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

Rezoning Plans Unveiled for Downtown Canada Post

Bentall Kennedy has submitted their formal application for rezoning of the Downtown Canada Post site. The 2.98 acre site comprises a full city block at 349 West Georgia Street formerly occupied by Canada Post and bought by bcIMC in 2013 for $159 Million.

The proposed redevelopment is interesting in that it contemplates retaining the existing Post Office building and adding two residential towers and one office tower above with parking uses above grade in the podium.

Details include:

  • Retention of heritage building and its conversion into a seven-storey podium containing retail along all street frontages, rental housing, office, and parking
  • Adding three towers above podium, including 17 storeys of office, and 18 and 20 storeys of residential
  • 427 rental apartments, 372 condo units
  • 512,000 SF of office space
  • 274,000 SF of retail space
  • An overall density of 12.9 FSR
  • Tower heights of 150 – 222 feet
  • Six levels of parking with 1,474 parking spaces & 1,168 bicycle spaces
  • A 49-space childcare facility

The site’s primary constraint is the view cones which limit the building heights.

349-w-georgia 349-w-georgia_1 349-w-georgia_2 349-w-georgia_3 349-w-georgia_4

 

November 3, 2016by david.taylor@colliers.com
Development, Office, Retail

Plans Proceeding for Second Phase of Burrard Place

Reliance Properties has submitted their formal development application for the second phase of Burrard Place. The first phase includes a 54-storey condo tower that was sold out in 2015 and is now being excavated.

The second phase of the project, located at the corner of Burrard and Drake, includes a 13-storey office building, including:

  • Restaurant on the ground floor,
  • A 3-storey auto dealership (to be the replacement of Downtown Toyota – Pattison is a partner in the deal)
  • Office space on floors 4-13
  • 5 levels of underground parking and underground vehicle repair space;
  • Overall height of approximately 182 ft; and
  • Overall density of 7.86 FSR.

The overall concept was already approved via rezoning application in November 2013.

1280-burrard_2 1280-burrard_1

A third phase includes a 36-storey condo tower fronting Hornby Street just north of the first tower.

1280-burrard_3 1280-burrard

The architect, IBI Group, explains the design rationale:

“Tower B is the “front door” of the proposed mixed-use development. It anchors the critical and highly visible corner of Burrard and Drake Street. As the lowest of the three towers in the development with an important architectural mandate, Tower B unifies the expression of its two primary uses as an office building and a car display showroom in one distinctive built-form. This deliberate gesture sets it apart from the podium/tower expression of the rest of the development. The Toyota showroom, occupying the lower 3 levels of the building, is highly transparent visible from Burrard st, Drake and lane. The entrance of the Toyota showroom is strategically located at the corner of Burrard and Drake where the Drake Street elevation showcases a 3-storey and highly transparent street wall acting like a giant display window of cars which are uniquely arranged on multi- levels of display showroom. The office tower is anchor ed by a cylindrical volume at the plaza level unfolds into a fluid glass wall above, fronting on Burrard Street. Three spiral shaped elements revolve dow n the west façade marking the office entrance on Burrard Street. Around the corner on Drake Street, a tapering glass wall exemplifies the vertical dimension of the tower giving it a sculptural and slim profile. For privacy and comfort, the glass skin of the entire building will be articulated with “random” placement of insulated spandrels, fritted and vision glass, further animating the appearance of the building. The new centralized core of the office floor plate simplifies the structural system and at the same time provides a high level of flexibility for either single or multi-tenant use. The sculptural building form with its articulated glass skin defines Tower B truly as a “jewel box” in downtown Vancouver.

The mixed use activities of this tower extend below grade where the Toyota Service Centre and office parking are located. To provide separation and clarity between these two principal uses, a doubletreaded helix parking has been proposed with each tread having adiscrete circulation system that continuously loops down to their spaces below grade. The loops are tied together with cross overs that allow for shared exiting and access to services.”
October 14, 2016by david.taylor@colliers.com
Development, Office

Industrial/Office Building Proposed for Mount Pleasant

Conwest Developments has applied to the City of Vancouver for permission to develop on a 6,039 SF site at the Southwest corner of Quebec and East 4th Avenue in the Mount Pleasant area of Vancouver. Plans include a 3-storey mixed use building consisting of:

    • Manufacturing uses on the first floor and mezzanine above;
    • General Office uses on the second and third floors;
    • an underground garage providing 15 parking spaces;
    • total density of 2.92 FSR;
    • peak height of 61 ft.

The site is zoned I-1, a zoning which was changed in 2014 to allow greater density for office use.

2005-quebec2005-quebec_12005-quebec_2

The architect for the project is MGBA Architecture.

October 5, 2016by david.taylor@colliers.com
Development, Office

Manufacturing/Office Building Planned for East Vancouver Site

A development application has been submitted for an industrial-zoned property in the Strathcona area of East Vancouver. The plan for the 11,616 SF, I-2 zoned site at 1157 Parker Street is to develop a new four-storey, mixed-use building, consisting of:

    • Manufacturing uses on the first, second, and third floors (23,198 SF)
    • General Office uses on the third and fourth floors (11,650 SF)
    • Total building area of 34,848 SF
    • total density of 3.00 FSR
    • two levels of underground parking

Under the site’s existing I-2 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 Yamamoto Architecture.

The site was listed and sold by Matt Smith and Steve Fame of Colliers.

1157-parker

September 13, 2016by david.taylor@colliers.com
Development, Office

55,000 SF Office/Industrial Building Planned for Mount Pleasant

Champion Development Group Inc. has applied to the City of Vancouver for permission to develop a 18,128 SF site at 151 West 5th Avenue, on the NOrth side of West 5th between Columbia and Manitoba Streets. The plan is for  a new 4-storey mixed use building consisting of:

    • Manufacturing uses on the ground floor and mezzanines;
    • General Office uses on the 2nd through 4th floors;
    • 95 parking spaces in an underground parkade; and
    • total density of 3.00 FSR (54,291 sq. ft.).

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 concept:

“The design intent for the project is to create a high-quality, mixed-use development with offices, industrial uses, and collaboration spaces that will enhance the existing neighbourhood and its industrial zone. The overall form and character of the building is inspired from the industrial history of the area and is celebrated in a modernized building to service contemporary industries and office tenancies.


The building is designed with the ability to service small and large scale tenants and the spaces are planned for flexibility and various business types. Double height industrial space on the ground floor with mezzanine space will serve potential manufacturing, storage or production companies while the upper office floors will provide open spaces with access to the outdoors.”
151 West 5th 151 West 5th_1 151 West 5th_2 151 West 5th_3The architect for the project is DYS Architecture.
July 9, 2016by 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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