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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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
Condo, Development, Office, Retail

Mixed Use Building Proposed for Dundarave Village Site

A development permit application has been submitted by Dundarave Beachside Limited Partnership for an assembly of six commercial properties totaling 43,765 SF in the Dundarave Village area of West Vancouver.

The site at 2452-2496 Marine Drive is located at the Southeast corner of Marine Drive and 25th Street. It is currently occupied by a Shopper Drug Mart and several other single-storey retail tenants.

The proposal is for a new three-storey building that includes:

  • 55 condo units;
    • 20 one-bedrooms, 27 two-bedrooms & 8 three-bedrooms;
  • 12,000 SF of retail space;
  • 10,000 SF of office space;
  • a total density of 2.29 FSR;
  • a plaza and parkette at Marine Drive and 25th Street
  • an improved pedestrian connection at the east end of the site
  • 122 underground parking spaces;
  • 110 bicycle storage spaces.

The architect for the project is IBI Group.

July 22, 2022by david.taylor@colliers.com
Condo, Office, Retail

12-Storey Mixed Use Project Envisioned for Port Moody Site

A preliminary rezoning and OCP amendment application has been submitted by 100 Developments to the City of Port Moody for a new mixed-use development at 2115-2131 St. Johns Street in the Moody Centre area.

The 1-acre site is made up of five single family parcels located on the south side of St. Johns Street and west of Douglas Street.

The OCP designates the subject site for Multi-Family Residential uses up to a maximum of 6
storeys.

The development proposal consists of two 12-storey mixed-use buildings (one residential and
one office building, each with commercial uses, and includes the following:

  • 80 condo units;
  • 36 seniors units with 50% as affordable rental;
  • 89,500 SF of strata office space;
  • 21,600 SF of retail space;
  • a total density of 6.3 FAR;
  • 3,500 SF of daycare space;
  • 325 parking stalls.

A Heritage Revitalization Agreement (HRA) to retain the Martha Johnston Residence and convert it into a medical office (the HRA would take place of a Zoning Bylaw amendment to rezone the site).

The architect for the project is Bite Design Group.

July 20, 2022by david.taylor@colliers.com
Development, Office, Retail

7-Storey Office Building Planned for Seymour Street Site

A development application has been submitted by Bene Group for a 7,500 SF site in Downtown Vancouver at 852-872 Seymour Street. The development proposal is for a 7-storey office building with heritage retention and commercial at the ground level.

Details include:

  • 41,240 SF of office space;
  • A building height of 70 ft.;
  • Total density of 5.5 FSR (including 10% Heritage Preservation Bonus)
  • Three levels of underground parking with 34 stalls.

The proposal entails preservation and restoration of the existing 1926 heritage building on site. The site area is 62.5 x 120 ft.

Under the site’s existing DD zoning, the application is “conditional” so it may be permitted. However, it requires the decision of the Director of Planning.

The subject property sold in 2020 for $15,000,000, or $364 per buildable SF based on the application.

The architect for the project is Arno Matis Architecture.

July 11, 2022by david.taylor@colliers.com
Condo, Development, Office, Retail

4-Storey Mixed-Use Building Planned for North Van Site

Cascadia Green has submitted a rezoning application to the City of North Vancouver for the redevelopment of the Midas site at 800 Marine Drive.

The 15,500 SF site is located at the corner of Marine and Fell. The OCP designates the site and surrounding areas to the north and east as Mixed Use Level 2 (MU2), which supports mixed-use development up to 6-storeys and 2.50 FSR.

The plan for the property is a new 4-storey building that includes:

  • 19 condo units;
    • 6 studios, 11 two-bedrooms and 2 three-bedrooms;
  • 9,000 SF of retail space
  • 12,000 SF of 2nd floor office space;
  • 39 parking stalls
  • a total density of 2.50 FSR.

The architect for the project is WA Architects.

The site was acquired for $7,975,000 or $206 per buildable SF based on the application.

June 10, 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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