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

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
Development, Office

Onni’s Gilmore Place to Include 37-Storey Office Tower

Onni has submitted a rezoning application to the City of Burnaby for the office tower component of their 12.2 acre Gilmore Place development, now in site clearing for Phase 1 which includes three residential towers.

The office building component is located in Phase 2 of the project, on the Southern portion of the site adjacent the Gilmore Skytrain Station and along Dawson Street. In addition to the office tower, Phase 2 will include two residential highrises fronting Dawson Street (to be submitted as future rezoning applications).

The proposed office building includes:

  • a 37-storey office tower;
  • a 3-storey commercial podium;
  • 695,614 SF of office space;
  • approx. 20,000 SF floorplates;
  • a total density of 7.10 FAR (in Phase 2);
  • 1,453 underground parking spaces (for Phases 1, 2 & 3)
  • a projected occupancy date of Q2 2024.

May 24, 2019by david.taylor@colliers.com
Development, Office

Office Building Proposed for West 2nd Avenue

Strand Developments has applied to the City of Vancouver for permission to develop an 18,772 SF site at the corner of West 2nd Avenue and Alberta Street in the Olympic Village area. The site at 302 West 2nd Avenue is zoned I-1 in the Mount Pleasant Industrial Zone.

The proposal is for a 4-storey building with manufacturing uses on the ground floor and office space above. Details include:

  • 18,772 SF of manufacturing space;
  • 37,545 SF of office space;
  • a total density of 3.0 FSR;
  • a building height of 60 ft.;
  • three levels of underground parking (74 stalls) having access from the lane.
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Under the site’s existing I-1 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 MCMP.

The full development application can be viewed here: https://development.vancouver.ca/pc302w2nd/index.htm

Strand acquired the site in 2015 for $11,250,000, or $200 per buildable SF based on the application.

May 8, 2019by david.taylor@colliers.com
Development, Office

4-Storey Commercial Building Latest Proposal for Mount Pleasant

Rendition Development has submitted a development application to the City of Vancouver for permission to develop a site at the Northwest corner of West 5th Avenue and Columbia Street in Mount Pleasant. The site is currently improved with a vacant commercial building and is zoned I-1. It is the latest in a string of commercial development applications for the area.

The plan for the site is a 4-storey commercial building that includes the following:

  • manufacturing uses on the 1st and 2nd floors;
  • office uses on the 3rd and 4th floors
  • a total density of 3.0 FSR;
  • an overall height of approximately 60.00 ft.; and
  • providing a total of 30 parking spaces.

Under the site ’s existing I-1 zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning.

Rendition acquired the site along with an adjacent parcel across the lane for $10,600,000 in 2018.

The architect for the project is Mallen Gowing Berzins Architecture, Inc.

May 8, 2019by david.taylor@colliers.com
Development, Investment, Office

Mixed-Use Project Planned for Main & East 1st

QuadReal and Hungerford Properties have submitted a development application for the former Ralph’s Radio site industrial/commercial project at 220 East 1st Avenue (Main Street & East 1st Avenue).

Proposed is a 10-storey stacked-industrial and office building on the western portion of the site and a 13-storey residential building on the eastern side of the site. This development falls within the False Creek Flats, FC-2 zoning classification. Details include:

  • 215 residential units;
  • 40,370 SF of industrial space on the main and 2nd floors;
  • 81,075 SF of office space;
  • a large rooftop amenity;
  • an Arts Walk seperating the residential and commercial buildings;
  • a total density of 6.5 FSR.

The architect for the project is GBL Architects.

The site was acquired in 2017 for $46,100,000.

May 1, 2019by 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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