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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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, Retail

120-Unit Tower Planned for Metrotown Site

SVM Homes has applied to the City of Burnaby to develop a 24-
storey condo and rental tower at 4330 Maywood Street, currently the site of an older 27-unit rental complex.

The 19,000 SF site is located within the Maywood neighbourhood of the Metrotown, which designates the site RM4s and RM4r Multiple Family Residential Districts. C2 Community Commercial District is also included given the site’s proximity to Maywood Park. Rental replacement units are also required.

The project is a 24-storey tower that includes:

  • 91 condo units;
  • 28 non-market rental units;
  • 1 market rental units;
  • 13,229 SF of retail space at grade;
  • 146 underground parking spaces;
  • a total density of 6.27 FAR.

The architect for the project is GBL Architects.

The site sold for $13,500,000 in 2018, or $153 per buildable SF market condo density based on the application.

July 24, 2020by david.taylor@colliers.com
Apartment, Condo, Development

Condo & Non-Market Rental Project Planned for Metrotown Site

Qualex Landmark has applied to the City of Burnaby for permission to rezone the site they own at 4275 Grange to allow a 31-storey high-rise condo building, and a 5-storey non-market rental apartment building.

The site, currently a 53-unit strata building, was sold by Casey Weeks and Morgan Iannone of Colliers in January 2019, and the site area is 45,661 SF.

The Metro Downtown Plan designates the site RM4s and RM4r. In accordance with the City’s Rental Use Zoning Polic the project is required to provide rental units equivalent to 20% of the proposed strata units. The required rental units are to be set at 20% below CMHC median rents.

Details of the proposed development include:

  • 274 condo units;
  • 26 studios, 122 one-bedrooms, 97 two-bedroom & 2 three-bedrooms;
  • 32 non-market rentals;
  • 21 two-bedrooms & 11 three-bedrooms;
  • 294 parking spaces;
  • a total density of 5.13 FAR.

The architect for the project is RWA Architects.

July 24, 2020by david.taylor@colliers.com
Apartment, Development

140-Unit Rental Building Pitched for North Van Site

Tricor Pacific & Redic Developments have applied to the District of North Vancouver for a rezoning and OCP amendment to redevelop seven single-family lots in the Lynn Creek area of North Vancouver on Mountain Highway and Oxford Street, next door to Lynn Creek Apartments, completed in 2018.

The OCP designates the subject site as “Residential Level 6” (RES6) which
envisions medium-rise apartments at a density of up to approximately 2.5 FSR. The application proposes a higher density which will require the OCP amendment.

The plan for the 33,000 SF site is to build a new 6-storey rental building that includes:

  • 140 rental units;
  • 134 market rentals;
  • 6 non-market rentals;
  • 16 studios, 55 one-bedrooms, 64 two-bedrooms & 5 three-bedrooms;
  • a total density of 2.69 FAR;
  • 101 parking spaces on one underground level.

The architect for the project is Yamamoto Architecture.

July 17, 2020by david.taylor@colliers.com
Apartment, Development, Office, Retail

9-Storey Mixed Use Building Proposed for False Creek Flats Site

Wave Developments has applied to the City of Vancouver for permission to develop on a 19,724 SF site at East 2nd and Scotia.

The proposal is for a new 9-storey mixed residential and commercial use building, consisting of:

  • Manufacturing, Brewing and Distilling Use at Level 1 & 2;
  • Ground floor restaurant/retail space;
  • Gym & office space on level 2;
  • Market rental units on levels 3-7;
  • Office space on levels 8-9;
  • 66 parking stalls on two levels of underground parking;
  • A building height of 102 ft.;
  • A total density of 4.0 FSR.
The above rendering from the architect’s website depicts what may be a previous version of the design. Credit: Studio Balcaen Kwan
The above rendering from the architect’s website depicts what may be a previous version of the design. Credit: Studio Balcaen Kwan
The above rendering from the architect’s website depicts what may be a previous version of the design. Credit: Studio Balcaen Kwan

Under the site’s existing IC-3 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 Studio Balcaen Kwan.

The full development application can be viewed here: https://development.vancouver.ca/pc315-319e2nd/index.htm

July 14, 2020by david.taylor@colliers.com
Apartment, Development

78-Unit Rental Building Planned for East Van Site

A rezoning application has been submitted to the City of Vancouver for a 19,000 SF site at 1405 E 15th Avenue and 3071-3047 Maddams St in East Vancouver. The site is located along Knight Street, just West of Clark park and is an assembly of four single family lots.

The proposal is to allow for the development of 6-storey market rental building that includes:

  • 79 rental units;
  • 51 studios, 20 two-bedrooms & 8 three/four bedrooms;
  • A total density of 2.58 FSR;
  • A maximum height of 68.2 ft.;
  • 24 vehicle parking spaces and 135 bike parking spaces.

The application is being considered under the Affordable Housing Choices Interim Rezoning Policy(External link).

The architect for the project is Stuart Howard Architects.

July 14, 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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