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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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Condo, Development, Office, Retail

First Phase of Oakridge Redevelopment to Include Two Towers, 504 Units

A development application has been submitted for the first phase of the Oakridge Centre redevelopment, for which the overall development plan was approved earlier this year. 

The first phase will consist of two towers (Towers 3 and 4), and a portion of the future park. Details include:

  • one 32-storey tower (Building 3) and one 42-storey tower (Building 4)
  • 504 market condo units;
  • 212 one-bedrooms, 260 two-bedrooms & 32 three-bedroom units;
  • a podium containing retail/office Uses (Levels P1 – 6);
  • 173,113 SF of office space in Building 3;
  • all over three levels of underground parking;
  • a portion of the future 9-acre Park;
  • a total density of 0.74 FSR;
  • a maximum geodetic building height of 189.38 m for Building 3, and 217.28 m for Building 4.

The application describes the design rationale: 

“Skin & Bones Concept
The metaphor of skin and bone is the ordering principle for the Architectural Tectonic. It is born from the idea of draping the Mall with a landscaped Park. The act of wrapping or revealing becomes architecturally significant when defining the relationship between the landscape and buildings, as an approach to breakdown the mass of the buildings, as a passive solar strategy to have the buildings respond to their environment, and for providing wayfinding and programmatic identity.

Skin as Veil
Expanding upon the skin & bones concept, the skin is treated like a fine light fabric that wraps the buildings in a unifying veil. It is both delicate and protective, and is expressed architecturally as a plane of Curtain Wall that extends past the building itself in vertical and horizontal fly-bys. The Curtain wall design is reduced to its essence of transparent glass using 4 sided SSG, grey sealant and gaskets, light colored shadow boxes and only horizontal spandrel. The extent of the wrapping of the veil is related to the buildings orientation, as the veil opens toward the light, allowing the deep recessed terracing of the bones to shade the spaces within.”

The architect for the project is Henriquez Partners Architecture.

August 23, 2018by david.taylor@colliers.com
Development, Office, Retail

7,000 SF Commercial Building Planned for Lower Lonsdale Site

A rezoning application for a 2,752 SF site at the corner of Carrie Cates Court and Lonsdale, directly across the street from Lonsdale Quay. 1 Lonsdale Avenue is currently occupied by an italian restaurant, Gusto Di Quattro. The site has been owned by the Babalos family since 1941 and they are the developers. 

The application seeks to amend a previous CD zoning to support a new 3-storey passive house commercial building that would consist of a ground floor restaurant and two levels of office space above. Due to the site’s small size, off-street parking is not possible and the applicant is requesting a waiver.

Details of the proposal include:

  • a total floor area of 6,963 SF;
  • 2,159 SF of restaurant space;
  • 4,804 SF of office space;
  • a density of 2.53 FSR;
  • a building height of 39 feet.

The architect for the project is John Hemsworth.

July 13, 2018by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

Third Burrard Place Tower to Include 233 Units

Reliance Properties has submitted a development permit application to the City of Vancouver for permission to develop “Tower C” at Burrard Place. The first two towers included a 55-storey residential tower with 444 units, sold out in 2016, and a 130,000 SF office tower on Burrard. The third tower is located mid-block on Hornby Street, at 1261 Hornby. 

The plan for the third tower includes a 35 storey mixed
use building, including the following:

  • 206 condo units;
    • 105 one-bedrooms, 100 two-bedrooms and one three-bedroom;
  • 27 market rental units;
    • 16 studios and 11 one bedrooms;
  • 5,120 SF of retail;
  • 40,252 SF of office;
  • A building height of 368 ft;
  • 9 levels of underground parking accessed from the lane with a total 375 parking spaces.

The application describes the design rationale: “Like most towers in Vancouver, Tower C’s massing is heavily shaped by zoning conditions, which in this case produces a simple volume with a nearly square plan of 36 stories. Our approach to the image of the building therefore has been influenced by this simple prismatic quality and by the fact that the neighboring towers are lighter in overall color and tone. To this end, we have developed a kind of supergrid of “modules”, here articulated by dark gray metals
against low iron glazing, that reads distinctly different than the lighter grids of Tower A and the punched white brick façade of Tower D.

Like cells in an analogue film strip, these modules track up the building in four bays, each slipping past one another, suggesting motion and revealing the “action” within each module. This composition plays in elevation with the symmetry of the typical floor plan through the interlocking material logic of clear / silver glazing systems and the gray metal panel system. To further refine this supergrid, black ceramic frit is used as a kind of graphic tailoring that includes radiused and thickened corners.”

The architects for the project are Neil Denari and IBI Group.

July 11, 2018by david.taylor@colliers.com
Condo, Investment, Office, Retail

Five Towers, 1,386 Units, Planned for Coquitlam Inn Site

Anthem Properties is proposing to rezone a 6.0 acre site at 319 North Road for their upcoming project, entitled “SOCO“. The site is currently home to the Best Western Plus Coquitlam Inn Convention Centre and liquor store. 

The application to the City of Coquitlam proposes to rezone the site from the existing C-2 General Commercial and RS-l One-Family Residential to C-7 Transit Village Commercial to accommodate a phased, mixed-use development.

The site is located within the Burquitlam-Lougheed Neighbourhood Plan (BLNP)
and the Burquitlam-Lougheed ‘Core’ area in the TDS. The current OCP land use
designation on 319 North Road is Transit Village Commercial, and the current
designation on 566 Lougheed Highway is High Density Apartment Residential.

The proposed development includes 1,386 market condo units in five towers,
along with retail, restaurant, and office space. The overall gross buildable area can be up to a maximum of 1,185,607 SF.

The first phase of the project is located along North Road, and includes two towers (27 and 31 storeys) with condo units above a podium with a large restaurant space, commercial retail units, indoor and outdoor amenity space, and office space. 

The other three towers, to be built in three further phases, include tower heights of 24, 34 & 44 storeys.

Details of the first phase include:

  • 494 condo units;
  • 50 studios, 192 one-bedrooms and 252 two-bedroom units;
  • 7,501 SF of restaurant space;
  • 7,990 SF of retail space;
  • 50,316 SF of office space;
  • a total site density up to 4.5 FAR;
  • 843 parking spaces;
  • a new East-West collector and North-South Road;
  • $45.9 Million in density bonus funds and CACs.

The architect for the project is IBI Group.

July 9, 2018by david.taylor@colliers.com
Condo, Office, Retail

Mixed-Use Project Proposed for No. 3 Road & Lansdowne

Townline has applied to the City of Richmond for permission to rezone a 97,400 SF site on the west side of No 3 Road in Richmond. The assembly of four lots is located at the corner of Lansdowne Road, across from Lansdowne Centre. The lots are improved with older lowrise commercial buildings including the Milan Ilich Arthritis Research Centre. The site sits directly South of another large scale rezoning proposal currently in the latter stages of approval, named ‘Atmosphere‘, and directly across from the Lansdowne Canada Line Station.

The proposal calls to rezone the properties at 5591,5631,5651 and 5671 No.3 Road to “High Density Mixed Use – Lansdowne Village (City Centre)” in order to permit a high-density commercial, office and residential use development.

The proposal is for a new mixed use development comprised of a podium and tower form of development with below and above grade parking, ground level commercial, a signature 12-storey office tower and three 10-storey residential towers.

Details include:

  • 365 residential units;
    • 354 condos;
    • 20 affordable housing units (low end market rental);
  • 19,279 SF of retail space on the ground level;
  • 77,740 SF of office space;
  • a total density of 4.0 FAR;
  • A 6,000 SF on-site community facility;
  • Dedication for new north-south road on West side of site;
  • Design, construction and transfer to the City of the area of the site designated for the Lansdowne linear park;
  • 548 parking spaces (below and above grade).

 

The architect for the project is Musson Cattell Mackey Partnership.

July 5, 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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