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

174-Units Planned for Richmond Land Assembly

A rezoning application has been submitted to the City of Richmond for permission to rezone a 3.14 acre site in the West Cambie area for a new mixed-use development. The site comprises an assembly of six single family lots (all demolished and vacant) at 9080, 9086, 9100, 9180 Odlin Road and 4420, 4440 Garden City Road.

The subject site is designated “Mixed Use Employment-Residential” in the Alexandra Neighbourhood Land Use Map of the West Cambie Area Plan.

The proposed rezoning would permit the development of a 4-storey commercial building fronting Garden City Road and two 5-storey residential buildings facing Odlin Road and Dubbert Street, all over a common parkade.

Details include:

  • 174 total residential units, including:
    • 9 affordable housing units;
    • 15 Modest Market Rent Controlled Units, and;
    • 17 Market Rental units.
  • 13,260 SF of retail
  • 50,763 SF of office;
  • a total density of 1.88 FAR;
  • 224 residential and 164 commercial parking stalls.

The architect for the project is GBL Architects.

The site was assembled in 2016 for $19,017,500, or $84 per buildable SF based on the application.

September 3, 2019by david.taylor@colliers.com
Apartment, Development, Retail

63-Unit Rental Building Proposed for East Hastings

A rezoning application has been submitted by Chard Development to the City of Vancouver for the development of a new 6-storey mixed use rental building at the northeast corner of East Hastings Street and Slocan Street under the Rental 100 program.

The site is currently improved with an older 2-storey commercial building.

Plans for the 16,100 SF site include:

  • 63 market rental units;
    • 28 one-bedrooms, 20 two-bedrooms & 5 three-bedrooms;
  • 5,622 SF of retail space at grade;
  • a total density of 3.68 FSR;
  • a total building height of 69 ft.; and
  • 61 underground parking stalls and 126 bike spaces.

The application is being considered under the Secured Market Rental Housing (Rental 100) Policy.

The design features an interior courtyard, explained in the application: “To increase the number of family units, maintain an efficiency of unit planning, and to maximize density, the project is configured in a courtyard form. With the courtyard, two-bedroom units along the north side of the building are able to have a bedroom facing the exterior to the north and a second bedroom facing the interior courtyard. Furthermore, the courtyard brings social benefits and improved livability by supporting spontaneous interactions among residents and providing greater access to daylight and cross ventilation for many of the units. In addition, mechanical units have the ability to draw fresh air from the courtyard as opposed to the busy street.”

The architect for the project is BHA Architecture.

Chard acquired the site in 2017 for $11,000,000, or $185 per buildable SF based on the application.

September 3, 2019by david.taylor@colliers.com
Apartment, Development

6-Storey Micro Dwelling Building Proposed for Main Street

A development application has been submitted for a vacant parking lot site on the East side of Main Street between Powell and Alexander Street. The site at 138 Main Street, is zoned DEOD and is 6,000 SF in size.

The plan calls for a 6-storey micro-dwelling building under the City’s Social Housing or Rental Tenure (SHORT) program, which was launched in 2017 and is a pilot program with a target of 1,700 affordable housing units.

The developer is the Anhart Foundation, which acquired the site in 2018. The project, entitled Jubilee 2, will be the first of Anhart’s privately developed affordable housing under this model and will replace the Jubilee rooms which they sold in 2017.

Details of the proposal include:

  • 70 micro dwelling units (28 market rental & 42 social housing units;
  • Units range in size from 250 to 320 SF;
  • retail at grade;
  • a shared lounge and roof deck;
  • a building height of 75 feet;
  • a total density of 5.1 FSR;
  • no vehicle parking spaces.

Under the site’s existing DEOD zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Development Permit Board.

The SHORT application process is aptly named as it’s goal is to cut the permitting time in half compared to a regular development application. (12 weeks for development permit).

The architect for the project is Birmingham and Wood Architects .

The site sold in 2018 for $4,250,000, or $139 per buildable SF based on the application.

August 26, 2019by david.taylor@colliers.com
Apartment, Condo, Development, Retail

Revised Plan for Oakridge Transit Centre Site to Include

The formal rezoning application has been submitted to the City of Vancouver for the Oakridge Transit Centre (“OTC”) site sold by Translink in 2016 to a group led by Modern Green Development. The project is slated to be named “Oak Green“.

A policy statement for the 14 acre site was approved in 2017 after three years of planning and neighbourhood consultation for the site. An additional three single family lots on Willow Street have also been added totaling half an acre.

The specific details of the development parameters for the site are now laid out in the rezoning application, and allow for a slight increase in height and density in exchange for an increase in social housing and rental housing.

Details include:

  • 1,149 condo units;
  • 180 secured market rental units, including 45 Moderate Income Rental Units;
  • 300 social housing units;
  • a total density of 2.30 FSR;
  • approx. 15,000 SF of retail space along West 41st;
  • building heights up to 230 ft (23 storeys).
  • an 8,500 SF childcare facility;
  • a new 2.34-acre public park.

The project is planned to be constructed in five phases, with Phase 1 (along West 41st) starting in 2020, and the final phase to be completed in 2031.

The application is being considered under the Oakridge Transit Centre and Adjacent Sites Policy Statement referenced above. The site is also subject to the Rezoning Policy for Sustainable Large Developments and Green Buildings Policy for Rezonings.

The architect for the project is James Cheng.

Link to the full rezoning application: https://rezoning.vancouver.ca/applications/949w41stave/index.htm

August 26, 2019by david.taylor@colliers.com
Apartment, Development, Retail

7-Storey Mixed Market/Social Housing Building Proposed for Downtown Eastside

A development application has been submitted to the City of Vancouver for permission to develop a 25 ft. lot in the Downtown Eastside at 436 East Hastings Street. The site is currently improved with an older single storey commercial building.

Plans for the 3,050 SF site show a new 7-storey building that includes:

  • 22 affordable studio units, including:
    • 8 units of market rental housing;
    • 14 units of social housing;
  • 1,113 SF of ground floor retail;
  • a total density of 5.0 FSR;
  • 1 car share space.

This application is being processed through the Social Housing or Rental Tenure (SHORT) program. Under the site’s existing DEOD zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Development Permit Board.

The architect for the project is Wilson Chang.

August 21, 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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