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, 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
Apartment, Development

23 Rental Units Slated for Lower Lonsdale Site

A rezoning application has been submitted by Three Shores Development for a 6,000 sq ft site at 133 East 4th Street in the Lower Lonsdale area of the City of North Vancouver. The site is currently improved with the Gospel Hall Church which is relocating.

The proposal is a 6-storey rental building consisting of:

  • 23 rental apartment units, three of which are mid- market rental units;
  • 12 one bedrooms, 5 two-bedrooms & 6 three-bedrooms;
  • a private 2,700 sq ft daycare on the lower level;
  • a total density of 2.55 FSR;
  • a building height of 43 ft;
  • 1 on-site parking stall for the childcare use.

The architect for the project is Integra Architecture.

June 19, 2021by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

Tower 6 at ‘Amazing Brentwood’ to Include 443 Units

This rezoning application by Shape Properties is for the detailed design
and construction of the sixth tower in the overall Amazing Brentwood Project. The overall master plan for the project was approved in 2013 and the first five towers are at various stages from completed and occupied to under construction.

Tower 6 will be located at the Northwest corner of the site, fronting Willingdon. It is currently surface parking.

The proposal for Tower 6 is a 39 storey residential tower, inclusive of a 4 storey rental podium with commercial at grade. Details include:

  • 443 residential units;
  • 369 condos;
  • 21 market rental units;
  • 53 non-market rental units;
  • 20,000 sq ft of office space;
  • 11,900 sq ft of retail space fronting Willingdon & Brentwood Blvd;
  • an overall density of 9.67 FAR.
  • a total building height of 417 ft.

The architect for the project is IBI Group.

June 18, 2021by 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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