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

Rental Apartments Planned for East Vancouver Strip Mall Property

A rezoning application has been made for a 29,102 SF site at 3868 Rupert Street (at East 22nd St) for rezoning to allow rental apartments. The site is currently improved with a grocery store – Chong Lee Market and some retail units along with surface parking.

3868 Rupert 3868 Rupert_1

The proposal calls for rezoning from C-1 to CD-1 to permit the development of 6-storey mixed-use building that includes:

    • 112 secured market rental units;
    • 78 one-bedrooms, 30 two-bedrooms and 4 three-bedrooms
    • 10,856 SF retail uses in six CRUs on the ground floor
    • a total density 3.60 FSR
    • a building height of six storeys ; and
    • 158 underground parking spaces.

The application is being considered under the Affordable Housing Choices Interim Rezoning Policy.3868 Rupert_2

The architect, GBL, describes the application:

“This project will take into account these neighbourhood factors by providing appropriate up to date commercial premises for the existing tenants and providing good quality affordable rental accommodation for the locale. The Renfrew Collingwood area has great community facilities and a number of schools close by. With this in mind, over a quarter of the units will be 2 and 3 bedrooms for families.

We are proposing that the site is rezoned for a six storey building which accommodates one floor of commercial, five floors of market rental units above over two levels of underground parking. The project will follow the Rental 100 City Policy. The area of the project is 104,667 SF, yielding an F.S.R. of 3.60. The project proposes six commercial retail units with specific size requirements ranging from circa. 670 SF up to 11,760S SF. Commercial entrances are located on Rupert Street. The Residential Lobby is positioned to the south side of the site at 23rd Avenue allowing for an uninterrupted commercial frontage. The project proposes 112 Rental Units on Levels 2-6 with over a quarter designated as 2+ bedroom family units. The average sizes meet the Rental 100 requirements with 1 beds at 570SF, 2 beds at 730SF and 3 beds at 937SF. We recognize there are good community facilities and schools in the area and our Client wants to provide a range of accommodation types which will appeal to a varied market of future tenants.”
June 13, 2016by david.taylor@colliers.com
Apartment, Development

Additional Rental Density Planned for West End Heritage Building

Plan A Real Estate has applied to the City of Vancouver to develop additional rental units on an apartment building they own at 1170 Barclay Street, The “Florida Apartments”. The proposal for the site includes:

    • interior and exterior alterations, including a 2-storey plus roof deck addition,
    • a Heritage Revitalization Agreement, to this existing two-storey plus basement, multiple dwelling building,
    • increasing the number of apartment units from 16 to 28 units
    • 7 surface parking spaces at the rear, having vehicular access from the lane
    • total overall density of 2.07 FSR. (17,909 SF).

Under the site’s existing RM-5B zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning.

Existing Building

Existing Building

1170 Barclay_2 1170 Barclay_1

The architect for the project is Hearth Architectural Inc. The application explains the design rationale:

“The development proposal for The Florida is to preserve and restore the existing Heritage Class “B” Art Deco building that has long been in disrepair and in need of a major renovation. An addition to the restoration of The Florida will take the form of two storeys that steps back from the face of the existing building to emphasize the original heritage massing and form. With a total of 5 storeys in the new development proposal for The Florida, the floor plans will be redesigned to house more functional living spaces and provide for a good mix of studios, one bedrooms and two bedroom apartments. A total of 23 apartments will provide livability options for West End residents.”

The building was acquired in 2010 for $3,360,000, or a 3.5% cap rate.

June 2, 2016by david.taylor@colliers.com
Apartment, Development

Westbank Planning 214 Rental Units for Gastown Site

Westbank Projects has applied to the City of Vancouver for permission to develop a site at 33 West Cordova with a 11-storey mixed-use building.The plan, which involves a deal between Ian Gillespie, the Portland Housing Society and BC Housing, was first announced a year ago.

33 W Cordova_2

The proposal for the 19,071 SF site that also fronts onto Blood Alley includes the following:

  • 214 rental apartments (80 social housing units /134 secured market rental units);
  • commercial uses on the ground floor and cabaret underground;
  • 163,482 SF of gross floor area;
  • total density of 8.57 FSR
  • building height of 110 ft.;
  • 267 bicycle parking spots.

Under the site’s existing HA-2 zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Development Permit Board.  33 W Cordova33 W Cordova_1

The architect for the project is Henriquez Partners Architects. In the application, Henriquez explains the design rationale:

“The Blood Alley project at 33 West Cordova Street will make a significant contribution to the life of Gastown by retaining its heritage facade, providing affordable housing options, reinforcing an active street life through retail, food and performance opportunities, and provide a backdrop for the new Blood Alley Square renovation.”
May 25, 2016by david.taylor@colliers.com
Apartment, Development, Retail

Interesting Infill Apartment Building Planned for Commercial Drive

An interesting proposal has surfaced for a 33-foot lot on Commercial Drive at the corner of Napier Street. The site, which is improved with a 2-storey heritage commercial building built in 1908, is now being planned for heritage preservation with an infill apartment building at the rear lane.

Details of the proposal include:

  • retaining the existing 2-storey Heritage B building (now occupied by Moja Coffee)
  • a new 5-storey infill residential building with 8 rental apartment units at the rear of this site;
  • a maximum height of 48.5 feet;
  • a density of 2.70 FSR (10,108 SF);
  • one-car share parking space having vehicular access from the lane;
  • removal of one street tree on Napier Street.

Under the site’s existing C-2C1 zoning, the application is conditional and requires the approval of the planning department. For this project, relaxations would be required on building height and some setbacks. The application references incentives under the Rental 100 program.1102 Commercial_31102 Commercial

1102 Commercial_1

View from Napier St – existing heritage building on the right

1102 Commercial_2

View from rear lane

The architect for the project is Cornerstone Architecture.

The property was listed for sale in 2013 and sold for $1,690,000, which equates to approx. $125 per buildable SF when the existing building is taken to account.

May 4, 2016by david.taylor@colliers.com
Apartment, Market Research

City of North Vancouver Tables Housing Action Plan

City of North Vancouver Council will be considering a draft Housing Action Plan (“HAP”) that has been prepared by CitySpaces Consulting.

The concept for the HAP was first brought forward in 2015 as a way to explore new housing policies to encourage more options and enhance affordability, with particular focus on renters, seniors and low to moderate income families.

Some of the specific policy and regulatory actions being proposed in the HAP include:

Family-Friendly Housing Policy

  • Increase the number of family-friendly units within new multi-unit residential
    development projects
  • Amend the Zoning Bylaw to require a minimum percentage of three or more bedroom units in all new multi-unit residential development.

Density Bonus and Secured Low-End of Market Rental

  • To secure low-end of market rental units in new multi-unit residential development projects
  • Update the Density Bonus and Community Benefits Policy to permit a 1.0 FSR density bonus to eligible rental housing in exchange for 10% secured low-end of market rental (10% below CMHC average)
  • 100% purpose built rental not required to have low-end of market rental.

Housing on the Frequent Transit Network

  • Encouraging the development of new rental housing and reducing construction costs for purpose built rental housing and non-market housing within close proximity to the Frequent Transit Network
  • Reduced Parking Policy pilot project – 25% reduction for rental, 75% reduction for non-market if sites located within 400 metres of Frequent Transit Network.

Rental Revitalization Tax Exemption Bylaw

  • Preserve the existing rental supply and improve livability of existing rental and social housing through a new Rental Housing Revitalization Tax Exemption Bylaw which would apply to new construction to be exempt from property taxes for up to 10 years depending on eligibility criteria

Fee Simple Townhouses

  • Making townhouses more affordable and encourage movement of moderate-income households up the housing continuum and to alleviate pressure on the rental supply
  • Create templates for Party Wall Agreements and Service Easement Agreements
  • Explore areas to pre-zone for Fee Simple Townhouses

Explore Repurposing Bungalows

  • Intensifying single detached lots while retaining neighbourhood scale and character; and reducing demolition waste and to bolster the existing coach house initiative
  • Relocation of old bungalows to repurpose as coach houses
  • Incentives for owners to repurpose bungalows

A copy of the full report can be downloaded here.

April 18, 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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