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

Next Phase of Port Royal Project Proceeding

The next phase of Aragon Properties‘ Port Royal project is proceeding to final City of New Westminster Council consideration for development permit approval. The site at 300 Salter Street in the Queensborough area is part of the larger Port Royal development (Phase 6C) that was rezoned a few years ago.

The proposal for the site is for a 4-storey rental apartment building that includes:

  • 87 rental units
  • 28 one-bedrooms, 41 two-bedrooms, 18 three-bedrooms
  • 136 parking spaces
  • a 1,460 SF amenity space
  • a total density of 1.49 FSR

300 Salter300 Salter_1300 Salter_3The architect for the project is Ramsay Worden.

June 1, 2017by david.taylor@colliers.com
Apartment, Development

New Rental Apartment Building Planned for Oak & 70th

Maiway Investments Ltd. has submitted an application to rezone an existing 13-unit lowrise apartment in order to build a new 6-storey apartment building at the Northwest corner of Oak and 70th in the Marpole area of Vancouver.

The plan for 8599 Oak Street is to rezone from the existing RM-3A zone to allow a 6-storey residential building including:

  • 36 secured market rental units;
  • 23 one-bedrooms, 7 two-bedrooms & 6 three-bedrooms;
  • a building height of 67 ft.;
  • a density of 2.50 FSR; and
  • two levels of underground parking with 28 vehicle spaces and 46 bicycle spaces.

8599 Oak_1 8599 OakThe application is being considered under the Marpole Community Plan.

The architect for the project is NORR Architects Planners.

The building had been listed for sale in 2015 and sold in November 2015 for $3,800,000, or $120 per buildable SF based on the application.

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

Rental 100 Project Planned for Main & 51st Corner

SKA Property Inc. has submitted a rezoning application under Rental 100  for a 7,712 SF site at the corner of Main and 51st Avenue in the Punjabi Market neighbourhood. The site is currently home to an older 3-storey building that is vacant.

The plan for the site at 6679 Main Street is to rezone from the existing C-2 zoning to allow a 6-storey mixed use building with commercial space at grade, including:

  • 28 rental apartment units;
  • 2 studios, 13 one bedrooms, 9 two bedrooms and 4 three-bedrooms;
  • 3,071 SF of ground floor retail space;
  • a total density of 3.62 FSR;
  • a building height of 70 ft.; and
  • 28 vehicle parking spaces.

6679 Main 6679 Main_16679 Main_36679 Main_2The application notes that the developer’s team are East Indian and intend on using the ground floor for their family business: a vegetarian grocery store.

The application is being considered under the Secured Market Rental Housing (R100) Policy.

The architect for the project is F. Adab Architects Inc.

May 24, 2017by david.taylor@colliers.com
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
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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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