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Investment, Office

West Broadway Office Building Sells in $39MM Deal

1985 West Broadway has sold to The Property Management Group for $39,000,000. The 5-storey ‘A’ Class building, known to most as the Wawanesa Building at Broadway and Maple, was built in 1985 and totals 50,981 SF. The sale price equates to $765 per SF, or a 3.30% cap rate. Wawanesa was the seller in the transaction.

The property had been listed for sale by Avison Young. Below is a marketing video depicting the property:

 

The C-3A zoned property is located on a 17,280 SF site just a block East of what is anticipated to be a future transit station at Arbutus.

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

Plan Emerges for Metrotown Sears Site

Concord Pacific‘s preliminary rezoning application will go to City of Burnaby council next week for the master plan of the 8.9 acre Sears Metrotown site at 4750 Kingsway. Concord acquired the site from Sears Canada in 2015 for $100,000,000.  The site is currently home to a soon to be closed Sears store, a Toys-R-Us store and a presentation centre.

Initial planning work got underway in 2013 when Sears selected Concord Pacific as the developer, but had been partly delayed pending the City of Burnaby’s revision of the Metrotown Downtown Plan, completed earlier this year.

The purpose of the current rezoning application is to establish a Conceptual Master Plan, Design Guidelines and a detailed first phase of development, which would provide for specific development rights for the initial phase; and guide further applications for the development of the site which will include substantial commercial and residential components. The site is designated for high density development utilizing the RM-5s and C3 guidelines.

The overall vision for the site is described as: ” a pedestrian-oriented, transit-connected
community that reflects the strong urban design principles and an urban form unique in the City. The Sears Metrotown site is envisioned to be fully integrated with the surrounding Metro Downtown neighbourhood and the broader Town Centre through the creation of new vehicle, pedestrian and cycling connections to existing streets to the north including McMurray and McKercher Avenues, as well facilitating new future connections to the south and west through the Metropolis at Metrotown site and Station Square.”

Preliminary details for the overall master plan include:

  • Seven towers
  • Four development phases
  • 1,945,855 SF of residential space
  • 660,734 SF of commercial space
  • a total density of 9.75 FSR

Phase 1 details include:

  • 1,309 units in Phase 1
  • 3 towers ranging from 33 to 65-storeys
  • 1,485 parking spaces on 7 levels of underground parking 
  • a 48,000 SF indoor amenity space
  • towers designed with a ceramic frit super graphic design element
  • addition of a new East-West road “Metro Way”

The application describes the first phase: “Phase I is the initial phase of development, located along the Kingsway frontage between McMurray Avenue. The Phase I site measures approximately 132,364 sq.ft., with a frontage on Kingsway of 1,053 ft. Phase
I consists of three residential high-rise apartment buildings.  All three residential buildings are located atop a 3 storey commercial and amenity podium.

The signature tower at the corner of Kingsway and Nelson Avenue does not have commercial uses on the Nelson Avenue frontage, but maintains the high volume in amulti-storey atrium lobby fronting on to the Lake Plaza. Tower 2’s lobby fronts onto Kingsway, in between commercial storefronts, while Tower 3’s lobby is oriented toward McMurray Avenue fronting on to the River Plaza.”

The architect for the project is IBI Group.

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

Beedie Proposing Changes for Long Anticipated Fraser Mills Site

Beedie Living is proposing changes to its proposed development on the 89 acre ‘Fraser Mills’ site in Southwest Coquitlam, branded the Village at Fraser Mills.

The project, one of Metro Vancouver’s largest ever master planned communities, was approved nearly a decade ago when the City of Coquitlam approved a master plan including up to 3,700 residential units. In the years that followed, there has been very little development of the site, with only three industrial buildings having gone under construction more recently.

Beedie has now applied to the City to revise the overall plan for the site, citing “changing market conditions over the past nine years”.

Fraser MillsKey changes being proposed include:

  • Adding 1,000 residential units (up to 4,700)
  • Increasing the number of towers from 10 to 15;
  • Increasing tower heights up to 41-storeys;
  • Increase in total density from 4,062,430 SF to 4,757,000 SF;
  • Expanding the plan area to include vacant 4.8 acre Air Care site;
  • Addition of a 40,000 SF public community centre with aquatics;
  • Reducing the industrial space by 250,000 SF;
  • Reducing the proposed retail space by 50,000 SF;
  • Replacing the post-secondary use with a 4-storey strata office building;
  • Retaining the Kiewit Wharf as a public amenity;
  • Removing the elementary school use;
  • Reduction in number of project phases from 16 to 9.

Fraser Mills_1 Fraser Mills_3Fraser Mills_4 Fraser Mills_5 Fraser Mills_2Should council endorse staff’s recommendation to move forward to the next phase, the proposed changes would go through further planning and another round of public consultation before the development is fully approved.

Further details regarding the application can be viewed here: http://www.coquitlam.ca/docs/default-source/council-agenda-documents/councilincommittee_2017_10_23_-_item_6.pdf?sfvrsn=2

October 22, 2017by david.taylor@colliers.com
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