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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

Mixed-Use Building Proposed for Brighouse Village Area of Richmond

An rezoning application has been submitted to the City of Richmond for a 109,969 SF site in the Brighouse Village area of Richmond’s City Centre.

The site, located at the intersection of Park Road and Buswell Street, is currently occupied by lowrise commercial buildings including the strip retail plaza “Park Village”. it is slated for rezoning under the City of Richmond’s City Centre Area Plan which designates the site as Urban Core T6, allowing a conditional density up to 4.0 FAR.

The owners of the site are Grand Long Holdings Canada Ltd. & Park Village Investments Ltd.

The plan for the site calls for a large mixed-use development including two residential towers and one office/residential tower on a commercial podium with street-oriented commercial and retail uses fronting Park Road and Buswell Street at ground level. Further details include:

  • 339 residential units including 21 affordable rental units;
  • 58,605 SF of office space;
  • 43,791 SF of retail and restaurant space;
  • A total density of 3.86 FAR;
  • A new 4,000 SF public plaza on the South side of the property;
  • 618 total parking spaces.

The architect for the project is WT Leung Architects.

 

 

June 6, 2018by david.taylor@colliers.com
Apartment, Development

88-Unit Rental Building Proposed for Lynn Creek Area of North Van

A rezoning application has been submitted by Adera for a two-lot land assembly in the Lynn Creek area of North Vancouver (formerly known as “Lower Lynn”). The site at 1552-1568 Oxford totals 26,471 SF and is currently improved with two older single family houses. The Official Community Plan designates the site as RES Level 5: Low Density Apartment which envisions apartments at a density of up to approximately 1.75 FSR, but this proposal would amend the OCP to allow for a higher density.

The site sits adjacent the “Creekstone Care Centre” which was approved by the District of North Vancouver in January 2018 with a density of 3.1 FSR and 7-storeys in height.
The “Lynn Creek Apartments” is located to the south side of Oxford Street and includes a 6-storey rental building with a density of 3.2 FSR.

Details of the proposal include:

  • 6-storey rental building;
  • 88 rental units;
  • A total density of 3.03 FSR;
  • A total CAC of $922,000 ($11.50 per SF);
  • 80 parking stalls on two levels of underground parking.

The architect for the project is Rositch Hemphill.

May 24, 2018by david.taylor@colliers.com
Apartment, Development

Rezoning Proposed for Travelodge Site in North Van

A rezoning application has been submitted by Marvel Group for the Travelodge site at 2050-2070 Marine Drive in North Vancouver. The site sits between two recent tower proposals – the former Earls Site to the West, and Park West to the East. The Official Community Plan (OCP) designates this site as Commercial Residential Mixed Use 2 (CRMU2).

The 1.6 acre site consists of four separate commercial parcels including:

  • Travelodge Hotel
  • Pho Japolo Restaurant
  • Denny’s Restaurant
  • Earl’s Restaurant parking lot (the restaurant itself is not part of this application, as it is located in West Vancouver)

The rezoning application for this 1.6 acre site includes:

  • A 29-storey tower and two lowrise buildings;
  • 264 market condo units;
  • 35 affordable rental units;
  • a total density of 2.75 FSR;
  • A new park “Curling Park” (provided jointly between this and Park West development);
  • Two floor of underground parking.

 

May 22, 2018by david.taylor@colliers.com
Development, Office, Retail

Mixed-use Development Planned for Brighouse Village Area of Richmond

Bene Richmond Development Ltd. has applied to the City of Richmond to rezone a site at 6560 – 6700 No.3 Road from the “Downtown Commercial (CDT1)” zone to a new site-specific zone in order to permit the development of a new mixed-use development in the City Centre’s Brighouse Village. The Official Community Plan (OCP) designates the subject site as “Downtown Mixed Use”. 

The 47,286 SF site is currently improved with a single-storey strip retail plaza known as Time Square. The site sits directly across from Richmond Centre, which is currently embarking on an ambitious redevelopment plan.

The proposed project would see two residential towers (8 & 11-storeys) all above a 4-storey podium containing parking, office, retail and restaurant uses.

Details of the proposal include:

  • 166 residential units (157 market and 9 affordable housing)
  • 14,278 SF of retail and restaurant space;
  • 33,008 SF of office space;
  • A total density of 4.0 FAR.

 

The architect for the project is Dialog.

May 17, 2018by david.taylor@colliers.com
Apartment, Development

91-Unit Rental Apartment Project Proposed for Marpole

A rezoning application has been submitted for a 23,518 SF mid-block site on Oak Street, just South of West 70th Avenue. 8636-8656 Oak Street is currently improved with two older RM-3A zoned apartment buildings totaling 17 units.

The proposed rezoning for the two lots is for a new rental project with two 6-storey buildings which include:

  • 91 market rental units;
  • 29 studios, 29 one-bedrooms, 27 two-bedrooms & 6 three-bedrooms;
  • a total density of 2.50 FSR;
  • a building height of 60 ft.; and
  • two levels of underground parking with 76 vehicle parking spaces and 115 bicycle spaces.

The application is being considered under the Marpole Community Plan.

The architect for the project is WT Leung Architects.

May 14, 2018by david.taylor@colliers.com
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David Taylor Personal Real Estate Corporation

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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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