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

281-Unit North Van Rental Proposal Moving Forward

Cressey has submitted their formal rezoning application for the 81,450 SF site that they own at 250 East 15th Street in North Vancouver, just North of Lions Gate Hospital.

The site is currently improved with two older lowrise apartment buildings totaling 101 units.

Cressey has owned the buildings for several decades, and began community consultation for the project in early 2019.

The site contains two designations – one designation each for the south and
north portions of the site -within the Official Community Plan: Residential Level 5 (R5) to the north and Residential Level 6 (R6) to the south.

The formal rezoning application consists of three rental residential buildings -two 12-storey buildings adjacent to East 15th Street and one 6-storey building adjacent to East 16th Street, and the provision of a public park on the site’s north-eastern quadrant.

Details include:

  • 281 market rental units, including 28 mid-market units;
  • 34 studios, 148 one-bedrooms, 44 two-bedrooms & 57 three-bedrooms;
  • a max building height of 121 ft.;
  • a total density of 2.95 FSR;
  • a 24,600 square foot park;
  • 266 parking spaces in two underground levels.

The application describes the design rationale: “The principle design element of the project, aside from the provision of the public park, is the span between the two 12-storey buildings along 15th Street. The proposed span will host the majority of the shared amenity spaces for the complex, including a games room, a reception area, a large lounge, washrooms, and a bookable event space that could be used for hosting a party or a cooking class for the building. The spaces will be available to the tenants of all three buildings and the applicant has stated the importance of forming a community for tenants that will provide renters with a greater social experience than a traditional rental building. Significant glazing of these amenity spaces will support the activation and attractiveness of the streetscape on East 15th Street and will provide passive surveillance of the bus stop located directly in front of the proposed project. Other street frontages are activated through the inclusion of at-grade entrances to units, or where the grade does not support entrances, balconies and landscaping are utilized to ensure an attractive and activated interface between the public and private realms. A rooftop amenity space – only accessible to residents – is included on the 6-storey building and the connecting span that includes: community garden plots, planters for additional vegetation, a lounge area and outdoor dining/cooking area, as well as a greenhouse structure with a washroom. The easternmost 12-storey building includes a rooftop component only accessible to the tenants of the top units.”

The architect for the project is Bingham Hill Architects.

May 22, 2020by david.taylor@colliers.com
Apartment, Development

1649 East Broadway Revised as 100% Rental Building

Jameson Development has submitted a new rezoning application for the site they own at 1649 East Broadway in East Vancouver.

A previous rezoning application was approved in May 2018 for a 10-storey condo/rental building (50/50) under the Grandview Woodland Community Plan. Two years later, Jameson has revised the project for extra height in exchange for a 100% rental project (20% below market).

The proposed amendment would allow for two additional storeys to accommodate a 12-storey mixed use development and includes:

  • 114 rental units (increased from 85 units);
  • 91 market rental units and 23 below-market rental units;
  • 12 studios, 60 one-bedrooms, 36 two-bedrooms & 6 three-bedrooms;
  • A building height of 120 ft., (increased from 109 ft).;
  • A total density of 5.00 FSR (increased from 4.0 FSR);
  • 70 underground parking spaces and 217 bicycle spaces.

This application is being considered under the Grandview-Woodland Community Plan and the Below-Market Rental Housing Policy for Rezonings.

The architect for the project is IBI Group.

The full rezoning application can be viewed here.

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

15-Storey Rental Tower Planned for West 41st Site

A rezoning application has been submitted by Bogner Development for a three-lot land assembly on West 41st Avenue at Columbia Street, two blocks East of Oakridge Centre.

The 22,643 SF site at 208-232 West 41st Avenue is currently zoned RS-1 and improved with three single family houses.

The proposal is for a 15-storey rental building including:

  • 156 market rental units;
  • 23 studios, 80 one-bedrooms, 42 two-bedrooms & 11 three-bedrooms;
  • 7,000 SF of retail space at grade;
  • amenity space on the rooftop;
  • a total density of 5.84 FSR;
  • a maximum building height of 169 ft.; and
  • 95 underground parking stalls and 290 bicycle spaces.

The application is being considered under the Cambie Corridor Plan.

The architect for the project is GBL Architects.

May 15, 2020by david.taylor@colliers.com
Apartment, Development

64 Rental Units Pitched for Upper Lonsdale Site

Cascadia Green Development has submitted a rezoning application to the City of North Vancouver for a site at the southeast corner of Lonsdale Avenue and East 26th Street, north of the Trans Canada Highway,

The site at 2540-2590 is currently improved with two older apartment buildings that contain a combined 25 units.

The OCP designates the subject site as Residential Level 5 (R5). Residential Level 5 seeks to provide quality multi-family housing with a mix of unit sizes, with a focus on creating attractive and active streets. R5 permits a maximum density of 2.6 FSR, inclusive of a 1.0 FSR bonus, and a maximum height of 6-storeys.

The rezoning proposal is for a 5-storey building and includes:

  • 64 market rental units;
  • 30 Studios, 16 one-bedrooms, 11 two-bedrooms, 7 three-bedrooms;
  • 10% of units secured in perpetuity at 10% below CMHC market rents;
  • a total density of 2.60 FAR;
  • 42 vehicle parking spaces.

The architect for the project is Integra Architecture.

The site was acquired in 2019 for $9,150,000, or $208 per buildable SF based on the application.

May 8, 2020by david.taylor@colliers.com
Apartment, Development

Plan for Arbutus Assembly Includes 116 Rental Units

PCI Group has submitted their rezoning application for 3609-3687 Arbutus Street, a 33,000 SF site that they acquired earlier this year. The site is located on the West side of Arbutus between West 20th and West 21st Ave.

The five-lot, full block assembly is currently zoned RS-1 but is proposed to allow for the development of two 6-storey residential buildings including:

  • 116 market rental units;
  • 4 studios, 66 one-bedrooms, 32 two-bedrooms & 14 three-bedrooms;
  • a total density of 2.53 FSR;
  • a maximum height of 73 ft.; and
  • 74 underground parking stalls and 227 bicycle spaces.

The proposal describes the design rationale: “The proposed site is approximately 264 feet long and slopes over 2m down from the south to the north along Arbutus Street, and over 1.5m down towards the west at the lane. In response, and as per the City’s advice, the project has been split into two buildings, with the north building lower than the south building. The offsetting of the buildings follows the slope of the site, reduces
the height, and minimizes grade changes between the sidewalk and the ground oriented units facing the street. In addition, a courtyard space has been created between the buildings with amenity rooms located on each side.

The buildings provide further massing relief by stepping back at Levels 5 and 6 to create a four storey emphasis and to mitigate shadow impact on adjacent properties. This also provides generous terrace space for the units on Level 5. The rooftops have amenity terraces complete with planting, children’s play spaces, urban agriculture, BBQ and seating spaces. At the street and the lane, masonry portals are used to define balconies and anchor the building with elements that align with the scale of the neighbourhood.”

The architect for the project is BHA Architecture.

The application is being considered under the Affordable Housing Choices Interim Rezoning Policy.

The full rezoning application can be viewed here: https://rezoning.vancouver.ca/applications/3609-3687arbutusst/index.htm

May 7, 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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