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

222 Rental Units Planned for Oak & 41st

Wesgroup has submitted a rezoning application for a 37,000 SF site they own at the Southwest corner of Oak Street and West 41st. The site is comprised of the former Chevron gas station at the corner, as well as a 2-storey medical office building, and comprises effectively a full city block bounded by West 42nd and a lane.

The proposal calls for a large-scale rental development that includes includes:

  • Two towers, 8 & 16-storeys in height;
  • 222 market rental units (including 52 below market units);
  • 20 studios, 123 one-bedrooms, 55 two-bedrooms & 24 three-bedrooms;
  • 17,000 SF of retail space including a proposed grocery store;
  • A total density of 5.03 FSR;
  • Building heights of 179 ft and 90 ft.;
  • Partial 17th storey common amenity space;
  • 212 vehicle parking spaces and 492 bicycle parking spaces.

The application is being considered under the Cambie Corridor Plan.

The architect for the project is IBI Group.

The full application can be viewed here: https://shapeyourcity.ca/5763-5791-oak-st-and-1008-w-41-ave

Wesgroup acquired the two lots separately in 2017 for a combined $28.6 Million, or $147 per buildable SF based on the application.

September 16, 2020by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

First Phase of Brentwood “The Grove” Project to Include Two Towers, 948 Units

A rezoning application is going to public hearing at the City of Burnaby next week for Phase One of Aoyuan‘s “The Grove” project in the Brentwood Town Centre area. Phase One is located at the corner of Willingdon and Dawson and extends along the North portion of the site to the corner of Alpha Avenue.

The 8-acre master plan project is located at the Southeast corner of Willingdon Avenue and Dawson Street. Aoyuan acquired the site, which consists of seven parcels currently improved with older industrial buildings. The master plan was approved in 2019.

Details of Phase one include:

  • Two condo towers, 36 & 43-storeys;
  • One 6-storey non-market rental building;
  • 868 condos;
  • 453 Studios, 95 One-bedrooms, 256 Two-Bedrooms & 69 Three-bedrooms;
  • 80 non-market rental units;
  • 55,000 SF of office and retail space;
  • a total density of 8.62 FAR;
  • Tower heights of 387 ft and 456 ft.;
  • 1,175 parking stalls.

The architect for the project is IBI Group.

August 21, 2020by david.taylor@colliers.com
Apartment, Condo, Development, Retail

Four Tower, 1,200-Unit Project Planned for Burquitlam Site

Intergulf has submitted a rezoning and development permit application to the City of Coquitlam permit the development of a high density residential development on a 3.8 acre land assembly at the Northeast corner of Clarke Road and Como Lake Avenue in the Burquitlam-Lougheed Neighbourhood Plan.

The existing site is comprised of six buildings including rental, strata, duplex and commercial buildings. The site is located 900 feet from Burquitlam Skytrain Station.

Details of the proposed multi-phase development include two condo towers of 40 and 33-storeys on top of a commercial podium, as well as a 5-storey non-market rental building in Phase 1, and a 27-storey condo tower and 30-storey market rental tower in Phase 2.

Overall details of Phase 1:

  • 663 condo units;
  • 47 non-market rental units;
  • 20,000 SF of retail space;
  • 6,000 SF of daycare space;
  • 1,044 parking spaces;
  • building heights of 420 ft & 365 ft.

Overall details of Phase 2:

  • 213 condo units;
  • 280 market rental units.

The overall density is 5.80 FAR.

The architect for the project is IBI Group.

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