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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Apartment, Development, Office, Retail

Concept for Port Moody Site Includes Multiple Towers, Hotel, Rental

Urbanics Consultants, on behalf of Andrew Peller Limited have applied to allow a redevelopment of the 5.0 acre Andres Wines site, a collection of lots on the West side of Port Moody’s Town Centre area, fronting both Clarke Street and Barnet Highway.

The proposal calls for an OCP amendment  and rezoning to allow for the development of a new mixed-use residential and commercial development, including:

  • one 32-storey tower, one 21-storey tower, one 12-storey tower & multiple lowrises
  • 418 residential units
  • 132 strata units, 176 rental units, 98 seniors units & 12 artist studios
  • a mix of other uses including light industrial, retail, office, 80-room hotel, clinic, athletic club, arts centre (including a daycare) and an arts village (artist work space, galleries, and residences).
  • 725,390 SF of gross floor area
  • a total density of 3.33 FAR
  • open space comprising 25% of the total site area
  • 940 parking spaces

AndresAndres_3Andres_2 Andres_1The plan is proposed to be built in one phase and at full build-out is estimated to have a resident population of 800 and will support 585 jobs.

The OCP amendment was not originally supported at City Council, but has been deferred to the Community Planning Advisory Committee for further design review to address various issues including geotechnical, traffic and parking, and site servicing, among others.

Peller operated the Andrés Winery in Port Moody for several years before shutting down about 15 years ago. The site is located not far from the Flavelle Mill site, recently announced for another large scale redevelopment.
March 6, 2017by david.taylor@colliers.com
Apartment, Development, Office, Retail

Mixed-Use Building Planned for Sapperton Area of New Westminster

I4 Property Group has applied to the City of New Westminster for a rezoning and to facilitate the development of a 15,254 SF site at 408-412 East Columbia Street, near Royal Columbian Hospital.

The Rezoning application entails changing the zoning of the property from Community
Commercial Districts (Medium Rise) (C-2A) to a new Comprehensive Development District to allow the development of a 6-storey, mixed use development that includes:
 
  • 60 secured market rental units
  • 7,000 SF of retail space at grade
  • 12,100 SF of office space on the second storey.
  • A total gross building area of 69,430 SF
  • a density of 4.53 FSR
  • 84 underground parking spaces

408 E Columbia408 E Columbia_1 408 E Columbia_2The previous OCP designation for the site is CM Commercial Main Street, which allows commercial uses at street level and office or residentail uses above. Densities in this zone are medium to high. Under the new OCP, the site is “Mixed-Use Low Rise”, allowing buildings up to 6-storeys in height.

I4PG attempted to assembled the neighbouring lot at 406 East Columbia Street, but were not successful.

The architect for the project is SUVA Architecture.

March 2, 2017by david.taylor@colliers.com
Development, Office

Bosa Hires KPF to Redesign 320 Granville Office Project

A new design has been presented for a previously approved office tower on the site of the current multi-level parkade at Granville and Cordova.

The site was previously approved in 2014 for a 32-storey, 380,000 SF office tower, but was subsequently sold by Greg Kerfoot to Bosa Development in July 2016.

The new design, by Kohn Pedersen Fox and Chris Dikeakos is a more interesting curved building form. The project now requires permission of the development permit board in order to proceed.

320 Granville_3 320 Granville_4 320 Granville_2 320 Granville_1Since the project was originally proposed, this block has seen lots of activity, with Morguard proposing a 25-storey office tower at the corner of Hastings and Seymour, and more recently, a 28-storey tower proposed for the mid-block site on Hastings just East of Granville.

If all three projects proceed, this represents a total of 760,000 SF of new office space in this block.

January 31, 2017by david.taylor@colliers.com
Development, Office

Redevelopment of Mount Pleasant’s I-1 Zone Continues with Latest Proposal

PC Urban  has applied to the City of Vancouver for permission to develop a site at the Northeast corner of West 5th and Alberta in Mount Pleasant for a new 4-storey commercial/light industrial building. The project includes

  • 23,590 SF of Wholesale uses on the first storey and mezzanine;
  • 47,325 SF of General Office uses on the second through fourth storeys; and
  • two levels of underground parking with 95 spaces
  • one Class A and two Class B loading spaces

275 West 5th Ave275 West 5th Ave_1Under 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.

This proposal continues a trend of mixed industrial and office buildings at higher densities in Mount Pleasant following zoning changes in 2014.

January 27, 2017by david.taylor@colliers.com
Development, Office, Retail

Mixed-Use Project Planned for No.3 Road & Anderson Site

1004732 BC Ltd. has applied to the City of Richmond to rezone a 52,541 SF site at the Northeast corner of No. 3 Road and Anderson Road for a new mixed-use project. The site is located in Richmond’s City Centre Brighouse Village area plan.
 
The proposed rezoning includes a new residential tower and new office tower with a commercial podium including:
 
  • 75 condo units in a 10-storey building fronting Anderson Rd
  • 12,371 SF of retail space on the ground level
  • 105,420 SF of office space in a 12-storey building fronting No.3 Road
  • a total density of 3.00 FAR
  • 237 underground parking spaces
6840 No.3 Road_1 6840 No. 3 RoadThe architect for the project is GBL Architects.
January 19, 2017by 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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