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

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
Apartment, Development, Office

4-Storey, 2.5 FSR Building Proposed for 33-ft Lot in Mount Pleasant

A development application has been submitted for a standard 33′ x 122′ lot on East 17th Avenue just East of Main Street. The site at 222 East 17th Ave is one of only a handful along the Main Street corridor with C-2 zoning despite being located off of Main Street and across an alley on a side street.

The lot is currently improved with an older single family dwelling.

Details for the redevelopment of the lot include:

  • a new 4-storey mixed-use building;
  • general office use on the main floor floor);
  • 5 residential units on floors 2-4;
  • a density of 2.50 FSR;
  • a proposed height of 45.28 ft.;
  • a total of 5 parking spaces having vehicular access from lane.

The application describes the design rationale and some of the challenges with the lot size: “For levels 2 and 3, the two dwelling units are separated by the circulation area (e.g. elevator, corridor, stairwell) that eats up most of the mid-section of the floor plan. This leaves us with a narrow strip of space that is particularly difficult to design without sacrificing over-all function and livability of each unit. By extending the maximum allowed limit of 50% Site depth (Section 4.5 of C2 Guidelines) to 60% we can better manage the use of space and make a more suitable design that is both livable and efficient. We are asking for a relaxation on the L2-L4 East side yard depth from 50% max. allowed to 60%.”

The architect for the project is Matthew Cheng Architect Inc.

The full application can be viewed here: https://development.vancouver.ca/pc222e17/index.htm

May 28, 2020by david.taylor@colliers.com
Development, Office

340,000 SF Office/Industrial Project Planned for South Vancouver

Wesbild Holdings Ltd. has applied to the City of Vancouver for permission to subdivide and develop a portion of a 5.0 acre site at 8188-8232 Manitoba Street, just South of Marine Drive.

The zoning for the site is I-2 which permits a density up to 3.0 FSR for a mix of industrial and office uses.

The proposed development would sit on a 3.2 acre parcel and will include two unique 6-storey industrial/office buildings. Details include:

  • 231,000 SF of industrial space on levels 1-4;
  • 108,235 SF of office space on levels 5-6;
  • a total density of 2.42 FSR;
  • a building height of 93 ft.;
  • 439 parking stalls on one level of underground parking and at grade.

To accommodate mid-floor industrial tenants, the building will feature a number of unique building elements, including:

  • Increased underground parking clearance height;
  • Exterior corridors on all floors & separation of freight & pedestrian traffic;
  • Cross Laminated Timber construction for the office space.

The application also notes that most of the potential mid-floor industrial tenants would be conditional approval uses under the I-2 zoning and that flexibility may be required in order to make the project work.

The architect for the project is MGBA Architecture.

The full development application can be viewed here: https://development.vancouver.ca/pc8188manitoba/index.htm

May 26, 2020by david.taylor@colliers.com
Development, Office, Retail

12-Storey Office Building Planned for Broadway & Ontario

Value Group has submitted their rezoning application for a 16,136 SF site that they own at 24 E Broadway & 2520 Ontario Street; at the Southeast corner of the intersection.

The site is currently zoned C-3A. The rezoning proposal would allow for a 12-storey office building at over twice the density permitted in the current zone. The proposal includes:

  • 20,284 SF of retail space;
  • 104,755 SF of office space;
  • Building height of 148 ft.;
  • A total density of 7.75 FSR;
  • 6 levels of underground parking, including 230 vehicle parking and 68 bicycle parking.

The application describes the design rationale: “The proposed project is a 12-storey mixed use retail/office building. The ground floor along Broadway is fronted by retail space that reinforces a scale of walking, and shopping with continuous weather protection.

There is also below-grade and above-grade retail space connected to the ground floor by stairs, an elevator, and floor openings to create visual connection with the street and the other levels of retail. On the west of the site, the ground floor is pulled back to allow a seating plaza adjoining a proposed cafe. An on-site public bike share along the Ontario Greenway adds bike capacity adjacent to the Ontario street bike path and pedestrian interest to the corner plaza.


Above the retail base, floors of office are grouped into three distinct ‘blocks’. The lower two blocks are large floor-plate offices which form a podium; rising no taller than eight floors thus avoiding shadowing of the north sidewalk of Broadway from spring to fall equinoxes. Atop the podium, a shared amenity rooftop is open to the building’s office users, and serves as an on-site gym and end-of-trip facilities. Five upper floors of office tower rise above the planted amenity deck.”

This application is being considered under the Metro Core Jobs and Economy Land Use Plan.

The architect for the project is Formosis Architecture.

Value Group acquired the site in 2017 for $13,250,000, or $106 per buildable SF based on the application. The site is currently improved with an older 3-storey office/retail building.

April 15, 2020by david.taylor@colliers.com
Development, Office

Rize Alliance Planning 150,000 SF Office Building on Terminal

Rize Alliance has submitted their development application for The Grid, a 10-storey office and light industrial project located on the South side of Terminal Avenue (306 Terminal), currently a Tim Hortons.

Details include:

  • Ground floor brewery/distillery/ancillary restaurant space;
  • 29,000 SF of industrial/manufacturing space;
  • 118,000 SF of office space;
  • 3 levels of underground parking w/192 stalls;
  • a building height of 48 ft.; and
  • a total density of 5.0 FSR.

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.

A description of the project is provided in the application: “The project seeks to provide flexible floor plates that are suitable for all approved uses in the I-3 Zoning District Schedule. This is accomplished by providing open floor plans with generous floor-to-floor heights and robust electrical and mechanical infrastructure. Each suite is organized around a compact central core allowing for daylight penetration deep into the floorplate. Access to daylight, fresh air and views are provided through double height exterior communal spaces on the upper levels 3-10. The central core will connect tenants to a robust loading facility located on the ground floor level complete with a shared freight elevator servicing the industrial areas, and as well to an enhanced end of trip facility for commuters located on L2. The main level exterior plaza will provide opportunity for a communal social space for the occupants of the building, while also encouraging pedestrian flow from Terminal Avenue South into the Creative hub. “

The architect for the project is OMB.

Rize acquired the site in 2017 for $15,500,000, or $106 per buildable SF.

March 30, 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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