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

48-Unit Rental Building Proposed for Lower Lonsdale

A rezoning application has been submitted for a site at 173 & 177 West 6th Street (corner of Chesterfield and West 6th) to rezone the properties from a Medium Density Apartment Residential 1 (RM-1) zone to a Comprehensive Development zone to allow redevelopment of this 14,008 SF site that is an assembly of an older 10-unit apartment building and a 3-unit townhouse.

The site has an OCP designation of Residential Level 5 that allows for a density of 1.6 Floor Space Ratio (FSR) and a potential for an additional bonus of up to 1.0 FSR, in accordance with the City’s Density Bonus and Community Benefits Policy. 

The proposal calls for a new 6-storey rental building on the site including:

  • 48 rental units;
  • 28 one-bedrooms, 15 two-bedrooms and 5 three-bedrooms;
  • Includes 5 townhouse units along Chesterfield;
  • A total density of 2.60 FSR;
  • 35 underground parking stalls.

The architect for the project is Rafii Architects.

 

June 12, 2018by david.taylor@colliers.com
Apartment, Development

67-Unit Rental Building Proposed for North Van Site

A rezoning application has been submitted for a site at 127-129 East 12th Street in North Vancouver. The application seeks to rezone from the current Medium Density Apartment Residential 1 (RM-1) zoning to allow a new six-storey rental apartment building, to replace an older walkup apartment on the site.

The site is located along the southern side of East 12th Street in the Central Lonsdale area with Lonsdale Avenue to the west and St. Georges Avenue to the east.

The land use designation of the subject site is Residential Level 5 (R5), which allows for a medium density multi-family building up to a maximum density of 1.60 times the lot area (FSR), with the potential of an additional 1.0 FSR bonus density to be granted at Council’s discretion, for a total of 2.60 FSR

Details of the proposal include:

  • 64 rental units (including 6 mid-market rentals);
  • 2 studios, 37 one-bedrooms, 18 two-bedrooms and 8 three-bedroom units;
  • a total density of 2.60 FSR:
  • a building height of 63 ft.
  • 60 underground parking stalls.

 

The application describes the design intent: “The proposed rental apartment building is presented as a unique concept with all the residential units surrounding an outdoor central courtyard on the ground level with outdoor circulation available to all units that surrounds the courtyard. Access to the upper levels is available either by an open stairway or elevator.”

The architect for the project is Birmingham & Wood.

June 9, 2018by david.taylor@colliers.com
Apartment, Development

88-Unit Rental Building Proposed for Lynn Creek Area of North Van

A rezoning application has been submitted by Adera for a two-lot land assembly in the Lynn Creek area of North Vancouver (formerly known as “Lower Lynn”). The site at 1552-1568 Oxford totals 26,471 SF and is currently improved with two older single family houses. The Official Community Plan designates the site as RES Level 5: Low Density Apartment which envisions apartments at a density of up to approximately 1.75 FSR, but this proposal would amend the OCP to allow for a higher density.

The site sits adjacent the “Creekstone Care Centre” which was approved by the District of North Vancouver in January 2018 with a density of 3.1 FSR and 7-storeys in height.
The “Lynn Creek Apartments” is located to the south side of Oxford Street and includes a 6-storey rental building with a density of 3.2 FSR.

Details of the proposal include:

  • 6-storey rental building;
  • 88 rental units;
  • A total density of 3.03 FSR;
  • A total CAC of $922,000 ($11.50 per SF);
  • 80 parking stalls on two levels of underground parking.

The architect for the project is Rositch Hemphill.

May 24, 2018by david.taylor@colliers.com
Apartment, Development

Rezoning Proposed for Travelodge Site in North Van

A rezoning application has been submitted by Marvel Group for the Travelodge site at 2050-2070 Marine Drive in North Vancouver. The site sits between two recent tower proposals – the former Earls Site to the West, and Park West to the East. The Official Community Plan (OCP) designates this site as Commercial Residential Mixed Use 2 (CRMU2).

The 1.6 acre site consists of four separate commercial parcels including:

  • Travelodge Hotel
  • Pho Japolo Restaurant
  • Denny’s Restaurant
  • Earl’s Restaurant parking lot (the restaurant itself is not part of this application, as it is located in West Vancouver)

The rezoning application for this 1.6 acre site includes:

  • A 29-storey tower and two lowrise buildings;
  • 264 market condo units;
  • 35 affordable rental units;
  • a total density of 2.75 FSR;
  • A new park “Curling Park” (provided jointly between this and Park West development);
  • Two floor of underground parking.

 

May 22, 2018by david.taylor@colliers.com
Apartment, Development

91-Unit Rental Apartment Project Proposed for Marpole

A rezoning application has been submitted for a 23,518 SF mid-block site on Oak Street, just South of West 70th Avenue. 8636-8656 Oak Street is currently improved with two older RM-3A zoned apartment buildings totaling 17 units.

The proposed rezoning for the two lots is for a new rental project with two 6-storey buildings which include:

  • 91 market rental units;
  • 29 studios, 29 one-bedrooms, 27 two-bedrooms & 6 three-bedrooms;
  • a total density of 2.50 FSR;
  • a building height of 60 ft.; and
  • two levels of underground parking with 76 vehicle parking spaces and 115 bicycle spaces.

The application is being considered under the Marpole Community Plan.

The architect for the project is WT Leung Architects.

May 14, 2018by 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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