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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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
Apartment, Development

42-Unit Rental Building Proposed for Lower Lonsdale

A rezoning application has been submitted for an 11,998 SF site at 365 East 2nd Street in the City of North Vancouver. The site is currently improved with an older 3-storey walkup apartment building containing 18 units. 

The subject site has a 2014 Official Community Plan (OCP) designation of Residential
Level 5, which permits a midrise apartment building form to a maximum floor area of 1.6
FSR and a maximum density bonus of 1.0 FSR that may be considered when public
benefits are provided

The proposal is for a new 6-storey building that includes:

  • 42 rental units;
  • 18 one-bedrooms, 20 two-bedrooms and 4 three-bedrooms;
  • A total density of 2.60 FSR;
  • 44 underground parking stalls.

The architect for the project is Rafii Architects.

May 11, 2018by david.taylor@colliers.com
Development, Retail

Details of Heather Lands Redevelopment Include 12 Towers, 2.3 Million SF

The City of Vancouver has released the Policy Statement for the Heather Lands site, a 21 acre site located just West of Cambie Street, between West 33rd and West 37th. The site is jointly owned by Canada Lands Company,  the Musqueam Indian Band, Squamish Nation and Tsleil-Waututh Nation (the “MST Nations”). It was previously occupied by the RCMP, which moved to a new headquarters in Surrey in 2012. There remains a heritage building on site, the Fairmont building.

A comprehensive planning program was initiated for the site in 2016, which aligned with the recently adopted Cambie Corridor Phase 3 planning program. Several stakeholder and community consultations sessions and open houses occurred over 2017, culminating with the Policy Statement which will guide the future rezoning and redevelopment of individual parcels within the overall Heather Lands site, similar to processes for other large sites like Pearson Dogwood, Oakridge Transit Centre Site, and Langara Gardens.

An important aspect guiding the policy statement has been reconciliation with the MST Nations.

Details of the overall land use policy include:

  • An overall maximum density of 2.50 FSR (2,296,000 SF);
  • Approx. 2,500 residential units;
  • Heights from 3 to 24-storeys;
  • A minimum of 20% of units for affordable housing (approx. 530 units);
  • 20% of units as ‘attainable home ownership’ (approx. 530 units);
  • 20,000 – 60,000 SF of local serving retail & service uses (ie. cafe, small grocery, pharmacy, medical office);
  • One acre site for potential 4-storey Conseil Scolaire Francophone school;
  • Minimum 4 acres of secured park and open space (min. 2 acres public park);
  • A new 69-space childcare facility;
  • A cultural centre (minimum 15,000 SF);
  • Potential demolition or relocation of the Fairmont building;
  • New 35th Avenue connection through site;
  • A new neighbourhood commercial street inside the site;
  • Extension of Baillie Street and Manson Streets into the site;
  • Redesign of Heather Street to accommodate new Heather Street bikeway.

The Policy Statement describes the built form: “The Heather Lands will be characterized by a variety of building forms, including lower forms and townhouses framing parks and open spaces, mid-rise buildings along the streets and some taller buildings organically located to follow the forest trail. The cultural centre and childcare facility will be prominently located on the site, anchoring the neighbourhood heart.”

The full policy report can be viewed here: http://council.vancouver.ca/20180515/documents/rr3.pdf

May 10, 2018by 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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