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

8-Storey Mixed-use Building Planned for Oak & 67th

A rezoning application has been submitted for the strip retail building at the corner of Oak Street and West 67th Avenue in Marpole, formerly home to Starbucks.

8257 Oak Street is zoned C-1 and totals 18,207 SF. The proposal consists of an 8-storey mixed-use building over two levels of underground parking and includes:

  • 62 condo units;
    • 4 studios, 36 one-bedrooms, 16 two-bedrooms & 3 three-bedrooms;
  • 5,988 SF of retail space on the ground floor;
  • 8,713 SF of office space on the 2nd floor;
  • A total density of 3.5 FSR;
  • A maximum building height of 104 ft.; and
  • 69 parking spaces and 124 bicycle spaces.

This application is being considered under the Marpole Community Plan.

The architect for the project is GBL Architects.

The site was purchased in 2018 for $20,000,000 or $314 per buildable SF based on the application.

November 27, 2019by david.taylor@colliers.com
Development, Office, Retail

New Auto Dealership Planned for Burrard & 4th Corner

Dilawri Group have have submitted their development application for the former Esso Gas Station site at the Southeast corner of Burrard and West 4th Avenue.

The plan for the 14,461 SF, C-2B zoned site is to develop a new dealership building for Jaguar and Land Rover. The Jaguar & Land Rover dealerships are currently located at 1730 Burrard Street.

The building will be 2.5 storeys. Details include:

  • 21,707 SF of showroom space;
  • 10,096 SF of office space;
  • a total building height of 52 ft.;
  • a total density of 2.49 FSR;
  • 66 total parking stalls.

Under the site’s existing C2B 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 Kasian Architecture.

A similar scale building was completed across the street in 2018, now home to Comor Sports, with offices above.

November 21, 2019by david.taylor@colliers.com
Condo, Development, Office, Retail

11-Storey Mixed Use Building Proposed for Granville Street Site

Buffalo Investment have submitted an application to rezone the vacant former gas station site at 8655 Granville Street. The 15,076 SF site located on the West side of Granville Street, just South of West 70th Avenue. It is currently zoned C-2 but was redesignated as part of the Marpole Community Plan.

The proposal consists of an 11-storey mixed-use building and includes:

  • 55 condo units;
    • 19 one-bedrooms, 27 two-bedrooms & 8 three-bedrooms;
  • 8,605 SF of retail space;
  • 8,090 SF of office space on the 2nd floor;
  • A building height of 126 ft.;
  • A total density of 4.10 FSR; and
  • 73 underground parking spaces and 110 bicycle spaces.

The application is being considered under the Marpole Community Plan.

The site was acquired by Buffalo in February 2018 for $20,000,000 or $316 per buildable SF based on the application.

The architect for the project is GBL Architects.

The full rezoning application can be viewed here: https://rezoning.vancouver.ca/applications/8655granvillest/index.htm

November 19, 2019by david.taylor@colliers.com
Condo, Development, Office, Retail

Condos & Office Space Proposed for Cambie Site

Vivagrand Developments has submitted a rezoning application for the site they own at 5812-5844 Cambie Street, at the corner of Cambie Street and West 42nd Avenue.

The site was previously proposed for a mixed-use development up to 10-storeys under the old Cambie Corridor Plan, which was revised for higher densities as part of the areas new designation as the Oakridge Municipal Centre.

The current proposal consists of a mixed-use development with a 32-storey condo tower and a 12-storey office tower over a four-storey podium. It includes:

  • 257 condo units;
    • 170 one-bedrooms, 57 two-bedrooms & 30 three-bedrooms;
  • 106,589 SF of office space;
  • 12,000 SF of retail space;
  • a 37-space public childcare facility and a youth centre;
  • a total density of 9.85 FSR; and
  • • 303 parking spaces and 536 Class A bicycle spaces over four levels of underground parking.

This application is being considered under the Cambie Corridor Plan.

The architect for the project is IBI Group.

November 13, 2019by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

Iconic Landmark Project Proposed for Burnaby

An “iconic landmark project” has been put forward by Pinnacle International for a 6.2 acre site in the Lougheed Town Centre area of Burnaby. Based on the preliminary design details, including towers up to 82-storeys in height outlined in the preliminary rezoning application, the towers may become the tallest in B.C..

The site, located at 9858 Gatineau Place has an enviable location directly next to the Skytrain Station and just South of Shape Properties’ 72-acre ‘City of Lougheed‘ / Lougheed Mall site, with its first phase now under construction. A master plan was created for both sites in 2016; however, the Gatineau Place site was subsequently sold to Pinnacle in February 2018 for $220,000,000. The site is currently improved with surface parking lots and a residential sales centre.

Preliminary details for the proposed project include:

  • Three residential towers (82-storeys, 67-storeys & 62-storeys);
  • up to 1.9 Million SF of market residential (11.91 FAR);
  • 20% rental housing (2.16 FAR);
  • estimated 430,000 SF of office, retail & hotel uses;
  • relocation of Gatineau Place to align with the new north-south Grand Promenade road;
  • new covered transit plaza adjacent to the SkyTrain station and bus loop;
  • a new pedestrian bridge over Austin Road to connect the covered transit plaza and subject site with the Lougheed Mall site to the north.

The application describes the design rationale: “The ground level for each tower will be animated with retail uses that will activate the public realm and integrate with the transit plaza. The second level will include retail components in each building together with a hotel lobby in the “East Tower” and an office lobby in the “West Tower”. The tower podiums will share common thematic elements and will be interconnected with sky bridges allowing pedestrian movement between buildings and a connection to the Lougheed Mall Precinct.

The three towers will vary in height, with the largest (East Tower) reaching 82 levels comprised of retail, hotel and residential uses. The West Tower will feature retail, office and residential components within 67 levels, while the “South Tower” will be 62 levels in height and will include retail and residential uses. The design is inspired by nature with the three buildings metaphorically representing an ensemble of flowers expressed through appropriate massing and architectural articulation.”

No renderings have been released publicly yet, and there is no word yet on design architects.

October 28, 2019by 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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