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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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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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
Development, Office

New Bocci Headquarters Design for East Georgia Street Site Unveiled

Bocci, a local lighting design and manufacturing company, has submitted a development application for construction of a new headquarters building located on East Georgia Street, across from Woodland Park in East Vancouver.

The proposal envisions a 7-storey concrete headquarters including manufacturing and office space, as well as a ground floor restaurant space. The site is 17,150 SF in size.

The project includes:

  • 35,000 SF of manufacturing space;
  • 13,500 SF of office space;
  • 3,300 SF of restaurant space;
  • amenity space including exhibition space;
  • A building height of 100 ft.;
  • A total density of 2.99 FSR;
  • Parking and loading having vehicular access from the lane.

The application describes the design: “The floors above street level would include an interconnected glass atelier, studio, office, warehouse, production facility, prototyping area, and archive. The perimeter of the building features a series of balconies that provide our employees with access to natural ventilation, light, and green areas. These green areas cascade up to a forested roofscape, extending the visual greenspace of Woodland Park.

This development will make use of a newly-refined technique wherein concrete is poured over a fabric formwork. This formwork would describe the building’s vaulted internal spaces and transition through to the exterior balconies, revealing complex forms visible from the building facade.“

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 Mallen Gowing Berzins Architecture (MGBA) Inc.

November 28, 2022by david.taylor@colliers.com
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First Capital REIT acquired by Choice Properties and KingSett for $5.2-billion

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First Capital REIT --> Choice Properties REIT and Kingsett Capital are teaming up to acquire the Canadian real estate company in a deal valued at over $9 billion, including assumed debt. Choice Properties will acquire roughly five billion dollars worth of shopping centres, while

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West Vancouver condo project in receivership, causing 'heartbreak' in Dundarave

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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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