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, 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
Apartment, Condo, Development, Retail

Market Spotlight: Oakridge Transit Centre

The long anticipated rezoning of the 14-acre Oakridge Transit Centre site at 949 West 41st Avenue and 5469-5507 Willow Street is nearing the final stages, with a referral to public hearing next week. The master planned project has required a number of minor revisions along the way.

The rezoning application for the site represents the culmination of a 6-year planning and sale process which included:

  • Oakridge Transit Centre and Adjacent Sites Policy Statement (2014-2015)
  • Sale of site by Translink to Modern Green Development for $440 Million (paid between 2017-2022) (2016)
  • Formal rezoning application (July 2019)
  • Revised (current) rezoning application (May 2020)

The finalized details of the overall development plan include the following:

  • 17 buildings up to 26 storeys in height;
  • 1,630 total residential units, including:
    • 1,120 condos;
    • 330 social housing units;
    • 180 market and below market rental units;
  • 24,000 SF of retail space;
  • 2.36 FSR gross density;
  • a 69-space childcare;
  • a 2-acre public park;
  • new dedicated streets & lanes linking with existing road network;
  • total DCLs of $31,246,346 (social housing units exempted)
  • public art budget of $2,357,465 ($1.98 /sq ft)
  • a total CAC of $80,711,050 – cash & in-kind including:
    • turn-delivery of social housing component ($65,911,050)
    • childcare facility ($8,000,000)
    • public park ($5,000,000)
    • $1,800,000 cash allocated to transportation improvements.

Overall site plan:

The OTC is anticipated to be developed in four phases over a timeline of 10-12 years. The phasing will begin in the southwest corner of the site with the secured rental housing and then move east and northward towards 38th Avenue as shown below:

The total CAC amount of $80 Million is equivalent to $77 per sq ft. of market residential and commercial space (excluding the social and rental housing components).

The total purchase price of $440 Million equates to:

  • $300 per buildable SF on the gross overall density
  • $372 per buildable SF on the condo/rental/retail density (excluding social housing & childcare space)

The architect for the project is James KM Cheng.

October 15, 2020by 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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