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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Condo, Development, Office, Retail

Mixed-use Redevelopment Envisioned for ‘Telus Boot’ Site in Metrotown

A redevelopment plan for the Telus Boot site includes 4 high-rise residential towers above mixed use podiums, with retention of the iconic building and significant densification of the site.

The preliminary rezoning application was submitted this week by PC Urban for a major redevelopment of 3777-3791 Kingsway, the 6.6 acre site which is home to the iconic “Telus Boot” building. The building, also known as Brian Canfield Centre, is located at Kingsway and Boundary Road in the Metrotown area of Burnaby.

Existing site aerial

The existing building is a 22-storey, 690,000 SF L-shaped office building built in 1976 as the headquarters for BC Tel (now Telus), although it no longer functions as the company’s head office. A large portion of the overall site is improved with surface parking ripe for development.

Under the Metrotown Downtown Plan, the site is now designated for high-density mixed-use development.

Existing site aerial view

The preliminary plan outlined in a report going to city council next week describes the following concept:

  • a high-density mixed-use infill development including new office, residential and retail space;
  • retention of the 21- storey “Telus Boot” building;
  • removing other existing structures on site;
  • four high-rise towers atop mixed-use podiums with activated street frontages along Boundary Road & Kingsway;
  • improved site circulation and underground parking;
  • open space amenities.

Further details including concept massing, renderings and an architect will be revealed in a future report as the application progresses.

A 50% interest in the property was last sold to a fund managed by Crestpoint Real Estate in 2014 for $86,500,000. H&R REIT had previously acquired the entire property for $150,000,000 in 2006.

October 24, 2020by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

Major Revision to Oakridge Centre Development Includes Increased Rental & Office Density, Heights

A revised rezoning application has been submitted for Oakridge Vancouver, the 28-acre mall site that is currently under construction.

The full rezoning of the site took several years to complete, with full approval granted in 2018. The first phase is now under construction.

The new proposal seeks to increase building heights for the remaining phases above those approved in 2018, with up to 9 additional storeys per building. The proposed changes also include changing building form such as tower floor plate size; converting some condo density to rental; and adding new office space.

The majority of the site that is affected by the proposed rezoning is outside of the scope of the first phase of construction, which is projected to take four years to complete.

Overall details include:

  • 775 new housing units, including 319 additional market rental units and 94 moderate income rental units;
  • 377,260 sq. ft. of new office space;
  • Increase in overall density from 3.71 to 4.10 FSR;
  • Increase maximum heights for Buildings 2, 5, 6, 7, 9, 10, 11, 12, 13, 14 and the northeast office building;
  • No changes to buildings 1, 3, 4 & 8 (First two approved phases).

One of the more significant changes is to Building 5, previously a 43-storey condo building, which will now be converted entirely to market rental housing with 52-storeys and 587 units. The tower will be 477 ft. in height making it the tallest all rental tower in Vancouver.

A full summary of the proposed changes is outlined in the application (summarized below):

Revised renderings:

Details of the rezoning application can be viewed here: https://shapeyourcity.ca/650-w-41-ave

October 20, 2020by david.taylor@colliers.com
Development, Office

5-Storey Industrial & Office Building Planned for East 1st & Clark

A development application has been submitted for the full city block site at the Southwest corner of East 1st Avenue and Clark Drive in East Vancouver.

The proposed project is a speculative mixed use industrial and office project preliminarily called “1st & Clark”. The 5-storey building will be a horseshoe shape and include units for smaller downtown wholesale and light industrial users.

Details of the project include:

  • wholesale uses on the main to second floor;
  • general offices on the third to fifth floors;
  • 197,948 SF of gross floor area;
  • a total density of 3.0 FSR;
  • a building height of 72 ft.; and
  • 220 underground parking spaces on one underground level.

Under the site’s existing I-2 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 TKA+D Architecture + Design Inc. 

October 13, 2020by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

Westbank Revises Plan for East Broadway Safeway Site

Westbank has submitted a revised rezoning application for the 2.5 acre East Broadway site, originally proposed in September 2019.

The main change to the proposal is a shift away from primarily condos, to primarily market rental units. The revision shows a decrease in the number of condos from 520 to 236, and an increase in the number of rental units, from 160 to 452 units. Details of the updated plan include:

  • 452 secured rental units;
  • 236 strata residential units;
  • Revised tower heights from 24, 27, & 30-storeys to 25, 29, & 30 storeys;
  • 63,000 SF of retail including 50,000 SF Safeway store;
  • 48,000 SF of office space;
  • Public plaza running parallel to the SkyTrain station;
  • 486 vehicle parking spaces and 1360 bicycle parking spaces.

The application is being considered under the Grandview Woodland Community Plan(External link).

The architect for the project is Perkins + Will.

September 17, 2020by david.taylor@colliers.com
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
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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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