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, Condo, Development, Office, Retail

Bosa Development Proposing Two Residential Towers, 815 Units in Brentwood

Bosa Development has submitted its rezoning application to the City of Burnaby for a 76,000 SF site they own at the southwest corner of Willingdon Avenue and Halifax Street in the Brentwood area of Burnaby.

The proposal seeks to rezone the site from its existing CD zoning utilizing the RM5s, RM5r and C3 districts and the Brentwood Town Centre Development Plan as guidelines.

The overall proposal is for two high-rise residential towers atop a non-market residential rental and commercial/retail podium with underground parking. The development is anticipated to be constructed over two main phases, with Phase 1 encompassing the western half of the site, and Phase 2 the eastern half.

Details include:

  • a 60-storey condo tower (651 ft);
  • a 43-storey rental & office tower (479 ft);
  • 815 total units;
  • 472 condo units;
  • 266 market rental units;
  • 77 non-market units;
  • 200,000 SF of commercial space (13 floors of office);
  • a total combined density of 12.66 FAR (970,000 SF);
  • 1,794 parking spaces;
  • a new public square known as ‘Buchanan Square’.

It is estimated that the two phases will be built over a 7-year time horizon, although that will be ultimately determined by market conditions.

The architect for the project is Chris Dikeakos Architects.

October 10, 2023by david.taylor@colliers.com
Development, Office, Retail

6-Storey Retail & Office Building Planned for Port Moody Site

A rezoning application has been submitted to the City of Port Moody for a 17,247 SF assembly of two single family lots on St. Johns Street to allow a new office building.

The site is designated Mixed Use – Moody Centre in the Official Community Plan, allowing for development up to 6-storeys.

The proposal for the site includes:

  • 24,014 SF of retail space on the lower 3 floors;
  • 19,041 SF of office space on the upper 3 floors;
  • 5,253 SF of restaurant space on the top 2 floors;
  • a total density of 3.48 FAR;
  • 103 parking spaces on 3 underground levels.

The architect for the project is Mara + Natha Architecture.

July 6, 2023by david.taylor@colliers.com
Apartment, Condo, Development, Office

902 Units, Two Towers Slated for Metrotown Site

Peterson Group has submitted their formal rezoning application to the City of Burnaby for 6645-6707 Dow Avenue in the Maywood Neighbourhood of Metrotown.

The 112,424 SF site is a five-lot assembly designated RM-5s and RM-4 under the Metrotown Downtown Plan which allow for high density residential development.

The subject properties are each improved with an older two to three storey rental apartment building which were constructed between the years of 1955 and 1964. In total, there are 112 existing rental units across the five sites proposed for redevelopment.

The proposed development for the site is for two condo towers (49 & 41-storeys), with a commercial podium, and a 6-storey non-market rental housing building.

Details include:

  • 902 total residential units;
  • 770 condos;
  • 132 rental units (median market, inclusionary & replacement);
  • 113,000 SF of office space (with option to convert to hotel);
  • a total density of 7.74 FAR (870,000 SF);
  • 1,241 underground parking stalls.

The architect for the project is BOP Architects.

June 9, 2023by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

Up to 4,000 Units Envisioned for Columbia Square Site in New Westminster

A preliminary rezoning application has been submitted by Edgar Developments for the 7.2 acre Columbia Square Plaza Shopping Centre site in New Westminster.

The site at 88 Tenth Street is a large triangular shaped lot located in the Downtown neighbourhood bounded by Royal Avenue and Columbia and Tenth Streets. It is located about 100 meters from the New Westminster Skytrain Station.

The existing strip mall includes Save-On-Foods, BC Liquor Store, several banks and Pharmasave.

The site is designated Mixed Use High Density within the Downtown Community Plan and the general form of development is expected to be tower residential with a mix of retail, office and residential podiums interfacing with grade.

The proposal seeks to establish a master plan that would facilitate a multi-phased high density development that includes:

  • 6 to 8 residential towers;
  • replacement of existing retail;
  • minimum 120,000 SF of office space;
  • between 1.7-3.0 Million SF of residential space;
  • 2,200 to 4,000 units;
  • 10% inclusionary units;
  • community and public spaces.

The application is still preliminary and requires Council direction to authorize planning staff to work with the owners to refine the proposal before a formal rezoning application will be considered.

The site was acquired by Edgar in 2022 for $136,000,000.

June 9, 2023by david.taylor@colliers.com
Apartment, Development, Office, Retail

92-Unit Rental Project Planned for New Westminster Site

Third Space Properties has submitted a rezoning application to the City of New Westminster to rezone a 26,700 SF site on East Columbia Street in the Sapperton area of New Westminster.

The proposed development aims to revitalize the area by replacing an underutilized asphalt parking lot, a vacant building and four vacant lots with a thoughtfully designed building that improves the urban experience while providing housing diversity and job space.

The site is designated (ML) Mixed Use – Low Rise in the OCP. This land use designation envisions the provision of low-rise commercial or commercial and residential mixed use buildings which create active and engaging principal streets.

The overall plan for the project envisions a 6-storey building that includes:

  • 92 market rental units;
  • 18 studios, 51 one-bedrooms, 17 two-bedrooms & 6 three-bedrooms;
  • 18,000 SF of office space;
  • 14,400 SF of retail space;
  • a total density of 3.70 FSR;
  • 197 underground parking spaces.

The architect for the project is Integra Architecture.

June 8, 2023by 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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