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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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

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.
    •  

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
Apartment, Development, Office, Retail

Renovation of Vacant Downtown Building to Include Retail, Office & Apartment Uses

A development application has been filed to rehabilitate a vacant commercial building in the Crosstown area of Vancouver. The existing 4-storey commercial building at 41 West Pender was previously used as a warehouse for a nearby department store and has been vacant for several years.

This proposal is to add two storeys of woodframe secured rental residential to the existing building, while maintaining office and retail uses in teh existing building. The
current zoning (DD-C2) allows for 5.0 FSR, with an additional 1.0 FSR permitted if all Residential is Secured Market Rental. The existing lot is 50 x 120.

Details include:

  • 5,872 SF of retail uses on ground floor;
  • 18,515 SF of office use on levels 2-4;
  • 9,511 SF of residential uses on 5 & 6;
  • 16 market rental units (all studios);
  • an amenity roof patio;
  • a building height of 97 feet;
  • a total density of 5.65 FSR (including Transferable Heritage Density); 
  • two parking stalls accessed from the lane.

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

The application describes the building program: “The existing building is a hybrid of concrete, concrete block, steel frame with solid wood joists with concrete topping. The facade is cast in place concrete, front and back, with composite masonry block firewalls. This solid building has good potential for renovation which is not only sustainable but can allow for its occupation in shorter timelines than full demolition and rebuild. The Structural Engineers were consulted from the outset and have provided the parameters of what is and what is not possible with existing structure.

For the proposal to be feasible the renovation hinges on retaining the bulk of the primary structure and adapting the fabric to meet the new use and codes with new shared stair and elevator core. The two levels of residential need to be constructed of light wood frame.”

The architect for the project is Metric Architecture.

April 10, 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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