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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Development, Office

5-Storey Office/Industrial Building Planned for Mt. Pleasant

Wesgroup Properties has applied to the City of Vancouver for permission to develop a 15,098 SF, I-1 zoned site at the Southwest corner of Manitoba Street and West 5th Avenue in Mount Pleasant.

Details of the proposal include:

    • a 5-storey, mixed-use building with Wholesale use on the 1st and 2nd floor and office use on the 3rd, 4th and 5th floor,
    • cast in place concrete walls;
    • 13 foot floor-to-floor heights;
    • a fully programmed, high quality rooftop with fitness and recreational amenities such as urban agriculture and multi-sport court;
    • two levels of underground parking having vehicular access from the lane.

110 West 5th 110 West 5th_1

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 Taylor Kurtz.

The full application can be viewed here.

September 25, 2017by david.taylor@colliers.com
Development, Office, Retail

Mixed-Use Building Planned for Chinatown Site

A development application has been submitted to the City of Vancouver for permission to develop a 50′ x 122′ site in Chinatown with a new 8-storey mixed use building. The site is located mid-block on the North side of Keefer Street between Main Street and Gore Avenue. The existing building on site is a single-storey retail building that is vacant.

Details of the proposed development include:

  • 29 residential units;
  • 23 one-bedrooms and 6 two-bedrooms
  • 2,838 SF of ground-floor retail space
  • 12,022 SF of office space on the 2nd and 3rd floors;
  • a total density of 5.35 FSR;
  • 20 parking stalls on two underground levels accessed via car elevator.

239 Keefer239 Keefer_1 239 Keefer_2

Under the site’s existing HA-1A zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Development Permit Board.

The site sold in June 2016 for $6,350,000 or $194 per buildable SF based on the application.

The architect for the project is Mallen Gowing Berzins Architecture.

August 29, 2017by david.taylor@colliers.com
Development, Office

Industrial/Office Building Planned for Yukon & 7th Site

A development application has been submitted to the City of Vancouver for permission to develop a new industrial/office building at 2250 Yukon Street, at the Northeast corner of Yukon and 7th in the Mount Pleasant area of Vancouver. The building will be a custom build office for Fast + Epp Engineers.

The plan calls for a 4-storey mixed-use commercial/industrial building containing:

    • Wholesale Class B on the ground floor and partial second floor;
    • General Office use on the second floor to fourth floors;
    • a total density of 3.00 FSR (15,958 SF)
    • an overall building height of approximately 60 feet; and
    • one level of underground parking providing 10 spaces and one at grade parking space, having vehicular access from the lane.

2025 Yukon_42025 Yukon2025 Yukon_3 2025 Yukon_2 2025 Yukon_1

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 application describes the design rationale: “The building shell will be constructed making maximum use of sustainable prefabrication technology that Fast+Epp has been developing over the past 25 years. The floor and roof structure will consist of prefabricated hybrid timber-steel panels with fully integrated mechanical and electrical systems. The ceiling structure of the single level parkade will consist of precast hollow core panels. The firewall at the east side will consist of pre-cast concrete panels. We anticipate the entire building shell above the parking walls will be constructed within a 4-week period, thereby minimizing neighbourhood noise and minimal traffic disruption from concrete trucks.”

The site was acquired in December 2016 for $3,800,000 or $238 per buildable SF based on the application. It has been occupied by an auto-repair shop “Wilf’s Transmissions” since it was built in the mid-90’s.

The development planner for the project is Schmidt & Associates Development Planning Ltd. 

August 22, 2017by david.taylor@colliers.com
Development, Office, Retail

Application for Prominent Cambie & 41st Site for 3-Storey Office Building

Coromandel Properties has submitted a development application for a prominent former Esso gas station site, now vacant, at the Northeast corner of 41st and Cambie. 

The site falls within the City of Vancouver’s recently released vision for the Cambie Corridor Oakridge Municipal Centre, which would allow a rezoning for a mixed-use/residential tower potentially as high as 20-storeys for the site. 

The development permit application now submitted for the 130′ x 122′ site indicates plan for a new 3-storey, mixed-use building, consisting of:

  • Retail & restaurant uses on the ground floor;
  • Office uses on the 2nd and 3rd floor;
  • A total building size of 26,686 SF;
  • A total density of 1.7 FSR;
  • Peak Height: 59 ft.; and
  • 48 underground parking spaces on 1 1/2 levels all having vehicular access from the lane.

495 W 41st_2 495 W 41st_1 495 W 41st

It’s unclear if this potential development plan is simply an effort to secure a permit now under the existing zoning, or if the potential for a tower rezoning is still in the long term plan. Under the site’s existing C-2 zoning which allows 2.5 FSR, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning.

Coromandel acquired the site in October 2014 for $15,800,000, or $398 per buildable SF based on the existing C-2 zoning of the site, or $592 per buildable SF based on the proposed plan.

The architect for the project is McFarlane Biggar Architects and Designers .

July 28, 2017by david.taylor@colliers.com
Development, Office, Retail

145,000 SF Office Building Proposed for False Creek Flats Site

Porte Communities and Reliance Properties have applied to rezone a 48,072 SF site in the False Creek Flats area for a new office building.

The plan for the site at 339 East 1st Avenue, adjacent the Red Truck Brewery, is to rezone from the current I-3 zoning to allow development of a 6-storey office building. The proposal includes:

  • general office space on floors 2-6;
  • ground floor retail;
  • a total floor area of 144,216 SF;
  • a total density of 3.0 FSR;
  • a building height of 100 ft; and
  • two levels of underground parking accessed from E 1st Avenue, with 275 vehicle parking spaces, 46 bicycle parking stalls and six loading spaces.

339 East 1st Ave339 East 1st Ave_3 339 East 1st Ave_4 339 East 1st Ave_1 339 East 1st Ave_2339 East 1st Ave_5

The I3 zoning schedule permits the density and built form being proposed, but restricts uses, so the rezoning is required to allow general office use.

The rezoning application describes the design rationale: “On the roof tops are amenity spaces to provide the building occupants with an easily accessible green space. This is in addition to the landscaped areas fronting Brewery Creek. The building facade colour is meant to invoke both typical rail engine colour schemes as well as colours of autumn. Distributions in glazing on the facade are meant to create a horizontal movement along the building exterior as well as solar heat gain control due to its 50:50 ratio. On the South and West elevations of the building, there are also diagonal solar shading devices which serve not only for sun control but as distinctive design elements.”

The architect for the project is IBI Group.

The full rezoning application can be viewed here:  http://rezoning.vancouver.ca/applications/339e1st/index.htm 

July 25, 2017by david.taylor@colliers.com
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David Taylor Personal Real Estate Corporation

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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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