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, Retail

32-Unit Market Rental Building Planned for East Van Site

A rezoning application has been submitted for a site at 2735 E 41st Avenue in East Vancouver. The 14,382 SF C-1 zoned site is currently occupied by an older lowrise commercial building occupied by G&F Financial Group.

The proposal is to allow for the development of a 5-storey mixed use rental building under the Rental 100 policy. The proposal includes:

  • 32 market rental units;
  • 2 studios, 10 one-bedrooms, 14 two-bedrooms & 6 three-bedrooms;
  • 6,129 SF of retail space in 5 CRUs at grade;
  • A total density of 2.48 FSR;
  • A building height of 49 ft.;
  • 25 vehicle parking spaces and 80 bicycle parking spaces.

The application is being considered under the Secured Market Rental (Rental 100) Policy.

The architect for the project is Barnett Dembek Architects Inc.

December 5, 2020by david.taylor@colliers.com
Apartment, Development

Upper Lonsdale Rental Site Sells for $9.5 Million

Adera has completed the acquisition of a rental development site at 2762 Lonsdale Avenue, in the Upper Lonsdale area of North Vancouver. The purchase price is $9,450,000.

The site is 17,353 sq ft. in size and improved with an older 3-storey walkup apartment building. There is now a development application on the site to allow a 6-storey market, 60-unit market rental development.

November 20, 2020by david.taylor@colliers.com
Apartment, Development

Revised Proposal for East Van Site Seeks Lower Density, 100% Rental

Intracorp has submitted a new rezoning application for a 29,100 SF site they own at 1837-1849 E 11th Ave and 2631 Victoria Drive, this time with a lower woodframe building and 100% rental use.

A previously rezoning application for the site was approved in 2018 for a 11-storey, 138-unit mixed 50/50 condo/rental building on the site at a density of 3.59 FSR. Due to “market forces”, that application has now been rescinded and replaced with the new more efficient and likely more cost effective project.

The new proposal calls for a 6-storey market rental building and a 4-storey revitalized heritage house.

This proposal includes:

  • 136 market rental units;
  • 81 studios, 6 one-bedrooms, 47 two-bedrooms & 3 three-bedrooms;
  • A total density of 2.89 FSR;
  • A building height of 65.0 ft.;
  • 43 vehicle parking spaces and 270 bicycle parking spaces.

The application is being considered under the Grandview Woodland Community Plan.

The architect for the project is Metric Architecture.

November 17, 2020by david.taylor@colliers.com
Apartment, Development

59-Unit Rental Project Slated for Burquitlam Site

Adera has submitted a rezoning and development permit application to
the City of Coquitlam to develop at 17,100 SF site at 715-717 Como Lake Avenue in the Burquitlam area. The site is currently occupied by a single family house and a duplex.

The site sits directly adjacent Adera’s 72-units Duet condo project at 707 Como Lake.

The plan calls for a 6-storey market rental apartment building using the RM-3 Multi-Storey Medium Density Apartment Residential designation under the Burquitlam-Lougheed Neighbourhood Plan.

Details of the proposal include:

  • 59 rental units;
  • 18 studios, 23 one-bedrooms, 6 two-bedrooms & 12 three-bedrooms;
  • a total density of 2.53 FSR;
  • 56 underground parking spaces.

The architect for the project is Integra Architecture.

The site was assembled in 2019 for $4,780,000 or $110 per buildable SF based on the application.

November 16, 2020by david.taylor@colliers.com
Apartment, Development, Office

City of Vancouver Considering Major Changes Near Marine & Cambie

The City of Vancouver is considering new guidelines for height and density that would impact approximately 40 properties around Marine and Cambie in South Vancouver that have potential for social housing or commercial/industrial development.

The area has been the subject of guidelines under both the Marpole Community Plan and Cambie Corridor Plan; however, more recent decisions by Council have directed staff to review the area for new guidelines. These decisions include:

  • In February 2020, Council directed staff to consider rezoning enquiries and applications for social housing sites around the Marine Drive Station area beyond the heights envisioned in the Marpole Community Plan to address Council’s affordable housing priorities (PDF).
  • In October 2020, Council also supported intensification of job space in key areas, including Marine Landing, through the Employment Lands and Economy Review (ELER) (PDF). Intensive employment sites in Marine Landing that deliver 100% job space projects with a multi-storey light industrial space may be considered for greater heights and/or densities than identified in the Marpole Community Plan and Cambie Corridor Plan.

The new analysis of the areas planning guidelines will provide new direction for building heights, densities, public realm improvements, built form and urban design, public amenities and upgrades to utilities and public transportation.

A full FAQ page is located here for further background: https://shapeyourcity.ca/marine-landing-review/widgets/61466/faqs

It is expected that a report will go to Council in Spring 2021.

The full review page is located here: https://shapeyourcity.ca/marine-landing-review

November 8, 2020by 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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