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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Office, Retail

5-storey Office & Retail Building Planned for Robson Street Site

A development permit application has been submitted for a site at 1394 Robson Street, the former location of the Robstonstrasse Hotel, acquired by Asia Standard in July 2018 for $24,780,000.

The site falls within the West End Community Plan, allowing up to 8.75 FSR. The Zoning for the property is C-6, a West End Commercial District classification which permits a maximum gross floor area equal to 2.6 times the site area. For the full density the site reequires a minimum frontage of 39.6 meters.

An office and retail buildings is proposed for the site, details include:

  • 14,771 SF of retail on floors 1-3;
  • 9,966 SF of office on floors 4 & 5;
  • A total density of 2.86 FSR;
  • a building height of 65 feet;
  • one level of underground parking accessed from the lane.

Under the site’s existing C-6 zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Development Permit Board.

October 15, 2018by david.taylor@colliers.com
Condo, Development, Office, Retail

Tallest Tower at Brewery District to Include 225 Condo Units & Office Space

Wesgroup has submitted a development application for Building 7 at their Brewery District master planned community. The overall master plan for the Brewery District was approved almost ten years ago and has been under development in phases since initial development permits were granted in 2010. The site is bounded by the Royal Columbian Hospital, the Braid Industrial Area and the Sapperton residential neighbourhood.

Building 7 is located at 268 Nelson’s Court, at the north west end of the Brewery District site. To the north of the site is the future Transit Plaza and 200 Keary Street which contains a nine storey mixed use building (Anvil) with commercial at grade and market strata residential. To the south of the site is 258 Nelson’s Court which will contain a 26-storey market strata residential building.

The proposal for Building 7 is a 32-storey tower, the tallest in the overall project, that includes:

  • 225 condo units;
    • 24 studios, 98 one-bedrooms, 71 two-bedrooms & 32 three-bedrooms;
  • 53,000 SF of office space (on levels 2-4);
  • 9,5000 SF of daycare space;
  • 4,600 SF of retail space;
  • A total density of 5.25 FSR;
  • A total building height of 320 ft;
  • 414 underground parking spaces.

The architect for the project is Chris Dikeakos Architects.

October 1, 2018by david.taylor@colliers.com
Office

Upgrades Planned for 333 Seymour Street

A rezoning application has been submitted for Grant Thornton Place – 333 Seymour Street, a 17-storey class A office building at the corner of Seymour and Cordova Streets. The rezoning is intended to allow upgrades at the base of the building, including:

  • updated fitness amenities;
  • additional office area in the podium on levels one and two; and
  • additional retail and improvements to the public realm at grade.

The building sits between two active development sites – 601 West Hastings, a 25-storey office being built by PCI Group, and Bosa Waterfront Centre at 320 Granville Street, a 32-storey office tower. 

The upgrades are scheduled to begin next year.

September 5, 2018by david.taylor@colliers.com
Development, Office

Office Building Proposed Next to VCC-Clark Station

A development application has been submitted to the City of Vancouver for permission to develop a 41,147 SF site at the Northwest corner of Clark Drive and East 6th Avenue, directly South of VCC-Clark Station and adjacent the ‘East Van’ Cross in East Vancouver. The I-3 zoned site also borders Keith Drive, hence the project address 2102 Keith Drive.

The plan for the site is an 8-storey mass-timber office building that includes:

  • 124,000 SF of office space;
  • 18,370 SF floorplates;
  • A total density of 3.0 FSR;
  • A total building height of 117 feet;
  • 141 underground parking spaces.

The application describes the design rationale: “Located at the prominent eastern gateway to the False Creek Flats area, the massing of the 2102 Keith Drive building responds to the constraints of the site; rectangular in plan, the south face of the building is angled to match the Metro Vancouver Sewer SRW. The first floor of the building has been integrated into the sloping grade of the site, creating a building that emerges from the landscape. To the north, the ground floor relates to the industrial character of the False Creek Flats area through robust materials, service access and overhead doors. To the west and south interfaces of the building, a dynamic landscape design connects to the Great Northern Way Greenway and park spaces located to the south of the site. With the building lobby prominently located at the south-west corner of the site at Keith Drive and East 6th Ave, the building engages with the streetscape through a highly-glazed first floor facade that steps to match a series of landscaped terraces that animate the public realm at street level. Above the landscape-oriented ground floor, the building is constructed with mass-timber, a contemporary update of the typology of mass-timber buildings that were historically built for commerce and industry in East Vancouver.

The structural design of the building utilizes an innovative perimeter structural system of diagonally oriented braces which are integrated into the architecture of the building to create the primary expression of the building.”

Under the site’s I-3 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 Dialog.

The site was sold in 2016 for $17,530,000, or $142 per buildable SF.

August 27, 2018by david.taylor@colliers.com
Condo, Development, Office, Retail

28-Storey Tower Proposed for Robson Street

VivaGrand Developments has applied to the City of Vancouver for permission to develop 1555 Robson Street, a site at the corner of Robson and Cardero Streets in Downtown Vancouver. The 132 x 131 ft site is located in the West End Community Plan which rezoned the property to C-6, which conditionally allows for a market residential highrise if social housing and commercial space is included.

The site sits directly south of 1550 Alberni, a 43-storey condo tower by Westbank currently under construction.

The proposal is for a 28-storey tower that includes:

  • 177 residential units including 24 units of social housing;
  • Retail on the ground floor;
  • Office space on floors 2-3;
  • Social housing on floors 2-7;
  • Condos on floors 8-28;
  • A total density of 9.63 FSR:
  • A building height of approximately 300 ft.

Vivagrand acquired the site in October 2017 for $79,500,000 or $455 per buildable SF based on the gross floor area in the application.

The architect for the project is IBI Group.

The full development application can be viewed here: https://development.vancouver.ca/1555robson/index.htm

August 23, 2018by 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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