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

Condo Tower Planned for Joyce Collingwood

Westbank has applied to the City of Vancouver to rezone a site in the Joyce-Collingwood area to allow a 29-storey condo tower. Details include:

  • 3,530 SF of commercial space at grade
  • 191,000 SF of residential space
  • 236 apartment units
  • A density of 14.33 FSR

The City describes the rationale for the proposed rezoning:

“This site falls within the area of the ongoing Joyce-Collingwood Station Precinct Review. The review is anticipated to provide new policy advice to consider rezoning applications in a focused area around the Joyce-Collingwood SkyTrain Station. The outcomes of the Station Precinct Review will be brought forward for consideration by City Council prior to the Council’s consideration of this application.”

5050 Joyce 5050 Joyce_1

October 20, 2015by david.taylor@colliers.com
Apartment, Development

92-Unit Rental Building Planned for East Hastings

PCI Group has filed an application to rezone a property they own at 2805 East Hastings Street, most commonly known as a Burger King for many years. The plan for the 24,902 SF, C-2C1 zoned site is to develop a six-storey rental building with retail on the ground floor. The proposal includes:

    • 92 rental apartment units;
    • 18,300 SF of CRU retail on the ground floor;
    • a density of 3.84 FSR
    • a building height of 70.2 ft. ; and
    • 97 underground parking spaces.

This application is being considered under the Rental 100 Program and is possible due to the site’s location on a main arterial street. The site has 204 feet of frontage on Hastings.

2805 E Hastings

The application describes the development as follows:

“Located on the Hastings corridor, the project provides for a ground floor containing small scale retail CRU’s with five storeys of residential use consisting of 92 residential rental units, which include 55 one-bedroom units (average size of 544sf), 32 two-bedroom units
(average size of 742sf) and 5 three-bedroom units (average size of 1,000sf).


The project incorporates one and a half levels of underground parking with access at the northeast corner from the lane. A modest size amenity space is located on the sixth floor with an adjacent landscaped outdoor terrace. The elevators provide access to a roof garden.”
2805 E Hastings_2 2805 E Hastings_3 2850 E Hastings_1
The architect for the project is Burrowes Huggins Architects.


PCI Group acquired the site in August 2015 for $11,100,000. It was listed and sold by Casey Weeks and Steve Fame of Colliers.
October 17, 2015by david.taylor@colliers.com
Apartment, Development, Retail

Redevelopment of Mt. Pleasant Dealership Includes Apartments

A rezoning application has been filed for a 46,563 SF site at 445 Kingsway in the Mount Pleasant area which would allow rezoning from the existing C-2 zoning to allow a 6-storey mixed-use building that includes:

    • 109 secured market rental apartment units;
    • Commercial use (car dealership) at grade;
    • A density of 3.69 FSR;
    • A building height of 75.5 ft.; and
    • 90 residential parking stalls, 209 dealership parking stalls, 4 loading spaces and 156 bike parking spaces.

The application is being considered under the Secured Market Rental Housing (Rental 100) Program.

The site is currently improved with Desination Hyundai, a single-storey auto dealership. The renderings appear to show that Destination Honda will be the new tenant. The architect for this proposal is FNDA Architecture.

445 Kingsway445 Kingsway_3 445 Kingsway_1

October 5, 2015by david.taylor@colliers.com
Apartment, Development

23-Storey Rental Tower Proposed for West End Site

Larco Investments has applied to the City of Vancouver for permission to develop a site they own at Davie and Cardero with an additional new 23-storey building. The proposal for 1668 Davie St. includes the following:

    • 158 secured market rental residential units;
    • 105 studio and one-bedroom units, and 53 two & three bedroom units.
    • Retention of the London Drugs
    • Retail on the ground floor;
    • Building height of approximately 210 ft;
    • Total floor area of 123,895 SF; and
    • 95 underground parking spaces accessed from the lane.
    • Density of 6.1 FSR

The site is currently zoned C-5A and the application is being made under the existing zoning, which allows for planning to conditionally approve the proposal. The site also falls within the newer West End Community Plan, under the Lower Davie Village subarea, which allows up to 7.0 FSR.

The proposal calls for demolition of an existing parking garage next to the London Drugs.

The architect for the project is DA Architects & Planners.

1668 Davie 1668 Davie_1 1668 Davie_2

1668 Davie Street is just one of several existing and pending applications that have resulted from the 2014 West End Community Plan, including 1177 Jervis Street, a project three blocks East on Davie that is being developed by Intracorp. Several other sites are in the process of being sold for future applications.

September 24, 2015by david.taylor@colliers.com
Apartment, Development

Market Update: City of Vancouver Rezonings

Here is an overview of the rezoning applications that will be considered by Vancouver City council next week:

(click on addresses for greater detail regarding the projects)

3063-3091 West Broadway

3091 West Broadway_2The plan for this site at Broadway and Balaclava includes 78 market rental units under the Rental 100 program. Currently on the site is a two-storey building with commercial uses at grade and two residential rental suites on the second floor. The rezoning was originally filed back in April 2015.

 

4162-4188 Cambie Street

4162 Cambie_2This rezoning application was brought forward in March 2015 by Pennyfarthing Homes. The plan for the 22,166 SF site at Cambie and 26th Ave calls for a 6-storey condo building with 56 units. The site is directly across the street from Parc 26, a similar development now in pre-sales. 68% of the units will be 2 or 3 bedroom units.

 

2312-2328 Galt Street

2312 Galt_2The plan for this Norquay Village rezoning is a 28-unit, 4-storey apartment building under the Rental 100 program. The site is currently zoned RS-1, but was redesignated in the Norquay Village area plan for apartments.

 

 

26 East 1st Avenue

26 East 1st_2This is a rezoning amendment for a sitea at 1st and Ontario Street in the Olympic Village area owned by Pinnacle International and originally rezoned in 2006. The new plan calls for an 18-storey condo tower with 137-units and a density of 6.98 FSR.

 

201 West 2nd Avenue

1768 Cook_1Concord Pacific has applied to the City of Vancouver for permission to develop their 57,365 SF site, which is comprised of a full city block at West 1st Ave and Columbia Street. The site is one of the larger remaining undeveloped parcels in the SEFC area and was originally proposed by Concord back in 2012; having been rezoned previously in 2008. It will include 247 condo units. The architect for the project is GBL.

September 24, 2015by 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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