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, Development

Previous West End Condo Project Revised to Rental Apartments by GWL

GWL Realty Advisors has submitted a rezoning application for a site they own at 1055 Harwood Street in the West End area of Downtown Vancouver.

The site was previously proposed by Strand and Intracorp for a condo/social housing project in 2018 before being shelved due to market conditions. The site was subsequently sold to GWL in 2022 following a change in rezoning policy which deleted the required social housing in exchange for 20% of the units being below market rentals.

The new proposal is to allow for the development of a 32-storey rental building that includes:

  • 269 rental units
    • including 52 below market rental units
  • A density of 11.71 FSR;
  • A building height of 300 ft.; and
  • 134 vehicle parking spaces and 513 bicycle spaces.

The application is being considered under the Criteria for 100% Secured Rental and Below-Market Housing as an Alternative to Inclusionary Social Housing in the Burrard Corridor of the West End Community Plan.

The architect for the project is GBL Architects.

January 29, 2023by david.taylor@colliers.com
Apartment, Development

32-Storey Rental Building Proposed for Pacific Street Site

Wall Financial has submitted a rezoning application for a site at 1065 Pacific Street in the West End area of Downtown Vancouver.

The 12,972 SF site is currently improved with an older, 3-storey walkup apartment building containing 30 units.

The proposal is to allow for the development of a 32-storey rental building over five levels of underground parking accessed from the lane. The proposal includes:

  • 180 rental units;
  • 144 secured market rental units and 36 below-market rental units;
    • 117 one-bedrooms, 62 two-bedrooms & 1 three-bedroom unit;
  • A total density of 11.19 FSR;
  • A building height of 300 ft.; and
  • 100 vehicle parking spaces accessed via car elevator and 344 bicycle parking spaces.

The application is being considered under the Criteria for 100% Secured Rental and Below-Market Housing as an Alternative to Inclusionary Social Housing in the Burrard Corridor of the West End Community Plan.

January 19, 2023by david.taylor@colliers.com
Apartment, Development, Retail

110 Rental Units Planned for Fraser St. Site

Anthem Properties has submitted a rezoning application for a site sold by our team in 2022 at the Northwest corner of Fraser and East 17th Avenue in East Vancouver.

A portion of the site had a previous development application under the existing C-2 zoning for a 4-storey condo building.

The proposal is to allow for the development of a 14-storey rental apartment building that includes:

  • 110 market rental units (20 units assigned to moderate income households);
    • 25 studios, 33 one-bedrooms & 32 two-bedrooms;
  • 5,035 SF of retail space at grade;
  • A total density of 6.90 FSR;
  • A building height of 156 ft.; and
  • 69 vehicle parking spaces and 213 bicycle parking spaces.

The application is being considered under the Moderate Income Rental Housing Pilot Program (MIRHPP) Rezoning Policy.

The architect for the project is BHA Architecture Inc.

January 18, 2023by david.taylor@colliers.com
Apartment, Development

Rental Building Proposed for West 4th Site

Orr Moniz has submitted a development application for an 11,000 SF site at 2906-2912 West 4th Avenue, between Bayswater and Macdonald in the Kitsilano area of Vancouver for a new 6-storey rental apartment building.

The site is zoned C-2 which based on changes approved in 2021, now allow for 6-storey rental buildings.

Details include:

  • 54 market rental units;
    • 35 studios & 19 two-bedroom units;
  • 3,900 SF of ground floor retail space;
  • a total density of 3.50 FSR;
  • A proposed height of 70.3 ft.;
  • Two levels of underground parking, providing a total of 61 parking spaces having vehicular access from the lane.

Under the site’s existing C-2 zoning, the application is “conditional” so it may be permitted. However, it requires the decision of the Director of Planning.

The architect for the project is Yamamoto Architecture.

December 16, 2022by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

High-Density Mixed Use Redevelopment Proposed for 5000 Kingsway

McCarthy Properties have submitted a Master Plan Concept to the City of Burnaby for the redevelopment of McCarthy Plaza, a full city block property on Kingsway in the Metrotown area.

The 3.83 acre site is comprised of four parcels, occupied with a number of older lowrise retail and medical/office buildings, collectively known as the Plaza 5000 complex.

The McCarthy Plaza site is located within the Metro Downtown Neighbourhood of the Metrotown Downtown Plan area which designates site for high-density mixed-use residential development under the RM5s Multiple Family, RM5r Multiple Family Residential District, and C3 General Commercial Districts.

The preliminary concept includes three mixed use towers above podiums to be built in four phases, as well as a new North-South public street “McCarthy Way”. The overall project will include approx. 1.8 Million SF.

Phase 1 includes a 70-storey signature landmark tower that includes:

  • 820,000 SF;
  • 425,000 SF of residential including 160,000 SF of rental in the lowrise.
  • 500 total residential units;
  • retail and office space;
  • substantial amenity space including daycare space, meeting spaces; gardens, bowling alley, fitness centre, basketball court and first nations art gallery.

The second and third phase anticipate a 54-storey mixed-use tower, and a 45-51 storey tower respectively. Phase 3 includes options for residential or commercial uses. Phase 4 includes a smaller lowrise commercial building.

The formal rezoning application for the project is expected in early 2023 and will include concurrent applications for the overall master plan and Phase 1 of the project.

The architect for the project is Dialog.

December 7, 2022by 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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