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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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
Development, Office

333 Seymour to Undergo Reclad and Add Rooftop Amenity

A development application has been submitted to the City of Vancouver for an overhaul of the exterior of 333 Seymour Street, a 17-storey office building at Seymour and Cordova.

The building has been undergoing upgrades to it’s ground floor, lobby and podium since last year.

The proposal for the new exterior includes:

  • a cladding upgrade on the tower portion of the building (levels 3-17) to improve envelope performance;
  • a new 3,230 SF rooftop amenity space for building tenants; including kitchenette, lounge and outdoor terrace;
  • new exterior lighting and signage.
Existing building

Renderings also indicate that building signage will be included for Salesforce, a tenant in the building.

The application describes the new facade design: “The existing facade consists of a curtain wall system with an approximate 50/50 modulation between spandrel and vision glass. This results in a distinct, strong horizontal banding expressed in the tower massing. As part of the envelope upgrade, the project proposes to update the appearance of the tower, emphasizing a more vertical expression.

The application also describes the new rooftop space: “The north-facing side of the existing roof is proposed to be converted to an amenity space for building tenants. The siting of the terrace takes advantage of the views towards the waterfront and the north shore mountains.

Some of the program is to be allocated to a partial interior/exterior rooftop terrace, to include:

  • a refreshed elevator vestibule
  • new toilet rooms
  • enclosed kitchenette/lounge with
    operable glass walls
  • outdoor terrace”

The roof dome will also be refinished to match the new dark grey cladding used at columns and the roof top perimeter “frame”.

The architect for the project is Perkins and Will Canada Architects Co.

May 28, 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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