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, Land, Office, Retail

Neighbouring ‘Burnaby Lake’ Sites Seek Approval For Over 8,000 Units

The City of Burnaby will next week consider approval for the long anticipated Conceptual Master Plans of two neighbouring large-scale development sites in the Bainbridge Urban Village area being developed by Peterson Group and Create Properties.

The two sites are:

“Burnaby Lake Village”

  • 6800 Lougheed Highway
  • 19 acre site
  • formerly owned by Saputo & acquired by Peterson Group in 2018

“Burnaby Lake Heights”

  • 7000 Lougheed Highway
  • 14 acre site
  • formerly owned by Telus Pension Fund & acquired by Create Properties in 2021

The Bainbridge Urban Village Community Plan was adopted by the City in 2022 which paved the way for the master plans for these two sites, which are the largest sites in the plan area and anticipated to have the highest densities by virtue of their proximity to the Sperling-Burnaby Lake Skytrain station.

The overall concept for is a “village core mixed-use development”, with high-density residential and commercial uses to the north and south, and park space and community uses to the west.

Both Peterson and Create have undertaken considerable design development and public consultation over the past few years and are ready to proceed with their initial development phases.

The proposed Conceptual Master Plans establish the general built form, uses, building heights, signage guidelines, proposed subdivision and phasing plans. The next step for each site is individual rezoning applications for each phase.

Below is an overview of each Master Plan:


Burnaby Lake Village – 6800 Lougheed Highway

  • 14 residential and mixed-use buildings from 12 to 25-storeys;
  • over 4,800 units;
  • condo, market & below market rental residential;
  • retail, office, childcare, medical, grocery & hotel;
  • potential for seniors, industrial and brew pub space;
  • community gathering hall;
  • two new public streets;
  • a forest walk trail;
  • buildout over 5 main phases;
  • maximum permitted density of 5.05 FAR or 4.1 Million SF.

Burnaby Lake Heights – 7000 Lougheed Highway

  • 12 residential & mixed-use buildings ranging from 8 to 16-storeys;
  • over 3,500 units;
  • condo, market & below market rental residential;
  • retail, office, medical, grocery & hotel;
  • potential for seniors and industrial space such as brew pubs;
  • community club building including childcare, non-profit, meeting & fitness space;
  • two new public streets;
  • a forest walk trail;
  • buildout over 4 main phases;
  • maximum permitted density of 5.05 FAR or 3.2 Million SF.
April 20, 2023by david.taylor@colliers.com
Development, Office, Retail

578-Room Hotel Planned for Pender & Richards Site

Marcon has submitted a rezoning application for a site at the Southwest corner of Pender and Richards Streets in Downtown Vancouver.

The site consists of three parcels, a 6-storey parkade at the corner, a 2-storey retail/office building, mid-block on West Pender street, and the Lumbermen’s Building, an 8-storey office and heritage building, to be retained in the new development.

The proposal is to allow for the development of a 32-storey hotel that includes:

  • 578 hotel rooms;
  • 20,000 SF of retail and restaurant space;
  • 44,132 sq. ft. of office space;
  • A total density of 22.81 FSR;
  • A building height of 318 ft.; and
  • 146 vehicle parking spaces and 91 bicycle parking spaces.

The application is being considered under the Downtown Official Development Plan) and Rezoning Policy for the Central Business District (CBD) and CBD Shoulder.

The architect for the project is Henriquez Partners.

March 3, 2023by david.taylor@colliers.com
Development, Office

Office Infill Development Proposed for Hotel Vancouver Site

Larco has submitted a rezoning application to add a new office addition to the Hotel Vancouver property at 900 W Georgia Street.

The proposal is to allow for the development of a 12-storey office building at the Southern part of the site while retaining the heritage designated, Hotel Vancouver building. The proposal includes:

  • 264,732 SF of new buildable area;
  • 222,141 SF of office space;
  • a total density of 13.10 FSR;
  • A building height of 225 ft.; and
  • 201 vehicle parking spaces and 226 bicycle parking spaces.

The application is being considered under the Rezoning Policy for the CBD and CBD Shoulder.

The architect for the project is Architects-Alliance.

March 3, 2023by david.taylor@colliers.com
Development, Office, Retail

CIBT Planning Hotel and Office Complex for Richmond Site

CIBT Education Group has applied to the City of Richmond for permission to rezone a site at 7780, 7800, 7804, 7820 and 7840 River Road in Richmond.

The 77,000 SF site is an assembly of underutilized commercial and industrial parcels. It is designated in the City of Richmond’s OCP as Urban Centre T5, which allows up to 3.0 FAR plus a bonus.

The proposal for the site includes:

  • an 11-storey hotel with 183 guest rooms;
  • an 8-storey office building with retail and restaurant space;
  • 2 ½ levels of underground parking;
  • a total density of 3.23 FAR (232,687 SF);
  • dike upgrades to City’s current standard (15 ft.)

The architect for the project is Urban Solutions Architecture.

January 29, 2023by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

High-Density Mixed Use Redevelopment Proposed for 5000 Kingsway

McCarthy Properties have submitted a Master Plan Concept to the City of Burnaby for the redevelopment of McCarthy Plaza, a full city block property on Kingsway in the Metrotown area.

The 3.83 acre site is comprised of four parcels, occupied with a number of older lowrise retail and medical/office buildings, collectively known as the Plaza 5000 complex.

The McCarthy Plaza site is located within the Metro Downtown Neighbourhood of the Metrotown Downtown Plan area which designates site for high-density mixed-use residential development under the RM5s Multiple Family, RM5r Multiple Family Residential District, and C3 General Commercial Districts.

The preliminary concept includes three mixed use towers above podiums to be built in four phases, as well as a new North-South public street “McCarthy Way”. The overall project will include approx. 1.8 Million SF.

Phase 1 includes a 70-storey signature landmark tower that includes:

  • 820,000 SF;
  • 425,000 SF of residential including 160,000 SF of rental in the lowrise.
  • 500 total residential units;
  • retail and office space;
  • substantial amenity space including daycare space, meeting spaces; gardens, bowling alley, fitness centre, basketball court and first nations art gallery.

The second and third phase anticipate a 54-storey mixed-use tower, and a 45-51 storey tower respectively. Phase 3 includes options for residential or commercial uses. Phase 4 includes a smaller lowrise commercial building.

The formal rezoning application for the project is expected in early 2023 and will include concurrent applications for the overall master plan and Phase 1 of the project.

The architect for the project is Dialog.

December 7, 2022by 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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