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, Retail

24-Storey Office Tower Planned for Budget Site

Westbank‘s rezoning application for the Budget Car Rental site at 400 West Georgia Street has been submitted to the City. The site is located at the corner of West Georgia and Homer Street, across from the Central Library Branch. The letter of intent submitted by Westbank, suggests that the building will be built “on spec”.

The plan for the 20,992 SF (175′ x 120′) site calls for rezoning from Downtown (DD) District to Comprehensive Development (CD-1) District to allow for a 24-storey office building. The proposal includes:

  • 350,000 SF of office space;
  • 5,775 SF of retail space;
  • a building height of 301 ft.;
  • a total density 17.51 FSR;
  • steel construction;
  • six levels of underground parking; and
  • 125 bicycle parking spaces.

400 W Georgia400 W Georgia_5 400 W Georgia_4 400 W Georgia_3 400 W Georgia_2 400 W Georgia_1Design features will include triple-paned curtain wall, openable windows, large spans of column free space, glass floors. It will also incorporate a 4-storey high lobby.

The application describes the design rationale:

“The building is conceived as a cluster of white cubes that are bound by lush gardens. Pristine boxes project outward from the crevices filled with thick vegetation. The greenery is as expressive as the geometry is abstract. Together they merge into a staggered silhouette that is neither a tower nor warehouse, but a 3-dimensional campus.”
 
“The proposed building will be utilizing a concrete core with structural steel beams and steel decking c/w concrete topping. The steel construction seemed better suited to the architectural design and provides the desirable aesthetic of seeing the buildings structure visible through the transparent exterior glazing. The “truss” elements are cantilevering from 6 large column supports extending up through the entire building resulting in large open / column free interior spaces allowing flexible internal office planning configurations.”
 
This rezoning application is being considered under the Rezoning Policy for the Central Business District (CBD) and CBD Shoulder.

The architect for the project is Merrick Architecture.

May 10, 2017by david.taylor@colliers.com
Development, Office, Retail

Oxford Planning New Office Building on West Georgia Site

401wgeorgiastvanfjan12Oxford Properties has applied to the City of Vancouver for permission to build a brand new infill office building on an underutilized portion of a 59,000 SF lot and existing 22-storey office building property they own at 401 West Georgia (built in 1987) , which runs along Homer Street all the way to Dunsmuir Street on the North, where the new building will be located.

The plan is to build a new 9-storey office building on the North part of the property facing Dunsmuir Street. Details include:

  • retail and office use on the ground floor and office use on the 2nd-9th floors;
  • 4,654 SF of new retail space
  • 147,000 SF of new office space
  • Office floorplates of 14,000 – 19,000 SF
  • 6,600 SF of amenity space, 2,300 SF conference centre & 4,300 SF fitness facility
  • a building height of 139.4 feet
  • two levels of underground parking accessed from the lane; and
  • retention of the existing commercial building on the south portion of the site.

401 West Georgia

401 West Georgia_3 401 West Georgia_2 401 West Georgia_1 401 West Georgia_4The project is being proposed under the existing DD zoning and so only requires a development permit as opposed to rezoning.

The architect for the project is B + H Architects Inc.

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

Portion of Exchange Building Now Slated for Hotel

In an interesting move, 10 floors of the Exchange Building are being converted to hotel use instead of office use. This comes as Executive Group has acquired the adjacent Edward Chapman property at 833 West Pender, with soon to be released plans for a hotel on the site.

A development application has been submitted for The Exchange Building to allow:

  • conversion of office use to hotel on floors 2 through 11
  • 110,000 SF of the building will be converted

475 Howe_1Under the site’s existing CD-1 (555) zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning.

March 9, 2017by david.taylor@colliers.com
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
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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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