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

Rezoning Application Details Next Phase of ‘Southgate City’

Ledingham McAllister has submitted a rezoning bylaw amendment application to proceed with development of the next phase of Southgate City, the massive redevelopment project on the 52 acre site in the Edmonds area of South Burnaby.

Southgate City was approved via rezoning for a master plan in 2015 to include up to 5.9 Million SF of residential density. This particular phase had a rezoning application in 2016, however, that application did not proceed and the City of Burnaby’s Rental Use Zoning Policy now applies to the overall master plan of the project.

This first phase is located in the Gateway Neighbourhood, comprising two City-owned lots that will form the Western entrance to the overall master planned site.

The site will be divided into three lots: the City will retain ownership of Lot B, the eastern lot fronting Eighteenth Street, and lease it to BC Housing for development of non-market rental housing. The City would also retain ownership of the western lot fronting Griffiths Avenue, which would include an urban trail and park. The central lot, Lot A, which is to front the future Southgate Boulevard, is intended to be the subject of a land exchange between the City and Ledingham for an equally sized and designated site within the remaining Southgate Master Plan. The central lot would be developed by Ledingham for a condo tower.

The plan includes a 41-storey condo tower over a six-storey podium, and a 37 storey non-market residential tower over a six-storey podium. Further details include:

  • 926 residential units;
  • 421 condos;
  • 37 studios, 160 one-beds, 197 two-bedrooms & 27 three-bedrooms;
  • 505 non-market rental;
  • 94 studios, 205 one-beds, 164 two-bedrooms & 42 three-bedrooms;
  • a total density of 6.16 FAR (see table below);
  • 16,000 SF in amenity facilities;
  • construction of new roads including Southgate Boulevard;
  • 740 underground parking stalls.

The architect for the project is IBI Group.

November 8, 2020by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

2,600 Residential Units, Commercial & Cultural Space Planned for Heather Lands

The formal rezoning application has been submitted for the Heather Lands, a 21-acre site located just West of Cambie Street, between West 33rd and West 37th. The site is jointly owned by Canada Lands Company,  the Musqueam Indian Band, Squamish Nation and Tsleil-Waututh Nation (the “MST Nations”).

A comprehensive planning program was initiated for the site in 2016 and concluded in 2018, now the details are being revealed for submission to City Council in the rezoning application.

The proposal is for a master-planned redevelopment of the site, built in five phases, with buildings between 3 and 28 storeys, a childcare facility, a school, a park and public open space, office space, retail space, and a cultural centre. This proposal includes:

  • approximately 1,672 condo units;
  • approximately 400 rental units, including 100 moderate income rental units;
  • approximately 540 social housing units;
  • A maximum building height of 304 ft.;
  • 62,287 SF of retail space;
  • 62,994 SF of office space;
  • A 22,549 SF Musqueam, Squamish, and Tsleil-Waututh (MST) Cultural Centre;
  • A 74-space childcare facility;
  • A new Conseil Scolaire Francophone (CSF) French elementary school (on leased land);
  • 4 acres of park and open space.

The application describes the design rationale: “The proposed new Heather Lands neighbourhood reflects the shared aspiration of CLC-MST to transform the Heather Lands into an inspiring, progressive and sustainable new neighbourhood that generates the best possible economic and social benefit for MST Nations’ members, local communities, and the country. It also clearly reflects the vision laid out in the Heather Lands Policy Statement: “the vision for the new community is to create a sustainable new neighbourhood that will be a place to welcome and connect all people and cultures, and to share the traditions, culture and values of the Musqueam, Squamish and Tsleil-Waututh Nations.”

The application is being considered under the Heather Lands Policy Statement approved as part of the initial planning process.

The architect for the project is Dialog.

November 3, 2020by david.taylor@colliers.com
Apartment, Condo, Development

Condos & Rentals Proposed for West End Site

Skyllen Pacific has submitted a development application to the City of Vancouver for permission to develop a 30,000 SF site at 1116-1140 Pendrell Street, just West of Thurlow Street in the West End. The site is immediately West of the Central Presbyterian rental tower developed in 2018.

The site is an assembly of two lots zoned RM-5B, a 43-unit strata, and a 16-unit rental lowrise. Skyllen acquired the two lots in 2018 for a combined $57,200,000.

The plan for the site includes a new 18-storey condo tower flanked by two 3-storey market rental buildings. The proposal includes the following:

  • 109 condo units;
  • 69 one-bedrooms, 37 two-bedrooms & 3 three-bedrooms;
  • 16 market rental units;
  • 4 studios, 6 one-bedrooms & 6 two-bedrooms;
  • a building height of 175 ft;
  • a total density of 3.03 FSR;
  • four levels of underground parking having access from the lane.

The application describes the design rationale: “The tower massing is reminiscent of books standing on end of varying heights, shiftingback and forth. The rental buildings are massed as simple boxes shifting in plan and in elevation in 1,2 and 3 storeys. It is a playful massing serving a counterpart to the tower’s shifting books. Materials consist of burgundy brick masonry along the first storey and a cream coloured fibre cement horizontal siding on the upper levels. The tower is clad in the same burgundy brick masonry along the side elevations and cream coloured terracotta panels along the front and lane. The natural earth tone materials are meant to anchor the building in the proposed park setting and complement the historic houses.”

Under the site’s existing RM-5B 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 W.T. Leung Architects.

November 3, 2020by david.taylor@colliers.com
Apartment, Development, Retail

Rezoning Application Submitted for Former Esplanade Theatre Site

Cressey has submitted their formal rezoning application for the former Esplanade Theatre site in North Vancouver that they acquired in 2018. A preliminary application and public consultation took place in 2019.

The site is the second major rental development Cressey is working on in the City of North Vancouver, with 281 units proposed for a site in Central Londsale.

The 18,000 site is located at the northwest corner of West Esplanade and
Chesterfield in the Lower Lonsdale area.

The site is designated Mixed Use Level 4A (High Density) in the City of North Vancouver’s OCP. This designation allows for a maximum density of 3.6 FSR (including 1.0 bonus FSR).

The proposal calls for a new rental apartment building with retail on the ground floor. Details include:

  • 75 market rental units;
  • 23 studios, 28 one-bedrooms, 16 two-bedrooms & 8 three-bedrooms;
  • 8,700 SF of retail space;
  • a total density of 3.60 FSR;
  • 38 underground parking stalls;
  • total community benefit of $3.4M ($25/sf to OCP max, $190/sf for bonus).

The architect for the project is Rafii Architects Inc.

October 23, 2020by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

Major Revision to Oakridge Centre Development Includes Increased Rental & Office Density, Heights

A revised rezoning application has been submitted for Oakridge Vancouver, the 28-acre mall site that is currently under construction.

The full rezoning of the site took several years to complete, with full approval granted in 2018. The first phase is now under construction.

The new proposal seeks to increase building heights for the remaining phases above those approved in 2018, with up to 9 additional storeys per building. The proposed changes also include changing building form such as tower floor plate size; converting some condo density to rental; and adding new office space.

The majority of the site that is affected by the proposed rezoning is outside of the scope of the first phase of construction, which is projected to take four years to complete.

Overall details include:

  • 775 new housing units, including 319 additional market rental units and 94 moderate income rental units;
  • 377,260 sq. ft. of new office space;
  • Increase in overall density from 3.71 to 4.10 FSR;
  • Increase maximum heights for Buildings 2, 5, 6, 7, 9, 10, 11, 12, 13, 14 and the northeast office building;
  • No changes to buildings 1, 3, 4 & 8 (First two approved phases).

One of the more significant changes is to Building 5, previously a 43-storey condo building, which will now be converted entirely to market rental housing with 52-storeys and 587 units. The tower will be 477 ft. in height making it the tallest all rental tower in Vancouver.

A full summary of the proposed changes is outlined in the application (summarized below):

Revised renderings:

Details of the rezoning application can be viewed here: https://shapeyourcity.ca/650-w-41-ave

October 20, 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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