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, 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
Apartment, Development, Retail

52 Rental Units Planned for Main & 41st

Rendition Developments has submitted a rezoning application  for a long-vacant site at the NW corner of Main and 41st. The proposal for the 11,684 SF site at 5679 Main Street is for a 6-storey mixed-use building including:

  • 52 rental apartment units;
  • 5 studios, 29 one-bedroom units, 15 two-bedrooms & 3 three-bedroom units
  • 4,089 SF of ground floor retail space
  • a total density of 3.46 FSR
  • a building height of 76 ft.; and
  • 33 underground parking spaces and 72 bicycle parking spaces.
5679 Main

Existing condition

5679 Main_15679 Main_25679 Main_3This application is being considered under the Secured Market Rental Housing (Rental 100) Program.

The site sold in May 2016 for $6,000,000, or $149 per buildable SF based on the rezoned density anticipated in the application.

EDIT: This post previously mentioned that the site was an old gas station, which is not accurate, it was previously a commercial building torn down many years ago.

March 21, 2017by david.taylor@colliers.com
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David Taylor Personal Real Estate Corporation

Colliers International

DT

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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