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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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

Refurbishment of Gabriola Mansion Includes 20 Rental Units

A rezoning application has been submitted for the Gabriola Mansion property at 1523 Davie Street in Vancouver’s West End. The 26,000 SF property, principally occupied by one of the West End’s most notorious heritage buildings, was sold last year for $6.72 Million.

The application includes the preservation and restoration of the Gabriola Mansion building through conversion to rental apartments.

Further details include:

  • the conversion of the mansion into 16 market rental units;
  • 4 new infill 3-storey rental townhouses to be developed in the northeast corner of the property;
  • 4 three-bedrooms, 5 two-bedrooms, 7 one-bedrooms and 4 studios
  • an increase in FSR from 0.35 to 0.89; and
  • no increase in height from the existing CD-1 (248).

1523 Davie_3 1523 Davie_2 1523 Davie_1 1523 DavieThe architect for the project is Ankenman Marchand.

May 10, 2017by david.taylor@colliers.com
Apartment, Development

35-Unit Apartment Building Planned for Central Lonsdale

Belaire Apartments Ltd., the owners of an existing 3-storey lowrise apartment building in North Vancouver, are planning a replacement of the building with a new, larger rental apartment building.

The subject site is located in the Central Lonsdale neighbourhood at the south west corner of Chesterfield Avenue and 16th Street. The site currently contains a 13-unit rental apartment building. The 10,400 SF site is located in an area of mainly three storey apartment buildings, with most of them built in the late 1960’s to mid – 1970’s, and are a mix of rental and strata dwellings.

The proposal is for a new 5-storey rental apartment building that includes:

  • 34 apartment units
  • 18 one-bedrooms, 13 two-bedrooms and 3 three-bedrooms
  • a total density of 2.50 FSR
  • 17 underground parking stalls
  • 51 bicycle stalls

1549 Chesterfield1549 Chesterfield_1 1549 Chesterfield_2 1549 Chesterfield_3The OCP land use designation of the site is Residential Level 5, which allows for a medium density multi-family up to a maximum density of 1.6 FSR, with the potential of a 1.0 FSR bonus density to be granted at Council’s discretion. The applicant is requesting a bonus be granted to 2.50 FSR with all the proposed units being rental and secured through a rental Housing Agreement.

The architect for the project is Gateway Architecture.

May 7, 2017by david.taylor@colliers.com
Apartment, Development

26-Unit Rental Building Proposed for Marpole

A development application has been submitted to the City of Vancouver for permission to develop a two-lot assembly in Marpole at the corner of West 62nd Avenue and Columbia Street.

The plan for the RM-9 zoned, 9,681 SF site includes a 4-storey building with:

  • 26 rental apartment units
  • a total density of 1.91 FSR
  • 19 underground parking spaces on one level of underground

308 West 62nd Ave_1 308 West 62nd AveUnder the site’s existing RM-9 zoning, the application is “conditional”. The site falls just a few feet short of the required 90 ft. minimum site frontage and so the proponent has appealed to the Board of Variance. There is no CAC payable in this area of the Marpole Community Plan if the project is 100% rental. If the 90 ft. minimum site frontage is enforced, the project would be limited to 1.50 FSR.

The site was assembled between 2015 and 2016 for a total of $5,568,000, or $302 per buildable SF based on the proposed development.

The architect for the project is Stuart Howard Architects.

April 25, 2017by david.taylor@colliers.com
Apartment, Development, Retail

21-Storey Rental Tower Proposed for Robson Street

GWL Realty Advisors have applied to the City of Vancouver for permission to develop a 99′ x 131′ site at 1500 Robson Street (at the Southwest corner of Robson and Nicola). The plan is  for a new 21 storey market rental tower.  The proposal includes the following:

  • 127 market rental apartment units;
  • 33 studios, 52 one-bedrooms, 42 two and three bedrooms;
  • 5,469 SF of retail on the ground floor;
  • a total density of 7.70 FSR;
  • a building height of 210 ft.;  and
  • 84 parking stalls four levels of underground parking accessed from the lane.

1500 Robson1500 Robson_1 1500 Robson_2The site was rezoned to the current C-5A zoning under the West End Community Plan, adopted in 2014. The application is “conditional” so it may be permitted; however, it requires the decision of the Development Permit Board.

The Development Permit Application can be viewed here: http://development.vancouver.ca/1500robson/index.htm

The architect for the project is IBI Group.

April 17, 2017by david.taylor@colliers.com
Apartment, Development, Retail

193 Units Planned for Maplewood Village Area

The owners of a 1.7 acre site in the Maplewood Village area of North Vancouver have submitted a rezoning application and OCP amendment to redevelop the existing property, known as Maplewood Plaza.

The site is currently built as a smaller mixed use commercial plaza with two commercial spaces and 28 rental units. The site is designated Commercial Mixed Use Level 1  in the OCP which allows for densities up to 1.75 FSR. The proposed OCP amendment would change the designation for these two properties to Commercial Mixed Use Level 2 which allows for densities up to 2.50 FSR.

The proposed redevelopment is for two 6-storey buildings, including:   

  • 193 units (21 townhouses and 172 lowrise units)
  • 38 rental units
  • 85 one-bedrooms, 99 two-bedrooms and 9 three-bedrooms
  • 10,743 SF of retail space
  • a total density of 2.49 FSR
  • 255 underground parking stalls on two levels
  • $200,000 voluntary CAC payment

229 Seymour River229 Seymour River_1229 Seymour River_2229-seymour-place-northeast229-seymour-place-northwestThe architect for the project is Rositch Hemphill.

April 6, 2017by david.taylor@colliers.com
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First Capital REIT acquired by Choice Properties and KingSett for $5.2-billion

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First Capital REIT --> Choice Properties REIT and Kingsett Capital are teaming up to acquire the Canadian real estate company in a deal valued at over $9 billion, including assumed debt. Choice Properties will acquire roughly five billion dollars worth of shopping centres, while

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West Vancouver condo project in receivership, causing 'heartbreak' in Dundarave

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Greater Vancouver commercial real estate transactions down 8.3% in 2025 via @westerninvestor

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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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