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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

9-Storey Rental Building Planned for Granville Street Site

A development application has been submitted to the City of Vancouver to develop a new mixed-use rental apartment building on the Granville Strip. The site at 1250 Granville Street is 8,998 sq ft and is currently occupied by the National Rental Car building and parking lot.

The redevelopment plan for the site is a 9-storey passive house rental apartment building with retail on the ground floor.

The application comes following the City’s current planning work to consider allowing more rental housing on the two block stretch of Granville between Helmcken and Drake Streets. Previous policy allowed a maximum of 3.50 FSR.

Details of the proposal include:

  • 61 market rental units;
  • 46 one-bedrooms & 15 two-bedroom units;
  • 2,425 sq ft of ground floor retail space;
  • a total density of 4.54 FSR;
  • a building height of 95 ft.;
  • shared rooftop amenity space;
  • 22 parking stalls on one level of underground parking having vehicular access from the lane.

Under the site’s existing DD-K3 zoning, the application is “conditional” so it may be permitted. However, it requires the decision of the Development Permit Board.

The architect for the project is Lang Wilson Practice in Architecture Culture.

August 5, 2021by david.taylor@colliers.com
Apartment, Development

58-Unit Rental Project Slated for Central Lonsdale Site

Adera has submitted a rezoning application for a 14,932 sq ft. site they own at 1220 St. Georges Avenue at the Northeast corner of St. George’s and East 12th in the Central Lonsdale area of North Vancouver. The site is one block south of the Lions Gate Hospital and east of the Fire Hall.

The proposal would replace an existing 23-unit rental apartment building at 1220 St. Georges that was built in the late 1950s.

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

  • 58 units;
  • 17 studios, 23 one-bedrooms, 12 two-bedrooms & 6 three-bedrooms;
  • a total density of 2.59 FSR;
  • a rooftop amenity deck;
  • a building height of 59 ft.;
  • 32 underground parking stalls.

The architect for the project is Integra Architecture.

The site was acquired in 2019 for $8,025,000 or $207 per buildable sq ft. based on the application.

July 15, 2021by david.taylor@colliers.com
Apartment, Development, Office, Retail

City to Consider Early Rezoning Proposal for PCI’s Broadway & Granville Site

Next week the City of Vancouver will consider allowing a rezoning enquiry for PCI Group‘s site at the Northeast corner of Broadway & Granville to move ahead to the application stage.

PCI already secured a Development Permit for the site at 1477 West Broadway in 2019 for a project including 6 floors of underground parking and storage, retail uses, a subway station entrance, and three floors of office above. The project is already under construction at the P5 parking level.

Existing Development Concept

A higher density rezoning had been contemplated for several years, although the forthcoming Broadway Plan had essentially placed a moratorium on new rezoning applications. PCI’s rezoning inquiry will now be considered as an exceptional circumstance under the Broadway
Plan Interim Rezoning Policy given impacts on the station entrance construction should the project be delayed beyond the station construction timeline.

The preliminary proposal is a rental residential tower above a retail and office podium with integrated station entrance, to a height and density
significantly above what is permitted under existing zoning. Overall, it includes:

  • additional retail capacity including a grocery store;
  • additional office space;
  • market rental residential units including 20% moderate income units.

The rezoning application is expected to pause the current construction, although it is expected to save significant delays later on thereby minimizing impacts on circulation and access to the South Granville station when the Broadway Subway opens in 2025.

The City report can be viewed here: https://council.vancouver.ca/20210721/documents/cfsc3.pdf

The leasing brochure for the existing project can be viewed here: https://www.cbre.ca/properties/search/office/details/CA-Plus-298159/1477-w-broadway-vancouver-v6h-1h6?view=isLetting

July 15, 2021by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

Anthem Proposing 66-Storey Metrotown Tower

Anthem Properties has submitted their rezoning application for a 56,000 sq ft site in the 4600 block of Kingsway and Hazel Street in the Metrotown area of Burnaby. The site includes the Cactus Club building fronting Kingsway.

The project is entitled “Metro King”.

The proposal is 66-storey high-rise residential tower set above a 9-storey
commercial component, with a 7-storey office podium atop a double-height ground floor restaurant and cafe space.

The overall project includes:

  • 645 residential units;
  • 372 condos;
  • 200 market rental units;
  • 73 non-market rental units;
  • a total density of 11.64 FAR;
  • 144,000 sq ft of office space;
  • 5,000 sq ft of retail space;
  • a building height of 692 ft.;
  • 18,000 sq ft of amenity space;
  • 876 underground parking spaces.

The Plan designates the subject site for high-density mixed-use development under the CD Comprehensive Development District utilizing the RM5s/RM5r Multiple Family Residential District and C3 General Commercial District as guidelines.

The architect for the project is Chris Dikeakos.

June 27, 2021by david.taylor@colliers.com
Apartment, Development, Retail

4-Storey Rental Building Proposed for Commercial Drive

Headwater Projects has applied to the City of Vancouver for permission to develop a site they own at 2886 Commercial Drive, at the Northeast corner of Commercial and East 13th in East Vancouver.

The site is 14,000 sq ft and zoned C-2C1. It is currently occupied by a single storey Auto Centre with a large surface parking lot.

Detail of the proposal include:

  • 47 market rental units;
  • 21 studios, 17 one-bedrooms & 9 two-bedroom units;
  • 6,800 sq ft. of retail on the ground floor;
  • A proposed Height of 45 ft.;
  • A total density of 2.59 FSR;
  • One level of underground parking w/24 stalls.

Under the site’s existing C-2C1 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 Musson Cattell Mackey.

The full development application can be viewed here: https://shapeyourcity.ca/2886-commercial-dr

June 25, 2021by 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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