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, 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
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
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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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