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, Retail

2,800 Unit Master Plan Project Envisioned for Coronation Park

Wesgroup has submitted a pre-application for an OCP amendment and rezoning for a 15-acre, 59 single family lot land assembly in the Coronation Park neighbourhood on the Eastern edge of Port Moody.

In 2017, the City of Port Moody amended their OCP to include the Coronation Park Neighbourhood, thereby allowing a significant amount of potential new density. A number of assembly efforts emerged in the following couple of years, with Wesgroup emerging now having 48 of the 59 lots under contract.

Six properties to the north of Guilford Drive, including the large townhouse site (Balmoral Place) and the Esso gas station are not included in the assembly.

Wesgroup’s preliminary proposal for the 645,301 SF site includes:

  • Six highrise towers (32-36 storeys), five lowrises
  • Approximately 2,800 residential units;
  • 450 market rental units and 50 affordable units;
  • 12,000 SF of retail;
  • a total density of 4.40 FAR;
  • one acre of park space;
  • a road network based largely on existing site grades.

In it’s application cover, Wesgroup notes that they have until June 2022 to enact a rezoning as part of their agreements with owners. They also note contingency plans to deal with remaining holdout owners.

The next step for the project will be to move to a formal OCP Amendment and Rezoning Application later this year.

The architect for the project is Ciccozzi Architecture.

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