8 levels.


Millenium has previous experience in developing condo/hotels including the L’Hermitage building on Richards Street in Downtown Vancouver which is a 28-storey condo project with a 60-unit boutique hotel on the bottom floors.

October 26, 2023by david.taylor@colliers.com
Apartment, Condo, Development

Beedie Envisions 1,000+ Units for Bainbridge Area Site

Beedie Living has submitted an application to rezone a 10-acre site that they own at 3676 Bainbridge Avenue in the Bainbridge Urban Village area of Burnaby.

The site is currently improved with older lowrise industrial buildings zoned M2 and M5 industrial.

The site became designated for mixed use residential when the Bainbridge Urban Village Community Plan was adopted by the City of Burnaby in 2022.

The preliminary application indicates that the overall development will include “a mixture of 6-storey below-market rental buildings, 6-12 storey strata buildings, and 4-storey stacked townhomes.”

Other details include:

  • 1,000 – 1,100 residential units;
  • 20% affordable rental units at 20% below CMHC median rents;
  • a total density of 2.20 FAR (970,000 SF)
  • road upgrades and new public green space.

The site has a current assessment value of $80,789,300.

This site is located near a similarly designated development site that we have just listed at 7022-7036 Greenwood Street.

October 17, 2023by 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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