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.
  • About
  • Listings & Sales
  • Metro Vancouver Commercial Real Estate Market Data
  • Subscribe
Apartment, Development, Office, Retail

Ambitious Plans Envisioned for 31-Acre Flavelle Mill Site

The owner of the 31-acre Flavelle mill waterfront property in Port Moody has formally submitted their application to amend the Official Community Plan in order to redesignate the site to allow a new high-density mixed-use waterfront development.
 
Flavelle Oceanfront Development, which owns the site, is the real estate division of Mill & Timber Products, a family business based in Surrey that acquired the cedar sawmill operation in 2000. To date, they have proceeded with development plans on their own rather than entertaining a sale or partnership arrangement.
 
A redevelopment of the site, occupied for over 100 years by the Flavelle Sawmill Company, has been in the works for several years in conjunction with the City of Port Moody’s new OCP, which was adopted in 2014.
 
flavelle-oceanfront_7A point of contention had been the site’s designation in Metro Vancouver’s Regional Growth Strategy (RGS) as industrial use. Its conversion to residential uses can only happen with Metro Vancouver’s approval to remove its industrial designation. The Board previously declined to amend the RGS designation for the site in 2014 – partially due to what they viewed as an incomplete development plan. Further community and stakeholder consultation coupled with the completion of the Evergreen Skytrain extension has created a renewed impetus to move forward with redevelopment.
 
Flavelle had previously applied in June 2015 to amend the OCP land use designation, and then held open houses in early 2016 to present their preliminary redevelopment plans to the public, and subsequently to stakeholders such as the Port of Vancouver, Translink and  Metro Vancouver in addition to 24 other organizations for feedback. Brook Pooni Associates has been working with the owners on the urban planning and public communication phase. Wensley Architecture has contributed to the design work to date.
 
A full land use plan has now been developed for the City of Port Moody’s consideration. Details of the current proposal include:
 
  • 3,397 residential units
  • total density of 3,850,000 SF
  • 3,260,000 SF of residential density (including 55,000 SF of rental)
  • 99,000 SF of office space
  • 103,000 SF of light industrial space
  • 72,000 SF of retail
  • total density of 2.82 FSR
  • 11 towers ranging from 16 to 38-storeys in height
  • a mix of  light industrial, commercial, office, private indoor amenity space, and possibly a congregate care facility and a hotel.
  • Approximately 7.53 acres publicly dedicated as parks and open space
  • Upon full build out – resident population 7,000 people and over 1,000 jobs

flavelle-oceanfront_1flavelle-oceanfront_2flavelle-oceanfront_4flavelle-oceanfront_3flavelle-oceanfront_6 flavelle-oceanfront_5If the OCP amendment is approved by the City of Port Moody, and subsequent approval is obtained from Metro Vancouver, a more detailed rezoning application would then be submitted to the City.

Several developers have approached Flavelle to sell the site in the past. It remains to be seen whether Flavelle will proceed to develop the full site on their own, in partnership with a developer, or whether they will ultimately dispose of the site, which will be worth a considerable amount once the OCP amendment and Metro Vancouver approvals are obtained.

The project has a website with further information: http://www.flavelleoceanfront.ca/

January 17, 2017by david.taylor@colliers.com
Development, Office, Retail

Mixed-use Development Planned for Cambie & 42nd

Viva Grand Developments has applied to rezone a site that they own at Cambie Street and West 42nd Avenue, across from Oakridge Centre. The plan for the 31,194 SF site at 5812-5888 Cambie Street is to rezone from the existing C-2 to CD under the Cambie Corridor Plan to allow a 10 and 8-storey mixed-use development, including:

  • a total of 117 residential units;
  • 20 studios, 28 one-bedrooms, 50 two-bedrooms & 11 three-bedrooms
  • 8 live work units at the lane;
  • 6 commercial units at grade totaling 14,700 SF;
  • 21,000 SF of office space;
  • a maximum building height of 116 ft.;
  • a total density of 5.22 FSR; and
  • 215 underground vehicle parking spaces and bicycle spaces.

5812-cambie5812-cambie_2 5812-cambie_1Viva Grand had acquired the site, currently occupied by single storey retail, in 2013 for $26,000,000.

The architect for the project is IBI Group.

The full rezoning package can be viewed here: http://rezoning.vancouver.ca/applications/5812-5888cambie/index.htm

January 9, 2017by david.taylor@colliers.com
Development, Office

Latest Office Proposal Demonstrates Trend for Smaller Sites

A rezoning application has been submitted for a 90 x 110 ft, C-3A zoned site at 521-525 West 8th Avenue, just west of Cambie Street (across from Whole Foods). The site is currently comprised of two single-storey retail buildings, one of which is now vacant.

The proposal calls for a nine-storey office building with retail, and includes:

    • 60,300 SF of office space
    • 2,000 SF of retail space
    • Office floorplates ranging from 6,400 to 9,015 SF
    • A total density 6.91;
    • A building height of 111 ft.;
    • 88 parking spaces on 3 1/2 underground levels; and
    • 35 bicycle parking spaces

521-west-8th525-west-8th_4 525-west-8th_3 521-west-8th_1

525-west-8th_2

Typical Tower Floorplan

This application is being considered under the Metropolitan Core Jobs and Economy Land Use Plan. The “Metro Core” plan policy has been in place now for almost ten years. The primary purpose the plan was to facilitate rezoning for commercial development, either by restricting residential use, or by allowing greater density for office uses. The site falls within the “Broadway Corridor Choice-of-Use Areas” which allow for increased commercial density by virtue of proximity to transit.

The architect for the project is Musson Cattell Mackey Partnership.

This application is the latest in a recent trend of rezoning applications for office buildings on sites under 10,000 SF which traditionally would’ve been viewed as too small to accommodate larger floorplates and parking requirements.

January 9, 2017by david.taylor@colliers.com
Development, Office

Construction Update: The Exchange

Here is a brief photo update on the construction progress for The Exchange, a 31-store, 372,000 SF office tower at the corner of Howe Street and West Pender Street in Downtown Vancouver.

Construction got underway in early  2014 with the reconstruction of the old stock exchange building at 475 Howe Street.

The project is scheduled to be completed in 2017.

475-howe-1Photo courtesy mcminsen http://po.st/kowrls via @imageshack

475-howe-2photo courtesy mcminsen http://po.st/UtQBDn via @imageshack

475-howe-3photo courtesy mcminsen http://po.st/kPoDm6 via @imageshack

475-howe-4photo courtesy mcminsen http://po.st/MDf3K3 via @imageshack

December 4, 2016by david.taylor@colliers.com
Development, Office

28-Storey Office Tower Proposed for Small Downtown Site

A rezoning application has been filed for a currently vacant site at 619 West Hastings Street for a new office tower. The 52 ft x 120 ft site is sandwiched between two office buildings, with the Royal Bank Building (675 West Hastings) located immediately to the West at Granville and Hastings. The proposal also includes the upgrade and heritage designation of the Royal Bank Building, also controlled by the same owner as the vacant lot.

The proposal for the vacant site is for a new 28-storey office building that includes:

  • 150,837 SF of office space
  • Typical floorplates of 5,400-5,800 SF
  • Overall height of 330 ft.
  • Density of 25.5 FSR
  • Five levels of underground parking with 67 vehicle parking spaces
  • Seismic upgrade and heritage designation of the exterior façade of the RBC Building at 675 West Hastings Street
  • Structural concept including sharing of lateral force resisting system between the two buildings
  • A light-well created between the two buildings to provide access to light and air for office occupants.
619-west-hastings_7

Current Site Condition

619-west-hastings619-west-hastings_8

 

619-west-hastings_5

Typical tower floorplan

619-west-hastings_1 619-west-hastings_2 619-west-hastings_3 619-west-hastings_4 619-west-hastings_6

The application is being considered under the Rezoning Policy for the Central Business District (CBD) and CBD Shoulder, the Metro Core Jobs and Economy Land Use Plan and the Downtown (Except Downtown South) Design Guidelines.

The architect for the project is Musson Cattell Mackey Partnership. MCM is the preeminent local firm for new office projects in the Downtown core.

November 17, 2016by david.taylor@colliers.com
Page 38 of 70« First...102030«37383940»506070...Last »

Search the Site

Categories

  • Apartment
  • Condo
  • Development
  • For Sale
  • Hotel
  • Investment
  • Land
  • Market Research
  • Office
  • Rental
  • Retail
  • SOLD


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.

© 2019 Copyright  |  All Rights Reserved