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

77-Unit Rental Building Planned for East Van Site

Another rezoning application has been filed under the increasingly well-known Affordable Housing Choices Interim Policy. This one is for a seven-lot, full block land assembly on the East side of Renfrew Street, between East Georgia Street and Adanac Street. The full land assembly totals 25,816 SF.

The proposal is for a five-storey mixed-use building, consisting of:

    • 77 rental apartment units;
    • 56 one-bedrooms, 9 two-bedrooms & 12 3-bedrooms;
    • 7,868 SF of retail space along Renfrew;
    • a total density of 2.96 FSR;
    • a five-storey building height of 58 ft.; and
    • 81 underground parking spaces over two levels.

The application describes the design rationale: “Our concept proposes typical setbacks for Mixed-Use buildings in the City of Vancouver, with approporiate stepping from the lane in consideration of existing dwellings. The commercial uses are setback 2’0” from Renfrew Street, and the townhouses are setback 7-0” from Georgia Street. We designed a 12’-0” setback from the lane to the townhouses comprised entirely of landscaped terraces which will significantly improve the current condition of the lane.

At the third and fourth storeys, the building maintains a 25’-0” setback from the lane, which increases to 40’0” at L5-6. Above L4, we have setback the residential uses 2.5m from the property line, and created street facing patios for residents.

On Level 5, a common rooftop patio amenity has been proposed for residents of the building. We have taken steps to address privacy and overlook issues at the shared amenity, while providing a welcoming and pleasant space for residents. The rooftop is partially occupied with urban agriculture, taking advantage of the solar exposure to provide a practical and sustainable amenity for residents.”

This application is being considered under the Affordable Housing Choices Interim Rezoning Policy.

The site sold in June 2017 for $15,970,000, or $209 per buildable SF based on the application.

The architect for the project is GBL Architects.

March 1, 2018by david.taylor@colliers.com
Apartment, Development

53-Unit Rental Building Planned for Kingsway Near Fraser

The latest on a long list of Kingsway Rental 100 rezoning applications comes for a site at the corner of Kingsway and East 15th Avenue, just West of Fraser Street.

610-644 Kingsway is an assembly of several older lowrise commercial buildings on the South side of the street, zoned C-2C. The curved site totals 13,830 SF. 

Details include:

  • 53 secured market rental units;
  • 9 studios, 19 one-bedrooms, 19 two-bedrooms & 6 three-bedrooms;
  • 7,151 SF of ground floor retail;
  • a total density of 3.75 FSR;
  • a building height of 69 ft.; and
  • 2 levels of underground parking.

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

The architect for the project is Studio One Architecture.

The full rezoning application can be viewed here: http://rezoning.vancouver.ca/applications/610kingsway/index.htm

February 27, 2018by david.taylor@colliers.com
Apartment, Development

Eight Towers, 2,700 Units Proposed for Two Burquitlam Sites

The City of Coquitlam, YMCA and Concert Properties have entered into a partnership to exchange lands and rezone two sites in the Burquitlam-Lougheed Neighbourhood Plan area to permit redevelopment on both sites. 

The two sites include:

  • Burquitlam Park – a 3.96 acre site on Smith Avenue, adjacent Bosa’s Uptown Development
  • Whitgift Gardens – a 5.45 acre site on Cottonwood Avenue, directly North of Bosa’s Lougheed Heights development, and West of Cottonwood Park

The sites are located in the Burquitlam-Lougheed Neighbourhood Plan “Core” and “Shoulder” areas respectively. The proposal involves a property exchange between
the City (at Burquitlam Park) and Concert (Whitgift Gardens – an existing older rental residential complex).The exchange involves 2.15 acres of park land from Burquitlam Park to the Whitgift Gardens site to facilitate the expansion of Cottonwood Park and in return, the same area of developable land, with its associated density, is moved from the Whitgift Gardens site to the Burquitlam Park site.

The two components of the proposal include:

Burquitlam Park Site

  • A 50-storey condo tower and 30-storey rental tower;
  • 275 rental units;
  • 435 condo units;
  • a new 60,000 SF 3-storey YMCA recreation facility;
  • a new community police station;
  • total density of 6.30 FAR;
  • 930 parking stalls;
  • New 1.5 acre Burquitlam Park.

Whitgift Gardens Site 

  • Six highrise residential towers from 24 to 48-storeys in height;
  • Two rental towers of 37-storeys;
  • Four condo towers of 24, 25, 43 & 48-storeys;
  • 654 rental units;
  • 1,187 condo units;
  • 132 seniors market rental units;
  • 20-40 below market rental units;
  • standalone amenity building;
  • total density of 5.50 FAR;
  • 2,350 parking stalls;
  • Extension of Emerson Street and new East-West road.

The proposed market rental units represent a roughly 3:1 replacement ratio of the
existing rental units at Whitgift Gardens. The total value of all the public benefits including bonus density funds and CAC’s is $120 Million.

The architects for the project are Raymond Letkeman Architects and Endall Elliott.

February 23, 2018by david.taylor@colliers.com
Apartment, Development

Rental Building Proposed for West 4th Thrift Store Site

A rezoning application has been submitted for the Southwest corner of West 4th & Cypress in Kitsilano, currently improved with the Salvation Army Thrift Store and a detached house.

The 10,496 SF site is currently zoned C-2B. The plan for the site is a new 5-storey mixed-use building that includes:

    • 32 market rental units;
    • 1 studio unit, 7 one-bedrooms, 18 two-bedrooms & 6 three-bedrooms;
    • 4,205 SF of retail space on the ground floor;
    • a total density of 3.13 FSR;
    • a building height of 62 ft.; and
    • 2 levels of underground parking.

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

The architect for the project is Rositch Hemphill Architects.

February 20, 2018by david.taylor@colliers.com
Apartment, Development

44-Unit Building Proposed for Upper Lonsdale Site

A rezoning application has been made for an existing apartment property at Lonsdale and 26th Street in North Vancouver. There was a fire in the building one year ago and the existing apartment property has been vacant ever since. The proposal for  the new building includes the potential acquisition of a road right of way totaling 9,625 SF to expand the site to a total of 17,962 SF. The site is designated Residental Level 5 in the City of North Vancouver’s Official Community Plan.

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

  • 16 condo units (6 one-bedrooms, 6 two-bedrooms & 4 three-bedrooms);
  • 28 rental units (19 one-bedrooms, 6 two-bedrooms & 3 three-bedrooms);
  • A total density of 2.06 FAR (after consolidation);
  • 36 underground parking stalls.
  • A 15-foot wide pedestrian right of way connecting Lonsdale.

The architect for the project is GBL Architects.

February 2, 2018by 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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