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, Office, Retail

Plan for East Broadway Safeway Site Includes Three Towers

Westbank has submitted their formal rezoning application for the Safeway site on East Broadway, just East of Commercial Drive.

The site at 1780 East Broadway totals 105,965 SF and is currently zoned C-3A, but was redesignated to allow a site-specific rezoning as part of the Grandview Woodland Community Plan.

The proposal consists of a mixed-use development with three residential towers (including strata, rental and social housing units), retail, office, a childcare facility, and a new public plaza.

Details include:

  • 680 total residential units;
    • 520 condos
    • 160 rental apartments;
  • a 53,000 SF Safeway store;
  • 20,000 SF of additional retail space;
  • 61,300 SF of office space;
  • a childcare facility;
  • 652 parking spaces;
  • unique “hanging gardens” in the interior courtyard;
  • a 20,000 SF public plaza running parallel to the SkyTrain station; and
  • a total combined density of 5.87 FSR.

The application is being considered under the Grandview-Woodland Community Plan.

The full rezoning application can be viewed here: https://rezoning.vancouver.ca/applications/1780ebroadway/index.htm

The architect for the project is Perkins + Will.

September 25, 2019by david.taylor@colliers.com
Apartment, Condo, Development

Polygon Planning 122 Units on Former City-owned Site in Burnaby

Polygon has submitted a rezoning application for a site in the Edmonds area of Burnaby that it has acquired from the City of Burnaby by public tender in late 2017. The completion of the sale is subject to achieving the rezoning.

The 3.7 acre site is located at the northeast comer of Southridge Drive and Byrnepark Drive and currently vacant and treed. It is one of seven City-owned sites in a mostly wooded area of Edmonds. Four of those sites have been sold and developed (Ledgestone – 2003-2005 & Adera Green 2009-2010).

The proposal for the Polygon site is for a 5-storey residential building that includes:

  • 102 condo units;
    • 7 one-bedrooms, 41 two-bedrooms & 44 three-bedroom townhouses;
  • 20 affordable rental units;
    • 3 studios, 8 one-bedrooms & 9 two-bedrooms;
  • a total density of 1.09 FAR;
  • 194 at grade and below ground parking stalls.

The architect for the project is Integra Architecture.

September 20, 2019by david.taylor@colliers.com
Apartment, Development

Rental, Affordable Housing & Replacement Church Planned for Grandview Woodland Site

A rezoning application has been submitted for the Lakewood Multicultural United Church site a the Northeast corner of East 12th Avenue and Semlin Drive in the Grandview Woodland area of East Vancouver.

The Church is located just South of the Skytrain line on a 31,381 SF irregularly shaped site. The property was redesignated for medium density development under the Grandview Woodland Community Plan.

The plan for the site is a mixed-use building with a new church and a 6-storey residential building. The project will be 100% rental housing project is developed in partnership with BC Housing to be owned and operated by BCUCC. A minimum of 30% of these homes will be permanently secured as affordable housing, to be occupied by households with incomes below the Housing Income Limits (HILS) at a rent tied to household income. Details include:

  • 104 rental apartment units (30% as Affordable Housing, 70% as market);
  • 7,415 SF of church space at grade;
  • a total density of 2.47 FSR;
  • a building height of 65 ft.; and
  • 43 underground parking stalls and 224 bike spaces.

The application describes the rezoning rationale: ” Our design proposal is a carefully considered response to the neighbouring context with a mind to Passive House principles. The following are key factors in determining the design of the building:

  • Situating the Church along E 12th Avenue to allow for a greater Church presence and visibility along the building’s most public face;
  • Allowing the landscaped courtyard to act as a buffer between our new development and the Lakewood Terrace Co-op;
  • Stepping down the building form along the north edge of Semlin Drive as transitional massing to lower density buildings towards the north;
  • Providing a highly articulated facade in the form of articulated balconies and sunshading devices aligned with Passive House Design Principles;
  • Increasing occupant access to green space via outdoor amenity space.”

The application is being considered under the Grandview-Woodland Community Plan.

The architect for the project is Shape Architecture.

September 17, 2019by david.taylor@colliers.com
Apartment, Condo, Development, Retail

Master Plan for Aoyuan Brentwood Site Envisions 5 Towers, up to 2.2 Million SF

Aoyuan International has submitted the rezoning application to develop the conceptual master plan for their 9 acre site in the Brentwood Town Centre area of Burnaby.

The site, entitled ‘the Grove’, 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, in 2017 for $152,000,000.

The master plan for the site establishes general built form, maximum building heights, development densities, permitted uses, public open space requirements, and proposed subdivision and phasing pattern. A further site specific rezoning application for Phase I will come at a future date.

The overall highlights of the master plan include:

  • 5 condo towers ranging from 36 to 51-storeys in height;
  • 4 lowrise affordable rental buildings of 6-storeys;
  • a new 1.14 acre City park;
  • retail and restaurant space;
  • four development phases;
  • An overall max density of 2,206,557 SF;
  • 20% inclusionary rental units at 20% below CMHC average per new Rental Use Policy.

The application describes the concept: “the Grove is a pedestrian-oriented community that reflects the strong urban design principles and an urban form unique in the City. At its heart is a new City park framed by a mix of buildings with a variety of uses that all contribute to an energetic heart for the community. The park is to be connected to the Dawson High Street via a central north-south pedestrian linkage that bisects the entire site from Alaska Street to Dawson Street. From east to west, Alpha Avenue will be connected to the mix of residential and commercial retail / restaurant uses on Willingdon Avenue, via an extension of Juneau Street through the site.”

The City of Burnaby’s recently adopted Rental Use Zoning Policy requires 20% of the proposed strata units as affordable rental housing. This provides 0.85 FAR offset density available under the RM4s District.

The maximum density outlined above equates to 8.35 FAR, which includes 3.6 FAR (RM4s), 1.7 FAR (RM4r), 0.85 FAR (offset), and 2.2 FAR (C9 – Commercial) subject to Council approval and individual rezoning applications for each phase.

September 14, 2019by david.taylor@colliers.com
Apartment, Condo, Development

Two Towers Proposed for Burquitlam Site

Boffo Developments has submitted their rezoning and development permit application to the City of Coquitlam for a new two-tower high density residential development, entitled ‘Smith and Farrow‘ in Burquitlam. The 1.69 acre site is irregular in shape and located just West of Clarke Road and directly North of The Burquitlam Capital building, completed this year. The site is located 650 ft. from the Burquitlam Skytrain Station.

The site is currently improved with an older 3-storey rental building with 45 units, and two 1970’s lowrise condo buildings totaling 48 units.

The plan for 705-707 North Road is to rezone to permit the development of two residential towers with a total of 482 units under the Burquitlam-Lougheed Neighbourhood Plan. Townhouses will front North Road.

Details of the proposed development include:

  • a 46-storey market condo tower w/ 348 units;
    • 126 one-bedrooms, 176 two-bedrooms & 46 3/4 bedrooms;
  • a 20-storey rental tower w/134 units (including 21 non-market units owned by Vancouver Resource Society);
    • 37 one-bedrooms, 77 two-bedrooms & 20 three-bedrooms;
  • tower heights of 492 ft. and 225 ft.;
  • a total density of 5.50 FAR;
  • 48,000 SF of combined amenity spaces including rooftop pool;
  • 688 parking spaces;
  • $16 Million in density bonus payments & $515,000 voluntary CAC.

The architect for the project is Chris Dikeakos.

Boffo assembled the site in 2017 for $41,620,000 or $89 per buildable SF based on the application.

September 3, 2019by david.taylor@colliers.com
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David Taylor Personal Real Estate Corporation

Colliers International

DT

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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