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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

Plan for West Broadway Denny’s Site Includes 153 Rental Units

A rezoning application has been submitted for the “Denny’s” site at 1296 West Broadway. The site was sold in February 2016 to Jameson Development Corp for $26,250,000. The rezoning for the 18,762 SF site call for a 16-storey mixed-use building with apartments above retail and a small office component. The proposal includes:

    • 153 rental apartment units;
    • 27 studios, 70 one-bedrooms, 41 two-bedrooms & 15 three-bedrooms
    • 30,220 SF of retail space on two levels
    • 4,891 SF of office space
    • A total density of 7.07 FSR;
    • A building height of 159 ft.; and
    • 168 parking spaces

1296-west-broadway_11296-west-broadway_4 1296-west-broadway_2 1296-west-broadway_3 This application is being considered under the Secured Market Rental Housing (Rental 100) Policy.

The architect for the project is IBI Group.

The land sale from last year equates to $198 per buildable SF based on the anticipated rezoning.

January 11, 2017by david.taylor@colliers.com
Apartment, Development, Retail

Rental Building Planned for Downtown Eastside Parking Lot

Plans have emerged for a site owned by Holborn Group at the Northeast corner of Abbott Street and Hastings Street near Victory Square and across the street from Woodwards. The site has long been unimproved and used a surface parking lot. The lot is 99′ x 132′ and is currently zoned DD.

Holborn has now submitted a rezoning application for a 10-storey mixed-use building with:

  • 132 rental units
  • 83 studio units, 4 one-bedrooms and 45 two-bedrooms
  • 5,494 SF of commercial space on the ground floor
  • a total density of 7.62 FSR
  • 74 vehicle parking spaces on one level of underground parking
  • 167 bicycle parking spaces
  • a building height of 105 ft.

95-w-hastings95-w-hastings_195-w-hastings_395-w-hastings_2


The application describes the design rationale:

“Our key place making and built form strategies reinforce the prevailing context through contemporary architectural expression, recognizing and strengthening the historic form and scale with an emphasis on appropriate frontage and modulating heights that provide a transitional scale from the Paris Block to Woodward’s. The residential entry is on Abbott
Street.
The Hastings Street massing provides varying material treatments approximating the historic lot sizes, with no continuous elevation treatment greater than 75 feet. The contextual fit of the building is based on an analysis and reinterpretation of the historic building typologies in the area. The east 7 storey segment of the Hastings Street elevation aligns with the Paris Block 2 lots over, while the west 8 storey segment aligns with the historic Woodward’s façade across Abbott Street. Levels 8-10 of the east segment are set back 8 feet from the street, while levels 9 and 10 of the west segment are recessed one foot from the lower façade.
The Abbott Street facade has the same materiality and setback at levels 9 and 10 as the Hasting Street façade; however, there is no vertical saw tooth as this is a minor street. The retail facades on both Hastings an d Abbott Street are articulated i nto small bays. In order to not encroach upon existing mature trees on Abbott and Hastings Streets, we have provided a 5’ wide canopy on both Abbott and Hastings Streets major facades.”

The architect for the project is Gair Williamson.
December 2, 2016by david.taylor@colliers.com
Apartment, Development

Rezoning Plan for Lougheed Village Site Includes Two New Rental Towers

A rezoning application has been submitted to the City of Burnaby for Lougheed Village, a 7.4 acre rental apartment property that is currently improved with two 25-storey concrete high-rise apartment buildings and two 9-storey mid-rise apartment buildings. The site has a total of 528 current rental apartment units.

lougheed villageThe property was acquired in December 2015 by Starlight Properties, based in Toronto, for $160 Million. Located within the Lougheed Town Centre Plan area, the property’s value was partially based on the potential to add density, now the subject of a current rezoning application. The rezoning calls to use the RM4s and C1 zones as the basis for a redevelopment that includes four new residential buildings and reconfiguration of some of the existing buildings.

The site fronts Lougheed Highway, but has an address on Erickson Drive.

Details include:

  • a new 36-storey rental apartment tower (south tower)
  • a new 22-storey rental apartment tower (north tower)
  • a new 8-storey rental apartment midrise (“middle lodge”)
  • a new 3-storey rental townhouse building
  • demolition of the 2nd storey of existing commercial building
  • conversion of existing larger penthouse units into 43 new smaller units
  • creation of new amenity spaces
  • 645 total new rental units
  • 1,173 rental units in total
  • total density of 3.6 FAR (up from existing 1.88 FAR)

lougheed-village_1The site sits just one block West of Shape’s large scale mixed-use development “The City of Lougheed” currently in initial stages of development.

If supported at Council, the application will move forward to a more detailed package that would be presented at a public hearing early next year.

November 21, 2016by david.taylor@colliers.com
Apartment, Development

Townhouse & Apartment Project Planned Near Coquitlam Centre

Intracorp has applied to to rezone an 4.83 acre piece of land near the City Centre area of Coquitlam. The site is currently owned by the Finnish Canadian Rest Home Association who will be partnering with Intracorp to allow a new townhouse development coupled with a new independent-living rental apartment building for seniors over 60.

The site itself will be subdivided into two pieces, one to the West allowing new townhouse development, and the other allowing the new apartment development. The two pieces will be separated by a new extension to Hudson Street. Project details include:

Townhouses & Duplexes

  • Site area of 3.56 acres
  • 76 duplex and townhouse strata units in three rows with large courtyard
  • Density of 0.81 FAR
  • 2 two-bedrooms, 45 three-bedrooms & 29 two-bedrooms
  • 138 parking stalls

Seniors Apartment Building

  • Site area of 0.86 acres
  • 67 units in a 4-storey building
  • Density of 1.52 FAR
  • 5 studios, 42 one-bedrooms and 20 two-bedrooms

1226-johnson

1226-johnson_2

Townhouse Component

1226-johnson_3

Seniors Apartment Component

1226-johnson_1

Site Plan

November 18, 2016by david.taylor@colliers.com
Apartment, Development

Plans Unveiled for 104-Unit Rental Building in Southeast False Creek

Cressey Development Group has filed an application to rezone a 12,169 SF site that they own at the corner of West 1st Avenue and Cook Street, just West of Olympic Village. The site sits directly East of their previously completed project “The James”.

The plan calls to rezone from the M-2 industrial zone to CD to permit the development of a 10-storey rental residential building, including:

  • 104 rental apartment units
  • 51 studio units, 27 one-bedrooms, 20 two-bedrooms and 6 three-bedrooms
  • a total density of 5.03 FSR
  • a building height of 99 feet
  • 50 underground parking spaces

1715-cook_3 1715-cook_2 1715-cook_1

The application is being considered under the Southeast False Creek Official Development Plan and Secured Market Rental Housing (Rental 100) Policy.

Cressey acquired the site in December 2015 for $16,000,000, or $261 per buildable SF based on the expected rezoning.

The architect for the project is Chris Dikeakos Architects.

November 10, 2016by 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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