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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, Development

424-Unit Rental Tower Planned for New Westminster Site

Wesgroup has applied to the City of New Westminster for a zoning bylaw amendment for a site that they own at 100 Braid Street in the Sapperton area.

The site was previously rezoned in 2016 from light industrial to mixed use to allow a 21-storey condo tower. The lot is 47,006 SF and is adjacent to the new Urban Academy School (also subject of the previous rezoning), and just south of the large Master Planned Sapperton Green project. It is currently occupied by four commercial tenants.

The revised proposal for the site is a 35-storey, 100% market rental tower that includes:

  • 424 rental units;
  • 57 studios, 260 one-bedrooms, 86 two-bedrooms & 21 three-bedrooms;
  • a total density of 6.60 FSR;
  • a building height of 390 ft.;
  • 422 underground parking spaces;
  • 4,252 SF of community art gallery/studio space that would be offered to tenants at discounted rents.

There will be a 5-storey mixed-use podium. The podium would be situated on the north and east frontages while the tower would be located at the northeast corner of the site. An art gallery/studio space would be provided at the ground-level within the podium along the Braid Street frontage adjacent to the Urban Academy School.

The proposal would include townhouses on the south frontage that would be accessed from within the development as well as from a private walkway that runs along the south and east edges of the site. This walkway would also provide access to other groundoriented units located within the easterly podium levels. The development would share a vehicular entry and multi-use pathway with the school to the west. The parkade entrance
for the building would be located off of the shared driveway between this site and Urban Academy.

The architect for the project is Chris Dikeakos.

July 12, 2020by david.taylor@colliers.com
Apartment, Investment, Retail

West 4th Retail/Residential Building Sells in $8.8M Deal

A 2-storey retail and aparment building on a prime stretch of West 4th Avenue has sold for $8,800,000. The building at 2041 West 4th is located on a 50 ft. lot and is zoned C-2B. The ground floor retail is currently leased to Turf for the next 6 years. The upstairs consists of two higher end rental units.

The sale price equates to $1,050 per SF for the building.

A virtual tour of the Property can be viewed here: https://fraserelliott.com/2041-w-4th-avenue-vancouver/

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

Redevelopment of West Van Rental Site Could Include 21-Storey Tower

The preliminary proposal has been submitted for redevelopment of the Shoreland Apartment site at 2190 Bellevue Avenue. The redevelopment had been rumoured last year and was thought to include a concurrent application and demolition of the “Pink Palace” building known as Villa Maris at 2222 Bellevue, although the application does not anticipate immediate redevelopment of Villa Maris at this time.

The Shoreland is a 62-unit, 11-storey rental apartment building that was built in 1963 by the current owners. The site is 29,185 SF in size.

The current zoning for the site is RM2 which allows up to 20 storeys in height.

The owners have put forth two potential redevelopment options for Council to consider:

  • Option one: 
  • 6 storey non-market building on the west side of the site and a 17 storey market building on the east side of the site
  • 186 rental units (24 non-market rental units and 162 market rental units).
  • 5.20 FAR density
  • Option two: 
  • 6 storey non-market building on the west side of the site and a 21 storey market building on the east side of the site
  • 230 rental units (24 non-market rental units and 206 market rental units). 
  • 6.24 FAR density

Both options include a 6-storey building with affordable units dedicated for “essential service workers”.

A tenant relocation assistance strategy is proposed to be implemented which includes the Villa Maris site located at 2222 Bellevue Avenue. The proposal does not include redevelopment of the Villa Maris site.

The preliminary development proposal will be presented to Council on June 22, 2020, to determine if the proposal can proceed to public consultation prior to the adoption of the Ambleside Municipal Town Centre Local Area Plan.

The architect for the project is James Cheng.

June 18, 2020by david.taylor@colliers.com
Apartment, Development

Proposal Would Switch Cambie Condo Project to Rental

A second rezoning application has been submitted for a small corner site at Cambie and West 32nd in Vancouver that had been previously approved for a 15-unit condo project in 2017. The rezoning was never enacted and the project never went into pre-sales.

The new proposal seeks to switch the project from condo to rental, keeping the same 6-storey building form and density.

The rental proposal includes:

  • 34 market rental units (from 15 condos);
  • a density of 2.46 FSR (unchanged);
  • Building height of 71 ft.;
  • 29 vehicle parking spaces and 64 bicycle parking spaces.

There is no change in the density, height, or form of development from the prior approved application. This new application will be subject to all current policies, guidelines, bulletins, and development permit requirements. A virtual Q&A will not be held for this application, however questions can be emailed to staff at any time.

The application is being considered under the Cambie Corridor Plan.

June 18, 2020by david.taylor@colliers.com
Apartment, Development, Office

4-Storey, 2.5 FSR Building Proposed for 33-ft Lot in Mount Pleasant

A development application has been submitted for a standard 33′ x 122′ lot on East 17th Avenue just East of Main Street. The site at 222 East 17th Ave is one of only a handful along the Main Street corridor with C-2 zoning despite being located off of Main Street and across an alley on a side street.

The lot is currently improved with an older single family dwelling.

Details for the redevelopment of the lot include:

  • a new 4-storey mixed-use building;
  • general office use on the main floor floor);
  • 5 residential units on floors 2-4;
  • a density of 2.50 FSR;
  • a proposed height of 45.28 ft.;
  • a total of 5 parking spaces having vehicular access from lane.

The application describes the design rationale and some of the challenges with the lot size: “For levels 2 and 3, the two dwelling units are separated by the circulation area (e.g. elevator, corridor, stairwell) that eats up most of the mid-section of the floor plan. This leaves us with a narrow strip of space that is particularly difficult to design without sacrificing over-all function and livability of each unit. By extending the maximum allowed limit of 50% Site depth (Section 4.5 of C2 Guidelines) to 60% we can better manage the use of space and make a more suitable design that is both livable and efficient. We are asking for a relaxation on the L2-L4 East side yard depth from 50% max. allowed to 60%.”

The architect for the project is Matthew Cheng Architect Inc.

The full application can be viewed here: https://development.vancouver.ca/pc222e17/index.htm

May 28, 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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