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, Retail

Latest Moderate Income Rental Application Seeks 87 Units at Renfrew & East 10th Ave

The Molnar Group has submitted a rezoning application for a 6-lot land assembly on Renfrew Street at the Northwest corner of East 10th Avenue. The 24,899 SF site at 2543-2583 Renfrew Street and 2895 East 10th Avenue is proposed for rezoning under the City’s Moderate Income Rental Housing Pilot Program to allow for the development of a 6-storey mixed-use building including:

  • 87 rental apartments;
    • 13 studios, 34 one-bedrooms, 26 two-bedrooms & 14 three-bedrooms;
  • 8,344 SF of retail at grade;
  • a total density of 3.42 FSR;
  • a maximum height of 66.5 ft.
  • 58 underground parking stalls.

The architect for the project is Wensley Architecture.

The Molnar Group has also submitted a separate rezoning application under the MIRHPP for the five lots at the Southwest corner of this same intersection. Together, the project is entitled ‘Renfrew Residences’.

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

212 Rental Units Planned for East Hastings Block Under MIRHPP

Two rezoning applications have been submitted by PCI Group for two separate sites that bookend the 3600 Block of East Hastings Street near the Burnaby border in the City of Vancouver.

The applications seek two 14-storey rental apartment towers under the Moderate Income Rental Housing Pilot Program, which allows rezoning to higher densities in exchange for 20% of the density designated for moderate income households.

3680 East Hastings Street was sold by our team in 2018.

The details of the two proposals are as follows:

3600 East Hastings Street (at Kootenay Street)

  • 94 rental units;
  • 8,036 SF of retail at grade;
  • a total density of 7.10 FSR;
  • a building height of 158.2 ft.; 
  • 41 underground parking spaces and 125 bicycle spaces.

3680 East Hastings Street (at Boundary Road)

  • 118 rental units;
  • 10,461 SF of retail space at grade;
  • a total density of 6.90 FSR;
  • a building height of 164.4 ft.; 
  • 57 underground parking spaces and 156 bicycle spaces.

The architect for the project is BHA Architecture.

April 12, 2019by david.taylor@colliers.com
Apartment, Development

80-Unit Rental Building Planned for East Van Site Under MIRHPP

A rezoning application has been filed under the City’s interim Moderate Income Rental Housing Pilot Program for a new rental project in East Vancouver. The site at 1956-1990 Stainsbury Avenue lies just West of Victoria Drive in the Kensington-Cedar Cottage neighbourhood. The site lies just a few hundred meters from Nanaimo Skytrain Station.

The total site area is 23,005 SF, and the plan calls to rezone from RS-1A to allow for a 5-storey rental residential building. The proposal includes:

  • 80 rental units with 20% of the residential floor area assigned to moderate income households;
    • 28 studios, 22 one-bedrooms, 18 two-bedrooms and 12 three-bedrooms; 
  • a total density of 2.59 FSR;
  • a building height of 52 ft.; 
  • 34 underground parking spaces (including two carshare spaces);
  • 198 bicycle spaces.

The application describes the public benefits of the project: “This combined affordable and market rental building provides the unique opportunity to add to the social fabric of the surrounding community and exceeds many of the minimum requirements set forth in the MIRHPP policy requirements. Importantly, there is no impact on existing rental units or tenants and as such, the proposed Stainsbury Project is a pure addition of 80 units to the City’s existing rental stock.” 

The architect for the project is Carscadden Stokes McDonald Architects

April 12, 2019by david.taylor@colliers.com
Apartment, Development, Office, Retail

Renovation of Vacant Downtown Building to Include Retail, Office & Apartment Uses

A development application has been filed to rehabilitate a vacant commercial building in the Crosstown area of Vancouver. The existing 4-storey commercial building at 41 West Pender was previously used as a warehouse for a nearby department store and has been vacant for several years.

This proposal is to add two storeys of woodframe secured rental residential to the existing building, while maintaining office and retail uses in teh existing building. The
current zoning (DD-C2) allows for 5.0 FSR, with an additional 1.0 FSR permitted if all Residential is Secured Market Rental. The existing lot is 50 x 120.

Details include:

  • 5,872 SF of retail uses on ground floor;
  • 18,515 SF of office use on levels 2-4;
  • 9,511 SF of residential uses on 5 & 6;
  • 16 market rental units (all studios);
  • an amenity roof patio;
  • a building height of 97 feet;
  • a total density of 5.65 FSR (including Transferable Heritage Density); 
  • two parking stalls accessed from the lane.

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

The application describes the building program: “The existing building is a hybrid of concrete, concrete block, steel frame with solid wood joists with concrete topping. The facade is cast in place concrete, front and back, with composite masonry block firewalls. This solid building has good potential for renovation which is not only sustainable but can allow for its occupation in shorter timelines than full demolition and rebuild. The Structural Engineers were consulted from the outset and have provided the parameters of what is and what is not possible with existing structure.

For the proposal to be feasible the renovation hinges on retaining the bulk of the primary structure and adapting the fabric to meet the new use and codes with new shared stair and elevator core. The two levels of residential need to be constructed of light wood frame.”

The architect for the project is Metric Architecture.

April 10, 2019by david.taylor@colliers.com
Apartment, Condo, Development

60-Storey Tower Proposed for Nelson Street Site

A rezoning application has been filed for 1059-1075 Nelson Street, a two-lot assembly sold previously by our team. The plan calls to rezone the existing two lowrise apartment buildings for redevelopment in order to permit the development of a 60-storey residential building. The site sits immediately West of the Butterfly project by Westbank, now in excavation.

The rezoning proposal includes:

  • 485 residential units:
      • 113 social housing units;
      • 49 market rental units;
      • 323 market condo units;
  • a building height of 555.5 ft. (585.5 ft. to the top of appurtenance)
  • a total density of 24.94 FSR;
  • 8 levels of underground parking with 299 vehicle parking spaces and 1000 Class A bicycle parking spaces and 26 Class B bicycle spaces.

This application is being considered under the West End Community Plan, Rezoning Policy for the West End, and the General Policy for Higher Buildings.

The architect for the project is IBI Group.

April 10, 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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