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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Apartment, Development, Market Research, Office, Retail

City of Coquitlam Releases Draft City Centre Area Plan

The City of Coquitlam (Council-in Committee) will receive a report outlining the Draft City Centre Area Plan (CCAP), which will form new land use policy for the Coquitlam City Centre area.

The planning effort got underway in the fall of 2018, and is now ready for council consideration and public consultation. The draft document, now completed, will proceed with the next phase of public consultation on the Draft CCAP. Based on that next phase consultation feedback, refinements will be made to the draft CCAP prior to Council’s consideration of bylaw adoption of the Plan in early 2020.

The main objectives of the plan are summarized by five ‘big moves’ outlined in the report, including:

1. Creating a Vibrant Downtown Core: The majority of population and employment growth in City Centre will be directed to a defined, mixed use Commerciai Downtown Core (of approximately 51 hectares/127 acres). The Core will be anchored by an Entertainment District that will serve as a destination for socializing and gathering. The Core will also include a hotel and conference space to serve businesses, tourists and visitors to Coquitlam. Concentrating growth in this manner will establish a sense of vibrancy in the ‘heart’ of City Centre and help create an active downtown.

2. Establishing a Strong Employment Base: A key component of a successful downtown is establishing a strong employment base. To achieve job growth, the amount of employment-generating floor space is recommended to be increased in the Commercial Downtown Core. To help augment employment generating floor space, two Office Business Districts are envisioned for City Centre, which have been strategically situated around a transportation nexus that includes a major bus hub, two SkyTrain stations, a West Coast Express station, and highway access and visibility. These Districts are envisioned to contain a dense concentration of office space, including office towers, situated within high density mixed-use developments along with a mix of other employment-generating businesses. To meet the evolving needs of businesses, several areas outside the Commercial Downtown Core will accommodate Business Enterprise uses to support a thriving downtown.

3. Building a Family-friendly Downtown: The Draft CCAP seeks to establish a family-friendly City Centre through the provision of public and civic amenities, including child care services and a new elementary school site centrally located in City Centre. To meet the varying needs of households of all types and at all stages of life, a variety of housing choices, tenures and price levels will be provided across City Centre. This will be achieved by respecting established neighbourhoods and directing new high density residential developmentto the Commercial Downtown Core.

4. Enhancing Recreation and Cultural Services: Enhancements to civic amenities and the public realm are essential to creating an inviting and active downtown that meets the needs of residents, attracts visitors and businesses to City Centre, and are critical to support a growing community. The CCAP seeks to create a network of parks and publicly accessible open spaces to encourage social interaction and enhance physical and mental well-being. Centrally located civic amenities will contribute to the vibrancy of the Commercial Downtown Core by providing cultural and recreational amenities for residents and businesses.

5. Integrating and Connecting Downtown: Transit-Oriented Development is central to strengthening the area’s role as a Regional City Centre and transportation hub. Improved ease of movement throughout City Centre will be achieved through a finer street grid. Pedestrian-friendly streets, pathways and greenways that are safe, well designed, and seamlessly connect commercial and office development with neighbourhoods, schools, parks, natural areas (including the Coquitlam River), and recreation and cultural facilities will help create an enjoyable, safe, and healthy environment for walking and cycling.

Land Use

The proposed land use changes focus on the Commercial Downtown Core, which is intended to be a major regional centre of commerce and employment, as well as a vibrant mixed-use neighbourhood with high-density residential. To help achieve this active, vibrant downtown, development in the Commercial Downtown Core are recommended for a commercial floor space requirement of 1.0 FAR (rising from current 0.5 FAR). To achieve vibrancy and vitality in and around the Commercial Downtown Core, draft policies seek to create visually interesting, inviting and functional spaces through:

• The establishment of three Precincts (Pinetree-Lougheed Precinct, Lincoln SkyTrain Station Precinct and Four Corners Precinct) in and around key intersections and SkyTrain stations to serve as welcoming destinations in City Centre and form an interconnected ‘spine of activity’ along Pinetree Way.

The report also notes current discussions with major property owners, including: ” Morguard, Marcon, Choice Properties, BentallGreenOak, Polygon and Concert). Recently, another developer (e.g., Ledingham McAllister) has come forward with a proposed land assembly in the Pipeline Road corridor in the vicinity of Glen Drive and Inlet Street. “

The full staff report including draft plan can be viewed here: https://www.coquitlam.ca/docs/default-source/council-agenda-documents/citydocs–3504867-v1-councilincommittee_2019_10_28_-_item_3.pdf?sfvrsn=2

October 25, 2019by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

Plan for East Broadway Safeway Site Includes Three Towers

Westbank has submitted their formal rezoning application for the Safeway site on East Broadway, just East of Commercial Drive.

The site at 1780 East Broadway totals 105,965 SF and is currently zoned C-3A, but was redesignated to allow a site-specific rezoning as part of the Grandview Woodland Community Plan.

The proposal consists of a mixed-use development with three residential towers (including strata, rental and social housing units), retail, office, a childcare facility, and a new public plaza.

Details include:

  • 680 total residential units;
    • 520 condos
    • 160 rental apartments;
  • a 53,000 SF Safeway store;
  • 20,000 SF of additional retail space;
  • 61,300 SF of office space;
  • a childcare facility;
  • 652 parking spaces;
  • unique “hanging gardens” in the interior courtyard;
  • a 20,000 SF public plaza running parallel to the SkyTrain station; and
  • a total combined density of 5.87 FSR.

The application is being considered under the Grandview-Woodland Community Plan.

The full rezoning application can be viewed here: https://rezoning.vancouver.ca/applications/1780ebroadway/index.htm

The architect for the project is Perkins + Will.

September 25, 2019by david.taylor@colliers.com
Development, Office, Retail

Beedie Planning 5-Storey Office/Light Industrial Building near Canada Way

Beedie has submitted a rezoning application to the City of Burnaby for a two acre site at 3133 Sumner Avenue. The site is located between Canada Way and Highway 1, just East of Gilmore and across the street from the Grand Villa Casino.

The site is currently zoned M1 but the rezoning seeks a designation based on the M2 General Industrial District, M5 Light Industrial District and C1 Neighbourhood Commercial District. The site is in the OCP for “Business Centre Development”.

The site is currently improved with an older industrial building.

The rezoning plan is to permit the construction of a 5-storey light industrial and office building with a small retail component. Details include:

  • 111,779 SF of office space;
  • 58,488 SF manufacturing/industrial space;
  • 2,577 SF of retail space;
  • 495 parking spaces;
  • a total density of 1.98 FAR.

The development concept includes “extensive glazing and architectural character. The first two floors provide a number of flexible, high-volume, industrial spaces with some common amenities on the ground floor. A ground floor commercial/restaurant space is also proposed, which would provide a commercial amenity to the area. The top three floors provide for office spaces.”

The architect for the project is Taylor Kurtz.

September 15, 2019by david.taylor@colliers.com
Development, Office, Retail

Application Reveals Revised Office Block & Entryway for Oakridge

The latest development application for Oakridge Vancouver has been submitted and it outlines the plan for the renovation of the existing, stand-alone office buildings on West 41st Avenue, as well as the main pedestrian entrance to the renovated mall and park.

Details include:

  • renovation of the existing office building including seismic upgrades and new building envelope with curtain-wall glass;
  • minor envelope upgrades to the Terraces residential building;
  • new transit plaza gateway with covered canopy;
  • new main mall entry with exterior facing retail;
  • connection to the new 9-acre rooftop park.

The application by Henriquez Parnters architects describes the overall rationale: ” Located at the transit hub of the Cambie Street-West 41st Avenue intersection, DP-3a is the principle project access point for Canada Line users, bus riders and pedestrians. DP-3a’s location marks the project’s symbolic “front door.” This prominence is celebrated with a Transit Plaza that accommodates flexible programming for informal gathering, community events and performances. Elevated above the plaza is a large sculptural canopy that marks the entry to the public park and retail development beyond. Plants on the Northeast Office’s exterior lead visitors towards the park’s upper levels. At grade, the Transit Plaza leads retail visitors towards the mall’s grand, ceremonial doors. “

Here is the office tower as it exists today:

The full application can be viewed here: https://development.vancouver.ca/650w41stav/index.htm

September 11, 2019by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

174-Units Planned for Richmond Land Assembly

A rezoning application has been submitted to the City of Richmond for permission to rezone a 3.14 acre site in the West Cambie area for a new mixed-use development. The site comprises an assembly of six single family lots (all demolished and vacant) at 9080, 9086, 9100, 9180 Odlin Road and 4420, 4440 Garden City Road.

The subject site is designated “Mixed Use Employment-Residential” in the Alexandra Neighbourhood Land Use Map of the West Cambie Area Plan.

The proposed rezoning would permit the development of a 4-storey commercial building fronting Garden City Road and two 5-storey residential buildings facing Odlin Road and Dubbert Street, all over a common parkade.

Details include:

  • 174 total residential units, including:
    • 9 affordable housing units;
    • 15 Modest Market Rent Controlled Units, and;
    • 17 Market Rental units.
  • 13,260 SF of retail
  • 50,763 SF of office;
  • a total density of 1.88 FAR;
  • 224 residential and 164 commercial parking stalls.

The architect for the project is GBL Architects.

The site was assembled in 2016 for $19,017,500, or $84 per buildable SF based on the application.

September 3, 2019by david.taylor@colliers.com
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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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