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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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Development, Office, Retail

Lululemon HQ Proposal Includes Over 500,000 SF of Office Space

lululemon has submitted their formal rezoning application for their proposed new headquarters on Great Northern Way in the False Creek Flats. The company currently has four offices around the City, including the existing Cornwall Street building, and these will be consolidated. It is expected that the new building will accommodate about 4,000 people.

The plan for the new development at 1980 Foley Street was made public back in the Spring when the rezoning proposal was referenced in a City of Vancouver Policy Report.

The site is currently CD-1 (402) (Comprehensive Development) District as part of a 1999 rezoning of the Great Northern Way Campus lands. The current zoning only allows a building up to 120 feet, and so the rezoning is required to allow greater height and density. The site also falls under the False Creek Flats Plan area, which allows employment uses for the site.

The formal proposal is for a 13-storey office building (or “Store Support Centre”), to with ground-floor retail and cafe/restaurant use. The proposal includes:

  • 511,448 SF of office space;
  • 6,157 SF of retail space;
  • 4,358 SF of cafe/restaurant space;
  • a total density of 4.56 FSR;
  • 64,536 SF of amenity area;
  • A building height of 214.2 feet;
  • Landscaped terraces at levels 4, 7, and 13 offer outdoor social spaces
  • 840 parking stalls on five underground parking levels.

The application describes the design rationale: ” lululmeon’s love for design and attention to detail will be exemplified through a new, state-of-the-art destination facility in the community. The design of the building is organized around a central atrium space that will bring daylight and connectivity to the heart of the building. The building is established with a six-storey podium that reflects the scale of neighbouring properties and reinforces the streetscape. The upper levels are set back and creates an opportunity for landscape terraces that reflect Vancouver’s natural environment and China Creek Park. The building’s façade is carved into three main green spaces: a covered entry off Foley Street, a new public plaza along Great Northern Way, and a northwest corner enhanced with view of Downtown Vancouver and the North Shore Mountains. The public realm along Great Northern Way will be enhanced and activated with a new public plaza with opportunities for a café and outdoor seating, and lush planting along the eastern edge to reflect the legacy of China Creek. ”

This application is being considered under the False Creek Flats Plan.

The architect for the project is Morphosis Architects, in partnership with Francl Architecture.

August 7, 2019by david.taylor@colliers.com
Condo, Development, Office, Retail

13-Storey Building Proposed for Former Kingsway Rona Site

Cressey has applied to the City of Vancouver for permission to develop the former Rona site at the Northeast corner of Kingsway and Dumfries Street in East Vancouver, just East of Knight Street. 1503 Kingsway is a 67,023 SF site that is zoned C-2, which allows a mix of residential and commercial uses.

The proposal is to replace the aging commercial building with a 13-storey mixed use building on top of a 6-storey podium. A previous design sought 16-storeys for the site.

Details of the current application include:

    • 154 condo units, including;
      • 38 townhouses facing Fleming St. and Dumfries St.;
    • 23,247 SF of retail and office space;
    • a tower height of 167 ft. 
    • a total density of 2.50 FSR;
    • 2 levels of underground parking accessed from a lane connected to Fleming Street and Dumfries Street.

Under the site’s existing C-2 zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Development Permit Board.

The architect for the project is Rositch Hemphill Architects.

The site was sold by Colliers in 2013 for $21,000,000, or $125 per buildable SF based on the application.

June 26, 2019by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

Two Tower Project Proposed for Cambie & 41st Site

Polygon has submitted their application to rezone the 34,000 SF Oakridge Plaza site that they own at the Southeast corner of Cambie & West 41st Avenue, across from Oakridge.

5740 Cambie Street is currently zoned C-2 and is improved with two office buildings leased to mostly medical tenants.

The rezoning proposal consists of a mixed-use development with a 14-storey market rental tower and a 27-storey market strata tower and includes:

  • 80 market rental units;
    • 10 studios, 31 one-bedrooms, 39 two-bedrooms;
  • 133 condo units;
    • 14 one-bedrooms, 104 two-bedrooms, 14 three-bedrooms & one penthouse;
  • 12,500 SF of retail space;
  • 20,800 SF of market office space;
  • 46,000 SF of non-profit office space;
  • a total density of 8.61 FSR;
  • tower heights of 278 ft., and 148 ft.;
  • 288 underground parking spaces and 559 bicycle spaces.

The application is being considered under the Cambie Corridor Plan.

The architect for the project is Dialog.

The full rezoning application can be viewed here: https://rezoning.vancouver.ca/applications/5740cambiest/index.htm

June 24, 2019by david.taylor@colliers.com
Apartment, Development, Office, Retail

Revised Application Submitted for Broadway Denny’s Site

The revised rezoning application for the former Denny’s location at Broadway and Birch has been submitted to the City of Vancouver.

The site was originally proposed for rezoning by Jameson Development Corp. back in January 2017 under the City’s rental Rental 100 program. The rezoning was approved and enacted in 2018, after which the site was cleared and fenced. Late last year, it was announced that the application was being revised under the City’s new test policy known as the  Moderate Income Rental Housing Pilot Program.

The project, now with an address of 2538 Birch Street (formerly 1296 West Broadway) is seeking to allow for the development of a 28-storey mixed-use building including:

  • 248 rental units;
  • 53 units designated as moderate income units;
    • Combined: 30 studios, 121 one-bedrooms, 70 two-bedrooms & 27 three-bedrooms;
  • 16,212 SF of office space;
  • 11,326 SF of retail space;
  • a total density of 10.52 FSR (previously 7.07 FSR);
  • a building height of 276 ft.; and
  • 187 underground parking stalls and 438 bike spaces.

The application describes the design rationale: “The podium is composed of a retail block that will maintain a human scale at street level with a continuous glass overhang above the sidewalk. Vertical brick walls divide the Broadway frontage with the potential for up to five commercial units. Above the canopy, there are vertical banner signs that help differentiate the retail massing, while also expressing a retail flagship on Broadway.

The entrance to the office level is also on Broadway, separate from the residential building entry on Birch Street. We have provided a 360 sq.ft. public open space at the corner of Broadway and Birch. There is potential for a retail tenant—a restaurant or coffee shop, for example—to extend into the outdoor plaza enlivening the street. We have also designed the building so that the northwest corner meets the ground at the plaza. This corner will be the canvas for a public art tile mosaic by local Musqueam artist, Debra Sparrow, which will start at the plaza and rise to 17 storeys. Above the plaza, a glass box enclosing residential units further breaks up the retail block.

The tower comprises three brick colours: dark gray, bone white, and red clay. The location of the brick colours are intended to further break up the massing into different volumes in the tower. The colour scheme also provides a neutral palette that will accentuate the public art. The brick walls are uninteruppted as they go up, to emphasize a tall and slender expression, with the window wall in between the brick walls recessed with dark gray frames and metal panel. These vertical brick walls terminate with planters, providing greenery at the building’s edges that can be seen from the street. Furthermore, the brick walls provide the high energy efficiency required to meet the City’s Zero Emissions Building Plan.”

The architect for the project is IBI Group.

The site was purchased in 2016 for $26,250,000, or $133 per buildable SF based on the current application.

May 29, 2019by david.taylor@colliers.com
Condo, Development, Office, Retail

61-Unit Condo Building Planned for East Broadway Site

A development application has been submitted by a partnership between Caulfield Rock, PortLiving and Hudson to the City of Vancouver for a long vacant Esso gas station site at 452 East Broadway at Guelph Street, a few blocks East of Kingsway. The plan for the 19,398 SF, C-2C zoned site is a 4-storey combination of woodframe and CLT building that includes:

  • 61 condo units;
    • 41 studios, 6 one-bedrooms and 14 two-bedrooms;
  • 12,864 SF of commercial space (retail, restaurant & office);
  • a total density of 3.0 FSR;
  • two-levels of underground parking with 115 stalls accessed from the lane.

The application describes the design rationale: “The massing generally attempts to present a strong solid corner element that conveys the significance as a corner. Due to the E Broadway shift in alignment, this corner is further highlighted in importance, especially approaching from the west. The mass along Broadway continues east with a more articulated bay system, adding a more playful rhythm, while re-enforcing a strong street wall.

The building honours Mount Pleasant’s legacy of forestry by celebrating wood construction employing a combination of light wood framing and Cross-Laminated Timber structure, exposed CLT wood ceilings in the dwelling units, wood accented lobbies and common spaces, and a hybrid wood cladding, both at and above grade.”

Under the site’s existing C-2C zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning.

The site was acquired in December 2018 for $15,625,000, or $269 per buildable SF based on the application. It had been listed for sale in early 2018 without an asking price.

The architect for the project is Formosis Architecture.

May 29, 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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