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

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
Apartment, Development

466-Unit, Two Tower Project Planned for Burquitlam

Cressey has submitted a rezoning application for a 1.8 acre site at 430-450 Westview Street, just East of North Road and South of Austin Avenue in the Burquitlam Area of Coquitlam.

The site is zoned RM-4 but designated as high-density residential in the Lougheed Neighbourhood Plan and is currently occupied by two older lowrise apartment buildings containing a total of 101 rental units.

The redevelopment plan includes a new condo development with a rental development replacing the existing units at a ratio of 2:1. Details include:

  • Two towers -a 35-storey condo tower & a 22-storey rental tower
  • 264 condo units (average 675 SF) 106 one-beds, 153 two-beds and 5 three-beds
  • 202 rental units (average 714 SF) 35 studios, 96 one-beds, 68 two-beds & 3 three-beds
  • total density of 5.0 FAR (3.04 condo & 1.96 rental)
  • 27,064 SF of amenity space including an outdoor pool
  • 679 underground parking spaces

430 Westview430 Westview_1430 Westview_3430 Westview_4430 Westview_2The architect for the project is Chris Dikeakos.

April 3, 2017by david.taylor@colliers.com
Apartment, Development

245-Unit Project Proposed for Downtown New Westminster

Domus Homes has submitted a rezoning application to the City of New Westminster for a 26,104 SF site at 813-823 Carnarvon in Downtown New Westminster, directly across the street from the 3-tower “Plaza 88” development. The plan is for a mixed-use project that includes a market condo tower, a non-market rental lowrise, and commercial uses. Details include:

  • a 29-storey tower
  • a 6-storey lowrise
  • 195 market condos
  • 119 one-bedrooms, 54 two-bedroms and 22 three-bedrooms
  • 50 non-market rental units for Performing Arts Lodges (PAL)
  • a total density of 7.75 FSR
  • total building height of 290 feet

813 Carnarvon813 Carnarvon_1 813 Carnarvon_2The architect for the project is GBL Architects.

March 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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