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

More Units Proposed for Arbutus Village Project

Larco has applied to the City of Vancouver to amend the rezoning for the Arbutus Village Shopping Centre site.

The overall rezoning for the 7-acre site was approved back in 2011, with the first two phases along Arbutus now having been fully approved and under construction. 

The new rezoning proposal would increase the overall residential floor area for the remaining phases on the Western portion of the site (Blocks C and D), including an increase in the number of market and social housing units. The application cites the housing crisis which has worsened considerably since 2011, as well as the re-imagining of the Arbutus Greenway and Arbutus Corridor. 20% of the units are required to be social housing.

The specific amendments that affect the remaining project (Blocks C and D) include:

  • A 113,519 SF increase in total density;
  • A total of 240 units;
  • An increase in building height on Block C to 197 ft
  • An increase in building height of Block D to 236 ft.
  • 2,700 SF expansion of planned Neighbourhood House (approx. 10,000 SF)

Blocks C & D also includes about 10,000 SF of retail space, as well as an adult day care, and strata rec centre.  The rezoning application proposes no change to the amount of commercial space, and includes an expanded Neighbourhood House referenced above.

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

Redevelopment Plan Emerges for Jewish Community Centre Site

A full rezoning application has been submitted for the 3.3 acre Jewish Community Centre and Louis Brier Homes property at 950 West 41st Avenue, just East of Oak Street.

The plan calls to amend the existing CD-1 zoning to allow a phased redevelopment of the property that became possible under the Oakridge Transit Centre Policy Statement adopted by the City in 2016 in order to facilitate the eventual redevelopment of the Oakridge Transit Centre site across the street. The Jewish Community Centre site is located directly across the street to the South and was also redesignated given it’s adjacency.

Details of the rezoning proposal include:

  • A 9-storey replacement Jewish Community Centre, including:
    • recreation space, including pools and gyms;
    • ground level commercial space;
    • an Early Childhood Education Centre, including 104 private daycare spaces;
    • cultural arts, auditorium, and theatre space;
    • non-profit office space; and
    • a height of 121 ft..
  • A 13-storey replacement Louis Brier Home and Hospital Seniors Care Facility, with:
    • senior assisted living, complex care and memory care beds; and
    • a height of 158 ft..
  • A 24-storey rental apartment tower with:
    • 160 secured market rental units;
    • 64 studios, 40 one-bedrooms, 40 two-bedrooms and 16 three-bedrooms;
    • a height of 250 ft.

Underground parking, with 693 vehicle parking spaces and 250 bicycle parking spaces, is proposed. The application proposes a total density of 4.47 FSR.

The architect for the project is Acton Ostry Architects.

The full rezoning application can be viewed here: http://rezoning.vancouver.ca/applications/950w41stave/index.htm 

January 16, 2018by david.taylor@colliers.com
Apartment, Development, Retail

21-storey Tower Proposed for Denman & Alberni Corner

Landa Global has submitted their development application to the City of Vancouver for permission to develop a 17,292 SF site at the Southwest corner of Denman and Alberni Street with a new 21-storey mixed-use building. 

The proposal for 1810 Alberni Street includes the following:

  • 60 residential units
  • 36 “high end” market residential units & 24 affordable market rental housing units;
  • 3,906 SF of ground level retail;
  • Building height of approximately 210 ft.;
  • A total density of 7.54 FSR;
  • 3 levels of underground parking with 109 parking spaces all accessed from the lane.

The architect for the project, Rafii Architects explains the design rationale: “The tower has been designed as an array of “boxes” oriented in different directions which interplay with each other and departs from the more common vertical box of concrete and glass. The project concept is based on a two-lobe floor plan which houses two condominiums per floor, joint only by the elevator core. The series of boxes affords views of the North Shore , Stanley Park and the Lions’ Gate Bridge, and the Downtown core. The careful placement of these “boxes” allows for planting which has been used at different levels adding a “green” feeling to the building.”

Under the site’s existing C5-A zoning, which was altered to allow such development under the West End Community Plan, the application is “conditional” so it may be permitted; however, it requires the decision of the Development Permit Board. The affordable market rental is a requirement of the zoning.

Landa acquired the site through Colliers in 2016 for $55,000,000, or $422 per buildable SF based on the total density in the application.

The full development application can be viewed here: http://development.vancouver.ca/1810alberni/index.htm

January 11, 2018by david.taylor@colliers.com
Apartment, Development

12 Rental Units Planned for Arbutus & 35th

A rezoning application has been submitted for an 11,874 SF single-family lot at the corner of Arbutus Street and West 35th Avenue. The project’s preliminary title is 2019 Passivhaus, indicating that the project will be passive housing.

The application for 2109 West 35th Avenue is to rezone from RS-5 to allow a new 3-storey rental residential building that includes:

  • 12 secured market rental units;
  • 6 one-bedroom units and 6 three-bedroom units;
  • a total density of 0.81 FSR;
  • a building height of 35.5 ft.; and
  • 13 vehicle parking spaces and 16 bicycle parking spaces.

 

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

The architect for the project is b Squared Architecture Inc.

The lot sold in March 2016 for $2,500,000 or $217 per buildable SF based on the application.

January 3, 2018by david.taylor@colliers.com
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
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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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