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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, Retail

Rental Building Proposed for East Broadway Site

A development application has been submitted to the City of Vancouver for a new market rental building on a site at 731-743 East Broadway, located mid-block between Fraser Street and Prince Albert Street, on the north side of Broadway. The site is 12,093 (122′ x 99′) and is zoned C2-C.

The proposal anticipates rehabilitation and heritage designation of the existing building at 741 East Broadway, owned and occupied by Raymar Realty. Also planned is a new 5- storey mixed-use building to the West. Overall, the proposal includes:

  • 45 market rental units;
    • 29 studios, 3 one-bedrooms, 12 two-bedrooms and 1 three-bedroom;
  • 3,198 SF of retail space;
  • 1,695 SF of restaurant space;
  • a total density of 3.00 FSR;
  • a maximum building height of approximately 63.42 ft; and
  • 1 level of underground parking with 20 stalls accessed from the rear lane.

The application describes the design rationale: “The first step in generating the design was establishing the basic relationships on the site. The primary criteria was that the existing Heritage asset at #741-745 E Broadway be retained as completely as possible. All major “character defining” elements would need to be retained & restored, and in some cases reconstructed. The goal in developing the massing of the new portion of the development was to create a complementary, non-competing contemporary structure which would emphasize the prominence of the Heritage asset on the streetwall. Thus. the new development is set back from the face of the Heritage structure – a ~9’ indent in the street wall creates a “forecourt” in front of the new development, and allows us to retain the three-dimensional reading of the Heritage building when viewed from E Broadway.”

Under the site’s existing C-2C zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning.

The architect for the project is Gair Williamson Architects.

July 24, 2019by david.taylor@colliers.com
Apartment, Condo, Development

Redevelopment Eyed for 7-Acre Taylor Way Site In West Vancouver

A preliminary development proposal has been submitted to the District of West Vancouver for a large property known as Taylorwood Place at the Northeast corner of Taylor Way and Keith Road.

Taylorwood Place is a 21-lot single family bare strata subdivision built in the 1970’s. A single entity, Taylorwood Investments Ltd., owns 19 of the 21 lots and is seeking to control 100% in the near future. 

The 6.56 acre site has been the subject of past attempts at redevelopment, including in 2010 by Polygon Homes who were seeking to build 160 condos on the site at a density of 0.75 FAR. For various reasons, that plan did not proceed.

Current planning efforts have been underway since 2015 and have been delayed pending a forthcoming Taylor Way Corridor study which is likely to occur by 2020. The proponent is now seeking community feedback and is offering public benefits in exchange for an OCP amendment.

After various stages of community consultation since 2017, the current version of the development proposal is summarized as follows:

  • 390 units (condo and rental, with at least 40% of the units rental);
  • 473,000 SF of gross buildable area;
  • a total density of 1.66 FAR;
  • five terraced mid-rise apartment forms (3-6-storeys);
  • community facilities including childcare;
  • underground parking.

Council will consider the direction of a preliminary development proposal for Taylorwood Place at its meeting on July 15, 2019. A rezoning application has not been received at this time.

The architect for the project is NSDA Architects.

July 11, 2019by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

Two Tower Project Proposed for Cambie & 41st Site

Polygon has submitted their application to rezone the 34,000 SF Oakridge Plaza site that they own at the Southeast corner of Cambie & West 41st Avenue, across from Oakridge.

5740 Cambie Street is currently zoned C-2 and is improved with two office buildings leased to mostly medical tenants.

The rezoning proposal consists of a mixed-use development with a 14-storey market rental tower and a 27-storey market strata tower and includes:

  • 80 market rental units;
    • 10 studios, 31 one-bedrooms, 39 two-bedrooms;
  • 133 condo units;
    • 14 one-bedrooms, 104 two-bedrooms, 14 three-bedrooms & one penthouse;
  • 12,500 SF of retail space;
  • 20,800 SF of market office space;
  • 46,000 SF of non-profit office space;
  • a total density of 8.61 FSR;
  • tower heights of 278 ft., and 148 ft.;
  • 288 underground parking spaces and 559 bicycle spaces.

The application is being considered under the Cambie Corridor Plan.

The architect for the project is Dialog.

The full rezoning application can be viewed here: https://rezoning.vancouver.ca/applications/5740cambiest/index.htm

June 24, 2019by david.taylor@colliers.com
Apartment, Development, Office, Retail

Revised Application Submitted for Broadway Denny’s Site

The revised rezoning application for the former Denny’s location at Broadway and Birch has been submitted to the City of Vancouver.

The site was originally proposed for rezoning by Jameson Development Corp. back in January 2017 under the City’s rental Rental 100 program. The rezoning was approved and enacted in 2018, after which the site was cleared and fenced. Late last year, it was announced that the application was being revised under the City’s new test policy known as the  Moderate Income Rental Housing Pilot Program.

The project, now with an address of 2538 Birch Street (formerly 1296 West Broadway) is seeking to allow for the development of a 28-storey mixed-use building including:

  • 248 rental units;
  • 53 units designated as moderate income units;
    • Combined: 30 studios, 121 one-bedrooms, 70 two-bedrooms & 27 three-bedrooms;
  • 16,212 SF of office space;
  • 11,326 SF of retail space;
  • a total density of 10.52 FSR (previously 7.07 FSR);
  • a building height of 276 ft.; and
  • 187 underground parking stalls and 438 bike spaces.

The application describes the design rationale: “The podium is composed of a retail block that will maintain a human scale at street level with a continuous glass overhang above the sidewalk. Vertical brick walls divide the Broadway frontage with the potential for up to five commercial units. Above the canopy, there are vertical banner signs that help differentiate the retail massing, while also expressing a retail flagship on Broadway.

The entrance to the office level is also on Broadway, separate from the residential building entry on Birch Street. We have provided a 360 sq.ft. public open space at the corner of Broadway and Birch. There is potential for a retail tenant—a restaurant or coffee shop, for example—to extend into the outdoor plaza enlivening the street. We have also designed the building so that the northwest corner meets the ground at the plaza. This corner will be the canvas for a public art tile mosaic by local Musqueam artist, Debra Sparrow, which will start at the plaza and rise to 17 storeys. Above the plaza, a glass box enclosing residential units further breaks up the retail block.

The tower comprises three brick colours: dark gray, bone white, and red clay. The location of the brick colours are intended to further break up the massing into different volumes in the tower. The colour scheme also provides a neutral palette that will accentuate the public art. The brick walls are uninteruppted as they go up, to emphasize a tall and slender expression, with the window wall in between the brick walls recessed with dark gray frames and metal panel. These vertical brick walls terminate with planters, providing greenery at the building’s edges that can be seen from the street. Furthermore, the brick walls provide the high energy efficiency required to meet the City’s Zero Emissions Building Plan.”

The architect for the project is IBI Group.

The site was purchased in 2016 for $26,250,000, or $133 per buildable SF based on the current application.

May 29, 2019by david.taylor@colliers.com
Apartment, Development

Infill Rental Tower Proposed for West Van Apartment Property

A rezoning application has been submitted to add rental apartments to an existing rental apartment property at 1552 Esquimalt Avenue in West Vancouver. Ambleside Towers is a 21-storey, 185 unit concrete highrise built in 1970 on a nearly two acre site. The plan calls for the addition of new rental units on the underutilized Western portion of the site.

The application was initially made in 2016 but put on hold as part of West Vancouver’s revised OCP process. The proposal was brought forward again in late 2018 and now seek public input.

The proposal includes the following:

  • a new 17-storey rental apartment tower;
  • 131 rental units (including 20 ground oriented units)
    • 16 studios, 60 one-bedrooms, 54 two-bedrooms & 1 three-bedroom unit;
  • a total combined site density of 2.99 FAR;
  • a total building height of 170 ft.;
  • 83 new parking spaces (for a total on site of 208)

The architect for the project is Buttjes Architecture.

May 10, 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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