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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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Development, Office

Hudson Pacific Submits Plans for New Bentall Centre Tower

Hudson Pacific Properties has submitted their formal rezoning application to the City of Vancouver for permission to develop a new office tower at the Bentall Centre, a plan that was first announced earlier this year.

The project, with an address of 1025 Dunsmuir, would see a new hybrid mass timber 16-storey office tower above a one-storey podium constructed in between Bentall 3 and Bentall 4, on the Northwest corner of the site. Details include:

  • A total floor area of 461,619 sq. ft.
  • Office floorplates ranging from 27,700 to 30,425 SF;
  • A building height of 260 ft.;
  • Two levels of underground parking with 173 vehicle parking spaces & 273 bike parking spaces.

Under the site’s existing DD zoning(External link), the application is “conditional” so it may be permitted. However, it requires the decision of the Director of Planning.

The architect for the project is KPF.

December 7, 2021by david.taylor@colliers.com
Apartment, Condo, Office, Retail

Morguard Proposing 2,175 Condo & Rental Units for Burquitlam Plaza Site

Morguard has submitted a significant high density mixed-use project, in the
Burquitlam-Lougheed Neighbourhood Plan area of Coquitlam, immediately adjacent to the Burquitlam SkyTrain Station.

Their development application for redevelopment of the 7.9 acre Burquitlam Plaza Shopping Centre site, located at the northeast corner of Clarke Road and Smith Avenue, goes to council for preliminary approval next week.

The project includes 6 residential towers, of 53, 43, 33, 33, 29 & 29-storeys in height, with retail and office space. The proposal includes:

  • 2,195 residential units (potentially all rental, or condo & rental);
  • 84,626 sq ft of office & retail space;
  • a total density of 5.50 FAR;
  • a total density of 1.9 Million SF;
  • a one acre, at grade urban courtyard.

Given the scope of the project and the number of elements to be addressed, it is estimated that the application could proceed for consideration of First Reading at Council in the second half of 2022.

September 24, 2021by david.taylor@colliers.com
Development, Office, Retail

Office & Industrial Development Proposed for SW Marine Drive Site

Hungerford Properties have submitted their rezoning application for the Kia Dealership site that they own at 396 SW Marine Drive in the Marpole area of Vancouver.

The proposal for the 3.2 acre site is to allow a 680,000 sq ft. mixed-employment redevelopment with industrial, office, daycare, and retail uses. The proposed form of development is a 10-storey and 19-storey building above a 3-storey podium. The overall proposal includes:

  • 396,000 sq ft of office space;
  • 100,000 sq ft of retail/commercial space;
  • 200,000 sq ft of light industrial space;
    • incl. basement, multi-storey & storefront industrial;
  • 37-space childcare facility;
  • A total density of 4.50 FSR;
  • An east building height of 165 ft. and west building height of 250 ft.;
  • Three levels of underground parking, including 674 vehicle spaces and 349 bicycle spaces.

The application is being considered under the Marpole Community Plan and the Employment Lands & Economy Review Phase 2 Report.

The architect for the project is HDR Inc.

September 23, 2021by david.taylor@colliers.com
Apartment, Development, Office

PCI Proposing 12-Storey Mass Timber Rental Building for Port Moody

PCI Group has submitted their OCP amendment, rezoning and development permit application to the City of Port Moody’s Advisory Design Panel for 2933-3005 Murray Street, a 45,000 sq ft site just east of the Moody Street overpass in the Moody Centre area. The site sits directly North across the train tracks from Moody Centre Station.

The current OCP designation for the site is 6-storeys and mixed use commercial, industrial and residential.

The application proposes to amend the OCP and rezone to allow a 12-storey, mass timber building containing:

  • 207 market rental units, including 21 (10%) below-market units;
    • 156 studios and one-bedroom units, 48 two-bedrooms & 3 three-bedroom units;
  • 8,400 sq ft of mixed employment space;
  • 1,000 sq ft of ground floor affordable artist space;
  • a total density of 3.31 FSR (after dedication);
  • 15,000 sq ft dedicated as protected land for Slaughterhouse Creek;
  • a total of 139 parking spaces.

The application describes the overall concept: “The proposed development is configured in a U-shape with two narrow east and west facing wings, served by external single-loaded corridors above a two-storey podium. This creates a south facing outdoor courtyard between the two wings on top of the podium. This site layout along with the 12-storey building form means that when the development is viewed from Murray Street, as well as the east and west, the massing may appear somewhat bulky and overwhelming given the relatively small site size, especially given that the OCP envisages a six-storey form of development along Murray Street.”

The architect for the project is Perkins + Will.

September 14, 2021by david.taylor@colliers.com
Development, Office

Construction Update: Vancouver Centre II

The 33-storey, 371,000 sq ft. Vancouver Centre II tower at 753 Seymour St. is now topped out and nearing completion. The building is reportedly 52% pre-leased.

Image courtesy Mcminsen: https://imageshack.com/i/pmXOoumgj
Image courtesy Mcminsen: https://imageshack.com/i/popGS8P7j
Image courtesy Mcminsen: https://imageshack.com/i/poII88bpj
Image courtsey Mcminsen: https://imageshack.com/i/pmvguGMbj
September 12, 2021by 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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