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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

42-Unit Rental Building Proposed for Lower Lonsdale

A rezoning application has been submitted for an 11,998 SF site at 365 East 2nd Street in the City of North Vancouver. The site is currently improved with an older 3-storey walkup apartment building containing 18 units. 

The subject site has a 2014 Official Community Plan (OCP) designation of Residential
Level 5, which permits a midrise apartment building form to a maximum floor area of 1.6
FSR and a maximum density bonus of 1.0 FSR that may be considered when public
benefits are provided

The proposal is for a new 6-storey building that includes:

  • 42 rental units;
  • 18 one-bedrooms, 20 two-bedrooms and 4 three-bedrooms;
  • A total density of 2.60 FSR;
  • 44 underground parking stalls.

The architect for the project is Rafii Architects.

May 11, 2018by david.taylor@colliers.com
Apartment, Development, Office, Retail

Two New Tower Proposals for Coquitlam

Two new tower proposal go to first reading at the City of Coquitlam next week, one in Burquitlam and one in the City Centre area of Coquitlam. The two projects are detailed below:


545 Sydney Avenue

This proposal is by Ledingham McAlister for a site in the booming Burquitlam neighbourhood along North Road. The site is 0.8 acres and is located at the Northeast corner of Westview Street and Sydney Avenue. 

The site is currently occupied by a 3-storey condo building and the plan calls for rezoning from RM-2 to a Comprehensive Development Zone (CD) based on the RM-6 Multi-Storey High Density Apartment Residential Zone in the Official Community Plan.

The plan is for a new 25-storey residential tower that includes:

  • 235 total residential units;
    • 157 condos
    • 78 rental apartments;
  • a total density of 5.50 FAR;
  • 283 underground parking spaces.

  The site sold in January 2018 for $15,575,000.

The architect for the project is IBI Group.


1108 Westwood Street

Polygon Homes has submitted their application for this site at the southwest corner of Glen Drive and Westwood Street in the City Centre area of Coquitlam. The 1.1 acre site is mostly vacant and comprises an assembly of three lots.

The site sits adjacent a site controlled by Onni (fronting Pinetree Way), which will also be applying for a rezoning for a tower using the same architect, Chris Dikeakos. There is a master plan in place which governs the development of both sites.

The site is located within the City Centre Area Plan (CCAP), is designated City Centre Commercial in the OCP, and is located within the “Core” area of City Centre in the Transit-Oriented Development Strategy (TDS). The proposed rezoning to CD is based on the C-4 Zone which is the applicable zone in the City Centre Commercial designation in the CCAP.

The plan calls for a 40-storey residential tower that includes:

  • 273 residential units:
    • 222 condo units;
    • 51 rental apartment units;
  • Four retail units;
  • 4 floors of office space (24,000 SF total commercial space);
  • 19,813 SF of amenity space;
  • A total density of 6.40 FAR;
  • A total building height of 406 ft.;
  • 437 underground parking spaces above and below grade (due to high water table)

 

 

 

May 4, 2018by david.taylor@colliers.com
Apartment, Development, Retail

Kingsway & Clark Corner Slated for 53 Rental Units

The latest Kingsway rental rezoning application to be submitted to the City of Vancouver is for a site at the Northeast corner of Kingsway and Clark Drive, one block West of Knight Street.

The 14,134 SF site is currently improved with single storey retail including the Cedar Cottage Neighbourhood Pub and Liquor Store. The site is zoned C-2. The rezoning proposal seeks approval for a new six-storey mixed-use building, consisting of:

    • 53 market rental units;
    • 10 studios, 24 one bedrooms, 13 two-bedrooms and 6 three-bedrooms;
    • 7,884 SF of retail space at grade;
    • a total density of 3.77 FSR;
    • a building height of 74.64 ft.; and
    • 43 underground parking spaces.

This application is being considered under the Secured Market Rental Housing (Rental 100) Policy.

The site was acquired in 2017 for $5,840,000, or $102 per buildable SF based on the application.

The architect for the project is GBL Architects.

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

Two Marine Drive Tower Projects Seek Final Approval

Two large-scale tower projects on the same block on the North Shore’s Marine Drive go to their respective municipal councils for final approval next week. The first is a rezoning of the former Earls Tin Palace site in West Vancouver. The other project, branded Park West, goes to District of North Vancouver council for development permit approval.


303 Marine Drive 

The formal rezoning application for the former Earls Tin Palace site at 303 Marine Drive in West Vancouver goes to council next week. The site is owned by Darwin Properties.

Darwin acquired the site in 2014 for $20,000,000. An initial rezoning application was filed back in 2015 but was delayed pending completion of the Marine Drive Local Area Plan which was finalized by council in 2017. The site borders the boundary with the District of North Vancouver, and sits close to another two tower proposal going to District for final approval next week called “Park West“.

The proposal for the site, which will be named “The Sentinel” is a 26-storey residential tower that includes:

  • 133 total residential units
    • 91 condo units on levels 9-26 (plus 4 townhouses);
    • 42 rental units on levels 3-8;
    • 20 one-bedrooms; 100 two-bedrooms & 13 three-bedrooms
  • A total density of 3.25 FAR;
  • 201 underground parking spaces;
  • A cash CAC payment of $7,344,140.

 

The application describes the project: “This important ‘gateway’ site presents a unique opportunity to mark the eastern boundary of West Vancouver with a building that contributes to the public realm at the pedestrian scale, and also to the significant distant skyline view as the north shore is approached from the Lions Gate Bridge by car, bicycle or by foot. The existing use on the site is an aging restaurant building and surface parking lot whose tenant will soon be relocating to a new development in Ambleside. This proposed residential development will be architecturally distinctive, and will compliment – and contribute to – the community amenity and infrastructureinvestments planned for the area.

This development will employ a modern, sophisticated and timeless approach to design and material selection that will ensure that this building is distinctive and appropriate to the north shore, and West Vancouver in particular. Landscape treatments and public realm design will enhance the pedestrian and cyclist experience, while the sculpting and lighting of the top of the tower will punctuate distant views of the building.”

The architect for the project is Chris Dikeakos Architects Inc.

The full development application can be viewed here: https://westvancouver.ca/sites/default/files/dwv/council-agendas/2018/apr/23/18apr23-6.pdf


1633 Capilano Road (Park West)

The Grouse Inn redevelopment seeks final development permit approval at District of North Vancouver council next week. The project, branded “Park West”, has been taking pre-registrations via it’s website.

The 2.6 acre site is is located at the north-west corner of Capilano Road and Marine Drive at the entrance to North Vancouver. The site includes a former vacant gas station site, and the existing Grouse Inn Hotel. It was originally rezoned back in 2014 for 280 units but has since been tweaked.

The project, by Pacific Gate Investments, includes two towers, one at 23-storeys and one at 19-storeys, and includes:

  • 258 condo units;
  • 94 one-bedrooms, 140 two-bedrooms, 24 three-bedrooms;
  • a free standing restaurante
  • a grocery store
  • 10 small retail units;
  • a total density of 2.50 FAR;
  • 464 underground parking spaces on two levels;
  • A community amenity contribution of $4,562,500.

The project is being promoted as a resort type project including a 4,800 SF outdoor pool and state of the art amenities.

 

 

The architect for this project is Rafii Architects.

April 13, 2018by david.taylor@colliers.com
Apartment, Development

65 Condo Units Planned for Cambie & King Edward

Pennyfarthing Homes has submitted a rezoning application for the Southeast corner of Cambie Street and King Edward. The site at 4118-4138 Cambie Street is a two lot land assembly totaling 22,234 SF and is designated under the original Cambie Corridor Plan for development up to 6-storeys in height. 

The site sits directly North of Pennyfarthing’s condo project “The Grayson” development, sold out and under construction.

The proposal for the corner site is for a 6-storey residential building that includes:

  • 65 condo units;
  • 1 studio, 22 one-bedrooms,16 two-bedrooms & 16 three-bedrooms
  • a building height of 64 ft. from grade;
  • a total density of 2.88 FSR; and
  • 68 vehicle parking spaces and 91 bicycle spaces.

The application is being considered under the Cambie Corridor Plan. 

The architect for the project is Raymond Letkeman Architects.

April 12, 2018by david.taylor@colliers.com
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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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