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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, Office, Retail

Sapperton Green Project Moves Closer to Reality

The preliminary master plan concept for the 38.5 acre Sapperton Green site has now been approved by the City of New Westminster, allowing the project to move forward to public consultation and eventual rezoning.

Plans to rezone and redevelop the current industrial property first came forward several years ago, with an application by Quadreal for OCP amendment approved in November 2015.

The site sits on the Eastern edge of New Westminster and is adjacent to Braid Skytrain Station. The site is currently improved with older industrial buildings currently used by Amazon.

Details of the proposed development within the preliminary master plan include:

  • 13 to 14 residential towers with midrises and townhouses
  • Approx. 3,700 units (half condo / half rental)
  • 3,400,000 SF of residential space
  • 800,000 to 1,150,000 SF of office space (mostly along Braid near the station)
  • 150,000 SF of retail space
  • 35,000 SF community centre facility
  • a central greenway running through the site in addition to a road network
  • park dedication equal to approx. 12% of the gross site area
  • a CAC to be determined

Sapperton GreenSapperton Green_5 Sapperton Green_2 Sapperton Green_1 Sapperton Green_4 Sapperton Green_3The first phase of the project would occur on the South and East portions of the site, the subsequent three phases would require demolition of the existing Amazon building.

It is anticipated that the rezoning application would be sent to public hearing in the Spring of 2018.

July 12, 2017by david.taylor@colliers.com
Apartment, Development, Retail

Apartment Building Planned on Small East Van Lot

Rejoyce Investment Corp. has submitted a rezoning application to rezone a single 38 x 112 ft. commercial lot at 4459 Rupert Street, between East 28th and East 29th Avenue. The building is to be called “The Monad on Rupert Street”, modeled after a similar 5-unit building constructed in Kits in 2010. 

The existing zoning of the 4,270 SF site is C-1 (Commercial), and the plan is to redevelop  site with  a 4-storey mixed-use building. This is a concurrent rezoning and development permit application.

The proposal includes:

    • 14 rental apartment units;
    • Four studios, 5 one-bedrooms & 5 two-bedrooms;
    • 2,424 SF of retail space;
    • A total density of 2.40 FSR;
    • A building height of 49 ft.; and
    • 9 parking spaces and 30 bicycle parking spaces.

4459 Rupert 4459 Rupert_2 4459 Rupert_12nd Floor Plan

2nd Floor Plan

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

The architect for the project is Lang Wilson Practice in Architecture Culture (LWPAC).

July 4, 2017by david.taylor@colliers.com
Apartment, Development, Retail

10-Storey Building Planned for Broadway near Commercial

A second major rezoning application has been submitted in Grandview-Woodland, just weeks after 149 units were announced earlier this month at Victoria & 11th.

Jameson Development Corp. has submitted an application to rezone a 15,738 SF site on the North side of Broadway just West of commercial at 1619-1651 East Broadway. The rezoning will be from the existing RM-4N zone to CD-1 to permit the development of a 10-storey mixed-use building.

The proposal includes:

    • 93 total units (47 market rental units and 46 market strata units);
    • 5,245 SF of ground floor retail space;
    • A total density of 4.00 FSR;
    • A height of approximately 32.3 m (105.8 ft.);
    • 75 underground parking spaces; and
    • 117 bicycle parking spaces.

1619 East Broadway_3 1619 East Broadway_2 1619 East Broadway_1 1619 East BroadwayThis application is being considered under the Grandview-Woodland Community Plan. The rezoning policy allows for ‘mixed-tenure’ whereby 50% strata is allowed if the other 50% of the units are secured rental.

The architect for the project is IBI Group.

June 30, 2017by david.taylor@colliers.com
Apartment, Development

Kerrisdale Development Site Sells in $26,000,000 Deal

Two buildings on East Boulevard have sold to Kenstone Properties for $26,000,000. The two lots, located at 6020 & 6040 East Boulevard, are currently improved with two older 2-storey walkup apartment buildings, and combine to form a total site area of 18,850 SF. The lots are zoned C-2 which allows for a development up to 4-storeys, or approximately 47,125 SF of buildable area.

6020 East BlvdThe purchase price equates to $552 per buildable SF.

The property had been listed for sale for $26,800,000.

June 23, 2017by david.taylor@colliers.com
Apartment, Development, Retail

55-Unit Rental Building Planned for Rupert Street Site

A rezoning application has been submitted for a new rental apartment building for a site at the Southwest corner of Rupert Street and East 22nd Avenue; just down and across the street from a Rental 100 project, currently in final stages of rezoning approval. The site is currently improved with an older single-storey retail building.

The plan for the site at 3281-3295 East 22nd Avenue is to rezone from the existing C-1 commercial zoning to CD zoning to allow a 6-storey mixed-use project.

The application includes the following:

    • 55 market rental units;
    • 14 studios, 16 one-bedrooms, 18 two-bedrooms & 7 three-bedrooms;
    • 6,888 SF of ground floor retail space;
    • A total density of 3.03 FSR;
    • A building height of 72 ft.; and
    • 43 underground parking spaces.

3281 E 22nd3281 E 22nd_23281 E 22nd_3The application is being considered under the Affordable Housing Choices Interim Rezoning Policy.

The architect for the project is Cornerstone Architecture.

June 12, 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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