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, Development

47-Storey Condo/Rental Tower Proposed for Brentwood Site

Millenium Development has submitted a rezoning application for a high-density residential project near Holdom Station at Douglas Road and Springer Street in the Eastern portion of the Brentwood Town Centre area of Burnaby.

The 36,414 SF site falls within Neighbourhood G of the Brentwood Town Centre Plan, allowing a rezoning of the site based upon RM5-s, RM5-r and C1 zoning, allowing a maximum potential density of 9.30 FAR.

The existing site is improved with five older commercial/industrial buildings.

The site sits directly South of another recent master-plan proposal by Boffo Developments that envisions four towers.

The proposal is for a 47-storey condo tower that includes:

  • 379 residential units;
  • 277 condos;
  • 57 market rental units;
  • 45 affordable rental units;
  • a total density of 8.30 FAR;
  • a total building height of 502 ft;
  • 3,400 SF of ground floor retail;
  • amenity spaces including an outdoor pool;
  • 376 underground parking stalls.

The architect for the project is Chris Dikeakos Architects.

April 7, 2022by david.taylor@colliers.com
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
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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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