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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

40-Unit Rental Building Planned for Kingsway

Conwest Group has submitted an application to rezone a 10,676 SF mid-block site at 3070 Kingsway from C-2 to CD-1 to allow a 6-storey mixed-use building with a 3-storey townhouse development at the lane, consisting of:

  • 40 secured market rental units;
  • 3,080 SF of retail at grade;
  • A total density of 3.27 FSR;
  • A height of approximately 60 ft.; and
  • 24 parking spaces.

The site is located on the South side of Kingsway between Rupert and Kerr Street, just south of the Joyce Collingwood neighbourhood. It is currently improved with a nondescript retail building.

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

The architect for the project is GBL Architects.

The site was acquired in October 2015 for $3,750,000 or $106 per buildable SF based on the application.

December 20, 2017by david.taylor@colliers.com
Apartment, Development, Office, Retail

Master Plan for Landsdowne Mall Site to Include 24 Towers

The owner of Lansdowne Centre, Vanprop Investments, has submitted their formal OCP amendment application to the City of Richmond for the purpose of approving a Master Land Use Plan for the 50 acre site, located in the heart of Richmond’s City Centre at the centre of the Lansdowne Village. It is immediately adjacent to the Lansdowne Canada Line Station, and is bound by No.3 Road, Alderbridge Way, Kwantlen Street and Lansdowne Road. Initial plans to redevelop the mall were announced two years ago.

While the density for the site is already established in the City Centre Area Plan (“CCAP”), the Master Plan is required to organize the eventual phasing, massing and heights of the future mixed-use development, as well as the location of the 10 acre park planned for the site. City of Richmond council endorsement means that the proposal can now move toward a community consultation phase. 

The shopping centre on the site was built in 1977 and exemplifies the auto-oriented enclosed shopping centre design popular in the 60’s and 70’s. The arrival of the Canada Line in 2010 with a station right next door and the subsequent CCAP made this site a prime target for future redevelopment, particularly since the surface parking can accommodate immediate development without requiring demolition of the existing mall.

The site has a mix of zoning designations, including Urban Core T6 (up to 4.0 FAR) on the westerly 1/3 of the site, and Urban Centre T5 (up to 2.0 FAR) on the easterly 2/3 of the site. The CCAP also identified the site for a 10 acre linear park running east/west along the southern portion of the site fronting Lansdowne Road.

Here is a summary of some of the concepts identified in the proposed master plan which has already achieved support for moving through the next steps in the process:

  • An overall density of 2.77 FAR (approx. 6,000,000 SF)
  • 22 residential towers and 2 office towers
  • 73% of the density within 400 metres of Lansdowne Station
  • A 53,500 SF community amenity building at corner of No.3 Road & Lansdowne
  • A new 10 acre park in the centre of the site (revised shape from CCAP)
  • Retail/entertainment space with residential and office space above fronting Hazelbridge Way (high street)
  • A new civic plaza near the Canada Line Station
  • Building heights up to 47 metres
  • New north/south extension of Hazelbridge Way and Cooney Road between Alderbridge Way and Lansdowne Road
  • New east/west road to connect No. 3 Road and Kwantlen Street
  • Target of 2035 for entire build out

Next Steps

The proposed OCP amendment process will require further consultation and refinement to the details in the master plan before final council approval and subsequent rezoning applications for individual phases. Consultation would take place in the spring 2018 with approval likely later next year. Below is the City’s flowchart outlining the process:

Proposed Master Land Use Plan

The architect for the master plan is Dialog.

December 15, 2017by david.taylor@colliers.com
Apartment, Development

Fourth Tower at City of Lougheed to Include 237 Rental Units

Shape Properties has filed a rezoning application for their fourth and final tower of Phase 1 of The City of Lougheed, a massive 40-acre, 23-tower master planned site of the current/former Lougheed Mall. Phase 1 is the Southeast corner of the site, fronting North Road and Austin Road, and the first tower has sold out.

Overall City of Lougheed Site & Phase 1 Location

Tower 4 will be the shortest of the first four towers, and is located on the Northeast portion of the Phase 1 lands, which are now moving through site preparation. Details for this part of Phase 1 include:

  • a 30-storey tower
  • 237 rental apartment units
  • 23 studios, 104 one-bedrooms, 110 two-bedrooms
  • 2,777 SF of retail space at grade
  • 114 parking spaces

Interestingly, the developer plans to stratify the units, but keep them as rental with a covenant protecting them as rental for a minimum 5 years.

Phase 1 Detail

December 9, 2017by david.taylor@colliers.com
Apartment, Development

87-Unit Rental Building Planned for Central Lonsdale Site

Maclean Homes has submitted an application to rezone an existing apartment property in the Central Lonsdale area of North Vancouver at the corner of Chesterfield and West 18th Street. 1730 Chesterfield is an older 3-storey 43-unit walkup apartment building on a 27,850 SF lot.

The proposal plans to rezone the Property from RM-1 to allow a new, larger 6-storey rental apartment building. The OCP allows a based density of 1.60 FSR and a bonus of 1.0 FSR and up to 6-storeys in height. Details include:

  • 87 rental apartment units;
  • 6 studios, 53 one-bedrooms, 18 two-bedrooms and 10 three-bedrooms;
  • a total density of 2.54 FSR;
  • a total building height of 54 ft.;
  • 56 parking stalls on one level of underground parking accessed from the lane;
  • a bonus density contribution of $2,885,190.


The architect for the project is Garcia Zunino Architects.

November 24, 2017by david.taylor@colliers.com
Apartment, Development, Office

City of Vancouver to Abandon CAC Negotiations on Commercial and Low-Density Rental Rezonings

Somewhat hidden behind the news of the Housing Vancouver Strategy announcement, is a new policy proposal for CACs for commercial and rental-only residential developments. The overall plan proposed in the policy report entitled “CAC Policy Update: Simplifying CACs on New Rental Housing and Commercial Development” is to cease negotiating CACs on commercial rezonings and some rental rezonings.

The City’s proposal is intended to “simplify the City’s development contribution system which includes DCLs, CACs, density bonusing and other mechanisms. The proposed changes will provide greater clarity and certainty on development contributions for rezoning applicants. The recommended changes will streamline the CAC process for both secured market rental and commercial-only rezoning applications to enable a majority of these project types to be brought to market sooner.”

The recommendations in the proposed policy include the following:

Recommendation A – Exempt routine, lower density secured market rental rezoning applications from CACs

The City would exempt rental applications from CAC negotiations where the density proposed is low, or consistent with area zoning. The table below shows where CACs would be exempt for rental based on height guidelines:

Recommendation B – Remove CAC negotiation on commercial-only rezoning 

The City intends on removing the CAC negotiation process (which can prolong the application timeline significantly) for commercial applications in the Downtown, Metro Core, Grandview Employment Area and South Vancouver Industrial Lands. This would not apply for proposed stratified commercial space.

The City will also introduce commercial linkage targets, which are intended to show the correlation between additional commercial space and workforce related childcare spaces and affordable housing. The commecial linkage targets will be fixed $/SF amounts calculated on the net additional density for commercial rezonings in the Downtown and Metro Core areas. 

The interim Commercial Linkage Targets will be as follows:As industry consultation has already occurred for these items, they could take effect almost immediately after Council adoption.

A full copy of the policy report can be viewed here: http://council.vancouver.ca/20171128/documents/a4.pdf

November 24, 2017by 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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