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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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

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
Apartment, Development, Office, Retail

Previously Approved Rental 100 Project Revised Under Moderate Income Policy

A rezoning application has been submitted for a site in Mount Pleasant that was previously approved for rezoning under Rental 100.

445 Kingsway and 2935 St. George Street, currently the Destination Hyundai dealership, received rezoning approval from City of Vancouver council in 2016 for a 109-unit rental apartment project with a new Honda dealership at grade. The rezoning was never enacted, and a new application has surfaced in its place.

The new application is being made under the City’s Moderate Income Rental Housing Pilot Program, which allows proposals up to 14-storeys on arterials. The existing 46,576 SF site is zoned C-2.

The proposal calls for two 14-storey towers above a podium, and includes:

  • 215 rental units (with 20% of the residential floor area assigned to moderate income households);
  • 54 studios, 86 one-bedrooms, 54 two-bedrooms & 21 three-bedrooms;
  • 31,000 SF of retail and office space;
  • 96,000 SF commercial car wash and vehicle storage in the underground parkade;
  • a total density of 4.84 FSR (above grade);
  • a building height of 150 ft.; and
  • 224 underground parking stalls and 443 bike spaces (including underground vehicle storage).

The commercial car wash is intended to serve the nearby Kingsway Honda dealership and service centre located at the Stella mixed-use development at Kingsway and East 12th Avenue.

The application is being considered under the Moderate Income Rental Housing Pilot Program.

The architect for the project is Acton Ostry.

August 7, 2019by david.taylor@colliers.com
Apartment, Development, Retail

128-Unit Rental Building Planned for Kingsway Site

Peterson Group has submitted their rezoning application under the Moderate Income Rental Housing Pilot Program (“MIRHPP”) for 1111-1123 Kingsway, a 19,211 SF site currently improved with single storey auto repair shops at the corner of Kingsway and Glen Drive in East Vancouver.

The plan for the site is for a new 13-storey mixed-use building that includes:

  • 128 rental units (23 units are designated as MIRHPP units);
    • 29 studios, 53 one-bedrooms, 43 two-bedrooms & 3 three-bedrooms;
  • DCL waiver maximum rents;
  • 7,330 SF of retail space at grade;
  • a total density of 5.39 FSR;
  • a maximum height of 133 ft.; and
  • 97 underground parking stalls and 260 bike spaces.

The application describes the design rationale: “The main residential lobby is located on Glen Drive allowing retail space to be maximized on the ground floor along Kingsway. The 7th floor includes an interior amenity space and access to a south facing amenity roof terrace that maximizes access to natural light and mitigates overlook. These amenity spaces will be designed in accordance with the High-Density for Families with Children Guidelines and will include elements such as children’s play and common social spaces. Where possible, the project will seek to incorporate additional building amenities, such as urban agriculture. The retail space is oriented to Kingsway on the ground floor and the corner in a contiguous space that has been designed to permit a flexible retail configuration that will animate the public realm.”

The architect for the project is MCMP Architects.

Peterson acquired the site in 2018 for $14,800,000 or $143 per buildable SF based on the application.

July 26, 2019by 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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