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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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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Condo, Development, Office, Retail

Keltic Development Planning Strata Medical Office Building Next to New Hospital

Keltic Development has submitted their formal development application for 220 Prior Street, a 20,000 SF site, an I-3 zoned site adjacent the future new St. Pauls Hospital that they acquired in February 2020 for $25,000,000.

The proposal for the site includes a new 10-storey office building that includes:

  • 1,600 SF of retail on the ground floor;
  • 16,000 SF of manufacturing/light industrial uses on the main & 2nd floor;
  • 84,000 SF of medical office space;
  • a total density of 5.0 FSR;
  • a building height of 149 ft.;
  • 173 parking spaces on four underground levels.

Under the site’s existing I-3 zoning, 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 MCMP Architects.

August 23, 2020by david.taylor@colliers.com
Development, Office, Retail

Reliance Proposes Rehab & Mass Timber Addition at 837 Beatty Street

Reliance Properties has submitted a development application to rehab and expand a building that they own at 837 Beatty Street in Downtown Vancouver.

The plan includes preserving the existing 2-storey heritage warehouse/office building constructed in 1911, and adding three additional floors of office space. The site is zoned DD is 6,992 SF.

A previous proposal for a 26-storey residential tower was not supported by the City due in part to shadowing on Terry Fox Plaza.

Details include:

  • retail uses on the ground floor;
  • office uses on the 2nd to 5th floors;
  • rooftop amenity space;
  • a total building area of 39,000 SF;
  • modern mass timber beams and columns and laminated timber floors;
  • steel elements to provide code compliant lateral resistance;
  • a building height of 90 ft.;
  • a density of 5.50 FSR including a 10% heritage density bonus;
  • loading is located in the lower level having vehicular access from the lane.
Existing Building

Under the site’s existing DD zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Development Permit Board.

Reliance acquired the site in 2015 for $9,880,000.

The architect for the project is OMB Architects.

August 23, 2020by david.taylor@colliers.com
Development, Office

Electronic Arts Expanding Burnaby Campus

Electronic Arts is proposing a major expansion to it’s Burnaby campus at 3700 Gilmore Way, across Sanderson Way from their existing campus.

The project consists of two new office buildings for EA on a 12.57 acre site with M5 and M8 zoning. An existing 110,000 SF office building occupied by Schnieder Electric on the site will be retained.

The plan calls for two 3/5-storey (due to slope) buildings, that include:

  • 297,000 SF of office space;
  • a total density of 0.75 FAR inclusive of the existing building;
  • 3 levels of underground parking;
  • 624 parking spaces;
  • a new urban plaza connecting the two buildings.

The architect for the project is Dialog.

August 21, 2020by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

First Phase of Brentwood “The Grove” Project to Include Two Towers, 948 Units

A rezoning application is going to public hearing at the City of Burnaby next week for Phase One of Aoyuan‘s “The Grove” project in the Brentwood Town Centre area. Phase One is located at the corner of Willingdon and Dawson and extends along the North portion of the site to the corner of Alpha Avenue.

The 8-acre master plan project is located at the Southeast corner of Willingdon Avenue and Dawson Street. Aoyuan acquired the site, which consists of seven parcels currently improved with older industrial buildings. The master plan was approved in 2019.

Details of Phase one include:

  • Two condo towers, 36 & 43-storeys;
  • One 6-storey non-market rental building;
  • 868 condos;
  • 453 Studios, 95 One-bedrooms, 256 Two-Bedrooms & 69 Three-bedrooms;
  • 80 non-market rental units;
  • 55,000 SF of office and retail space;
  • a total density of 8.62 FAR;
  • Tower heights of 387 ft and 456 ft.;
  • 1,175 parking stalls.

The architect for the project is IBI Group.

August 21, 2020by david.taylor@colliers.com
Development, Office, Retail

Renovation & Strata Conversion Eyed for Metrotown Place

Slate Asset Management has applied to the City of Burnaby to rezone Metrotown Place in order to allow a complete renovation and expansion of the 250,000 SF office complex, as well as a strata conversion that would total 236 strata units. Slate acquired the property on behalf of their Slate Canadian Real Estate Opportunity Fund in March 2019 for $95,000,000.

The golden clad towers, previously owned and occupied by Metro Vancouver, were built in the early 80s are sited at the western gateway of the Metrotown Downtown neighbourhood on Kingsway.

The RBC building located on the northeast corner of the site is not part of this project.

The rezoning would allow for the following alterations to the property:

  • 230 office strata units;
  • 6 retail strata units;
  • a total of 223,000 SF of saleable area;
  • re-cladding of the buildings;
  • alterations to the site’s public realm & landscaping;
  • a 39,229 SF increase in total floor area;
  • an expanded ground and second floor level connection between the two buildings;
  • upgrade the building envelope to improve energy performance and meet Step 3 of the BC Building Code.
  • expand the second floor area to match the ground level, and provide additional floor area on the office tower.
  • strata-titling of some or all of the office and retail space.
  • a total density of 4.40 FAR.
Existing complex.
Typical office floorplate.

The application describes the design rationale: “The design intent to enhance the office buildings to Class AAA facilities builds on the legacy of the existing landmark Golden Towers as prime office real estate through modernization of the building’s exterior and interior. Classic, minimal, restrained and elegant are key words that influenced the form, shape, materials and colour for this gateway site. And an overarching desire to unify the three elements: podium, tower 1 and tower 3 form the foundation of the architectural language.

Currently the two towers are completely separate buildings. The project’s big move links these two towers on both the ground floor and level 2 to create a connection between the buildings allowing for efficiencies of use and access. The two main entry points off Kingsway and Kathleen are maintained.

The proposed design shifts the primary Kingsway entry closer to the property line to improve the street edge and shape a more intimate and active public space. Both entries are strengthened by framing the doors with a metal panel portal of contrasting colour, creating definition and wayfinding on site. The Kingsway entry is further enhanced through a large airy, light filled double height atrium space. Added retail program at the ground floor frames the double height space, creating increased opportunities to activate the street through small scale shops and cafes. Another, key feature of the building design is the increased amenity areas on levels 2 and 3. The level 2 amenities include: shared meeting rooms, work spaces and a lounge along with a large sub- dividable room for presentations and functions. These semi-public spaces offer business owners and employees shared facilities to meet with clients. Also on level 2 are state of the art end of trip facilities: large bicycle storage facilities offer showers, changes rooms, and lockers to promote healthy lifestyles and riding to work. Further, two transit stations are within walking distance of the site and the City of Burnaby’s street standard upgrades support this ambitious strategy. On level 3 a new club house, gym and an improved outside amenity deck offers private spaces for employees and owners to relax, work out, and have lunch.”

The architect for the project is Dialog.

July 24, 2020by 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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