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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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
Apartment, Development, Office, Retail

9-Storey Mixed Use Building Proposed for False Creek Flats Site

Wave Developments has applied to the City of Vancouver for permission to develop on a 19,724 SF site at East 2nd and Scotia.

The proposal is for a new 9-storey mixed residential and commercial use building, consisting of:

  • Manufacturing, Brewing and Distilling Use at Level 1 & 2;
  • Ground floor restaurant/retail space;
  • Gym & office space on level 2;
  • Market rental units on levels 3-7;
  • Office space on levels 8-9;
  • 66 parking stalls on two levels of underground parking;
  • A building height of 102 ft.;
  • A total density of 4.0 FSR.
The above rendering from the architect’s website depicts what may be a previous version of the design. Credit: Studio Balcaen Kwan
The above rendering from the architect’s website depicts what may be a previous version of the design. Credit: Studio Balcaen Kwan
The above rendering from the architect’s website depicts what may be a previous version of the design. Credit: Studio Balcaen Kwan

Under the site’s existing IC-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 Studio Balcaen Kwan.

The full development application can be viewed here: https://development.vancouver.ca/pc315-319e2nd/index.htm

July 14, 2020by david.taylor@colliers.com
Condo, Office, Retail

Mixed-Use Development Pitched for 4 Acre Richmond Site

Thind Properties has applied to the City of Richmond for permission to rezone a 3.9 acre site at 5740, 5760, and 5800 Minoru Boulevard, in the Lansdowne Village area of Richmond.

Thind acquired the site in 2018 for $60,000,000.

The proposed concept for the site was first unveiled in late 2019. The formal application now confirms a high-rise, high density, mixed use development to replace the existing older commercial/industrial buildings on site.

The project comprises a 12-storey office tower and three residential towers.

Details include:

  • 429 residential units;
  • 341 condos and 88 affordable housing units;
  • 162,000 SF of office space;
  • 25,000 SF of retail space;
  • a total gross density of 3.20 FAR;
  • 632 parking spaces.

Prior to rezoning adoption, legal agreements will be registered on title to limit subdivision by air space parcel or strata-title on a floor-by-floor basis (to ensure the development provides for flexible, large floorplate office spaces).

The architect for the project is IBI Group.

July 9, 2020by david.taylor@colliers.com
Development, Office, Retail

6-Storey Office Building Proposed for Cambie

A rezoning application has been submitted for a 66 foot, mid-block site at 3353 Cambie Street, on the West side of Cambie between West 17th and West 18th Avenues. The site is currently improved with older single storey retail.

The proposal is to rezone from the current C-2 zoning under the Cambie Corridor Plan to allow a new 6-storey office building. The proposal includes:

  • 3,200 SF of ground floor retail/restaurant space;
  • 4,700 SF of childcare space on 2nd floor
  • 16,200 SF of office space on levels 3 to 6;
  • A total density of 3.0 FSR;
  • A building height of 78 ft.;
  • 36 parking spaces and 10 Class A bicycle parking spaces.

The architect for the project is Radiant City Architecture Inc.

June 17, 2020by david.taylor@colliers.com
Condo, Development, Office, Retail

More Office Added to Final Tower at Solo District

Appia Development has applied to the City of Burnaby to amend the plan for the fourth and final tower at Solo District in Brentwood. The four tower project is over half completed with the first two towers complete and the third tower, Cirrus well into construction. The second tower, Altus, includes 12 floors and 260,000 SF of office space.

The approved master plan for the site envisioned a 48-storey residential tower for the Southeast corner of the site fronting Willingdon, with a small amount of restaurant space.

The revised proposal increases the office portion of the tower from a 4-storey podium to a 18-storey podium, an increase of 160,000 SF of office space.

The fourth tower will now be 40 feet taller, but slightly shorter than Altus.

Details of the proposed changes include:

  • Increase in the office podium from 4-storeys to 18-storeys;
  • Increased in office space from 46,837 SF to 187,127 SF;
  • Total increase in height from 48 to 52-storeys;
  • No change in residential unit count (319);
  • Increase in retail space from 4,754 SF to 11,945 SF;
  • Change of restaurant use to retail CRU.
June 10, 2020by 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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