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, Condo, Land

Barclay Street Project Revised with More Rental

Bosa Properties and Kingswood Properties have submitted a new rezoning application for their project at 1040-1080 Barclay Street.

A previous proposal from 2018 envisioned two condo towers with social housing; however, changing City policy and market conditions have spurred a new vision for the property.

The proposal is to allow for the development two residential towers of 54-storeys and 50-storeys in height over ten levels of underground parking. The new proposal includes:

  • 506 secured market rental units and 130 below market units (East tower);
  • 365 market strata-titled units and 99 social housing units (West tower);
  • retail space at grade in both towers
  • 37 space childcare facility on level eight of West tower
  • An overall density of 21.87 FSR;
  • A building height of 572 ft. (East tower) and 567 ft. (West tower)
  • 832 vehicle parking spaces and 2,256 bicycle parking spaces.

The application is being considered under the West End Community Plan(External link), 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(External link), and the Sustainable Large Developments Policy(External link).

The architect for the project is Perkins & Will Vancouver.

April 6, 2022by david.taylor@colliers.com
Apartment, Condo, Development

Final Phase of Evelyn by Onni to Include More Rental Units

Onni has applied to rezone the final phase of their 21 acre Evelyn project in West Vancouver. ‘Lot 8’ totals 3 acres of vacant land at Taylor Way and Evelyn Drive.

Most of the overall project has now been completed. The remaining six single family dwellings on Lot 10 and
the four townhouses on Lot 6 (attached to Lot 7) are now under construction.

Lot 8 is the largest development parcel at Evelyn. The proposed rezoning for the site contemplates a terraced building similar to the ‘Forest Edge’ buildings in Lots 5 & 7.

The proposal seeks to add 109 additional rental units to the site. The current zoning for Lot 8 allows for a residential apartment building containing up to 119 units, of which a minimum of 30 of those must be for rental housing. The proposal is to increase the number of secured rental units from 30 to 139 (17 affordable units plus 122 market rental). There is no increase to the number of condo units (stays at 89). The total proposed number of units for Lot 8 would increase 119 to 228 and the overall unit count at Evelyn by Onni would increase from 350 to 459.

Details for the Lot 8 rezoning include:

  • 228 total units
    • 89 condos (including 10 townhouses)
    • 122 market rental units
    • 17 below-market rental units
  • a total density of 1.85 FSR;
  • building heights from 5 to 8-storeys with site slope;
  • public realm additions including a pedestrian path at the south end of the site to complete the east-west connection to Taylor Way, and new landscaping
  • indoor and outdoor resident amenity areas
  • 294 underground parking spaces.

There is no CAC applicable given the addition of rental and below market rental units.

The architect for the project is Cicozzi Architecture.

April 3, 2022by david.taylor@colliers.com
Apartment, Development, Land

FOR SALE: East Vancouver Rental Development Site

Pleased to offer this full city block rental development site on Renfrew Street in East Vancouver.

The 26,000 SF site is eligible for rezoning under the Secured Rental Policy, potentially allowing a 6-storey rental development up to 3.40 FSR. Located in the community of Hastings-Sunrise and a short drive to both Downtown Vancouver and Burnaby, the site spans an entire block along Renfrew Street between East Georgia and Adanac Street.

It is a fantastic location for rental apartments and the site has already been assembled.

Click here for the brochure.

Please contact me for further information including price guidance.

April 3, 2022by david.taylor@colliers.com
Apartment, Development

Market Rental Proposed as Part of Relocated North Shore Winter Club

Darwin Properties has submitted a preliminary application for an OCP amendment to allow for redevelopment of 1225 Keith Road in North Vancouver. The 171,000 SF site is currently occupied by an older industrial/commercial complex.

The proposal envisions a relocation of the nearby North Shore Winter Club, as well as additional commercial space, a daycare and a rental apartment tower.

Details of the proposal include:

  • A 23-storey, 222 unit rental apartment tower at the northeast corner;
  • A new North Shore Winter Club (234,100 SF) in a 4-storey podium;
  • A 3,000 SF child care facility to be owned by the City of North Vancouver;
  • 30,215 SF of office and retail space.
  • a total density of 2.40 FSR.

The proposal requires an OCP Amendment, as residential uses are not permitted in the ‘Mixed Employment’ OCP designation.

The architect for the project is Francl Architecture.

March 4, 2022by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

Grosvenor Brentwood Site to Include 6 Towers

The conceptual master plan for the 7.9 acre Grosvenor Brentwood site goes to Burnaby City Council next week.

The site, acquired by Grosvenor in 2020, includes five parcels at Lougheed and Alpha that were formerly occupied by a Chrysler dealership, and are currently being used for a weekend public market and food truck festival. The largest parcel, 4664 Lougheed Highway is occupied by an older office building.

The first step in the planning process for this transit oriented, high density site involves preparation of a Conceptual Master Plan for the site, and Committee and Council consideration of amendments to the prevailing land use framework of the current Brentwood Town Centre Plan.

The preliminary concept is summarized as follows: “The preliminary concept plan for the subject site is comprised of different districts, each with a distinct and unique architectural and landscape expression. These districts are described more fully in Section 3.4 of this report. The site sits at the centre of the Brentwood Town Centre and will become a hub of activity with a variety of open air shopping experiences, cafes and restaurants, office space, and highdensity rental and strata residential opportunities, all designed around new public plazas, and terraced open spaces. These changes will help create a new, high quality, integrated neighbourhood in Burnaby that will be a seamless extension of existing surrounding neighbourhoods.”

The site is envisioned to have multiple phases, broken down into 5 districts, as follows:

The High Street District

  • Corner of Alpha and Dawson
  • A condo tower between 30-45 storeys, over a podium with 3-storeys of condo and 2-storeys of commercial

Urban Gateway District

  • Northwest corner at Alpha and Lougheed, next to Brentwood Station
  • Two high-rise market rental towers between 45 to 65 storeys in height, over mid-rises with up to 9 storeys of non-market rental, with retail and flex office at grade

Civic Heart District

  • At centre of the site fronting Dawson
  • Comprises a community centre and pathways linking the site, described as a multi-story cantilevering structure designed to shelter outdoor areas on the south side and provide open sunny balconies and a sky park over the rest of the structure, with large recreational facilities cut into the grade of the sloping site to provide easy access for pedestrians, cyclists, transit users and motorists of all ages and abilities.

Oasis District

  • Northeast corner of the site at Lougheed and Beta
  • two high-rise market rental towers between 40 to 60 storeys in height, over mid-rises with up to 9 storeys of non-market rental atop retail, flex office and amenity space at the ground level.

Green Link District

  • Southeast corner of the site at Beta and Dawson
  • Condo tower between 35 to 45 storeys in height, over a 5-storey podium including condo and retail

The total proposed density for the site is 9.0 FAR, or 3,080,000 SF.

The site will be rezoned in multiple phases and utilizes the RM5s and RM5r Multiple Family Residential Districts; commercial utilizing the C3 General Commercial as guidelines and for a community centre utilizing the P3 Park and Public Use.

Below is a breakdown of the permitted and proposed density per the rezoning guidelines:

Virtual open houses will be held on March 16th and 17th.

Project website.

March 4, 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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