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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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
Condo, Development, Office, Retail

7-Storey Condo Building Pitched for Lower Lonsdale Site

Staburn Group have submitted a rezoning application for a 12,000 SF site at 119-123 East 2nd Street in the Lower Lonsdale area of North Vancouver. The site is currently improved with two small commercial buildings.

The site is designated Mixed Use Level 4A (High Density) (MU4A) in the Official Community Plan. This designation allows for a mix of commercial and residential use with a maximum density of 3.6 FSR (including 1.0 bonus FSR) and a maximum height of 8-storeys.

The proposal envisions a 7-storey condo building with commercial uses on the ground floor.

Details include:

  • 28 condo units;
    • 5 one-bedrooms, 14 two-bedrooms & 9 three-bedrooms;
  • 3,466 SF of office space;
  • 3,563 SF of retail space;
  • a total density of 3.60 FSR;
  • 48 underground parking spaces.

The architect for the project is RHA Architects.

April 29, 2022by david.taylor@colliers.com
Condo, Development, Office, Retail

Condo Tower Planned For North Vancouver Site

Polygon has submitted their rezoning application to develop the site that they own at 114-132 West 15th Street in the Central Lonsdale area of North Vancouver. The 25,206 SF site is currently improved with two older lowrise commercial buildings.

The site is designated Mixed Use Level 4B (High Density) in the Official Community Plan. This designation allows for a mix of higher-density multi-family and commercial uses with a maximum density of 4.0 FSR (including 1.0 bonus FSR). A further density transfer is proposed.

The application proposes a 22-storey mixed-use building, with two levels of commercial including retail and services at ground level, office commercial uses at level two, and 20 storeys of condo units above.

The proposal includes:

  • 136 condo units;
    • 38 one-bedrooms, 77 two-bedrooms & 21 three-bedrooms;
  • 7,452 SF of ground floor retail space;
  • 16,985 SF of 2nd floor office space;
  • a total density of 7.05 FSR;
  • 198 underground parking spaces.

The proposal includes 76,993 SF of density transferred from the Harry Jerome lands owned by the City. The purchase of the density comes at a price of $19,248,250 or $250 per SF.

The architect for the project is IBI Group.

April 24, 2022by david.taylor@colliers.com
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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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