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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Apartment, Development

Condos and Rentals Proposed for Burquitlam Site

Amacon has submitted rezoning and development permit application for a 1.60 acre site in the rapidly developing Burquitlam area on the Western edge of Coquitlam.

The application proposes to rezone the site at 500 Foster Avenue and 633 North Road from the current RM-2 zoning to RM-6 in order to permit a new high density residential development. The site is located within the Burquitlam Lougheed Neighbourhood Plan and is designated High Density Apartment Residential in the OCP and is located within the Transit Corridor “Shoulder” area of Burquitlam-Lougheed in the Transit-Oriented Development Strategy (TDS). 

The site is currently occupied by two, three-storey apartment buildings providing 89
units of rental housing which will be removed and replaced as part of the proposed development.

The development proposal includes:

  • a 41-storey tower with 304 market condo units;
    • 138 one-bedrooms, 136 two-bedrooms & 30 three-bedrooms;
  • a 6-storey lowrise building with 93 rental units;
    • 17 studios, 49 one-bedrooms, 17 two-bedrooms and 10 three-bedrooms;
  • one retail unit totaling 1,700 SF;
  • a total density of 5.0 FAR;
  • 21,700 SF of amenity space;
  • 448 underground parking spaces.

The architect for the project is Chris Dikeakos Architects.

June 15, 2018by david.taylor@colliers.com
Apartment, Development

229-unit Rental Development Planned for Port Moody Site

PC Urban has applied to the City of Port Moody to redevelop a former mobile home park property sold by our team in 2017. The site, at 3370 Dewdney Trunk Road (on the Coquitlam border) is located within the Inlet Centre Station Transit Oriented Development Area and is designated in the OCP for up to 4-storeys. The site is just a few minutes walk to Inlet Centre Station.

 

The application is for rezoning and an OCP amendment to allow for a new 6-storey rental project. Details include:

  • 229 rental units;
  • 86 one-bedrooms, 138 two-bedrooms and 5 three-bedrooms;
  • a total density of 2.78 FAR;
  • 205 underground parking spaces.

 

The architect for the project is NSDA Architects.

June 14, 2018by david.taylor@colliers.com
Apartment, Development

48-Unit Rental Building Proposed for Lower Lonsdale

A rezoning application has been submitted for a site at 173 & 177 West 6th Street (corner of Chesterfield and West 6th) to rezone the properties from a Medium Density Apartment Residential 1 (RM-1) zone to a Comprehensive Development zone to allow redevelopment of this 14,008 SF site that is an assembly of an older 10-unit apartment building and a 3-unit townhouse.

The site has an OCP designation of Residential Level 5 that allows for a density of 1.6 Floor Space Ratio (FSR) and a potential for an additional bonus of up to 1.0 FSR, in accordance with the City’s Density Bonus and Community Benefits Policy. 

The proposal calls for a new 6-storey rental building on the site including:

  • 48 rental units;
  • 28 one-bedrooms, 15 two-bedrooms and 5 three-bedrooms;
  • Includes 5 townhouse units along Chesterfield;
  • A total density of 2.60 FSR;
  • 35 underground parking stalls.

The architect for the project is Rafii Architects.

 

June 12, 2018by david.taylor@colliers.com
Apartment, Development

67-Unit Rental Building Proposed for North Van Site

A rezoning application has been submitted for a site at 127-129 East 12th Street in North Vancouver. The application seeks to rezone from the current Medium Density Apartment Residential 1 (RM-1) zoning to allow a new six-storey rental apartment building, to replace an older walkup apartment on the site.

The site is located along the southern side of East 12th Street in the Central Lonsdale area with Lonsdale Avenue to the west and St. Georges Avenue to the east.

The land use designation of the subject site is Residential Level 5 (R5), which allows for a medium density multi-family building up to a maximum density of 1.60 times the lot area (FSR), with the potential of an additional 1.0 FSR bonus density to be granted at Council’s discretion, for a total of 2.60 FSR

Details of the proposal include:

  • 64 rental units (including 6 mid-market rentals);
  • 2 studios, 37 one-bedrooms, 18 two-bedrooms and 8 three-bedroom units;
  • a total density of 2.60 FSR:
  • a building height of 63 ft.
  • 60 underground parking stalls.

 

The application describes the design intent: “The proposed rental apartment building is presented as a unique concept with all the residential units surrounding an outdoor central courtyard on the ground level with outdoor circulation available to all units that surrounds the courtyard. Access to the upper levels is available either by an open stairway or elevator.”

The architect for the project is Birmingham & Wood.

June 9, 2018by david.taylor@colliers.com
Development, Office

55,000 SF Office & Industrial Building Proposed for Mt. Pleasant

A development application has been filed with the City of Vancouver for permission to develop a site at 2238 Yukon Street, at the corner of West 6th Avenue. Currently the site is occupied by a vacant, single storey retail store which will be demolished.

The plan is for a new 4-storey, mixed-use building with manufacturing use located on the 1st and 2nd storeys and general office use located on the 2nd, 3rd and 4th storeys, consisting of:

  • a total of 54,492 SF of floor space;
  • a density of 3.0 FSR;
  • a total building height of 60 ft.;
  • 3 levels of underground parking with vehicular access from the lane.

The application describes the design rationale: “The building’s massing is divided into two volumes, anchored by two vertical towers housing the stairs. The southwest tower includes a glazed wall to the feature stair, providing visibility of animation throughout the day. Adjacent to this and following the verticality, a glazed recess marks the main entrance on Yukon Street. The fin walls of the towers will be clad in brick, referencing the masonry cladding material of the neighbouring BC Hydro building and the industrial context.”

Under the site’s existing I-1 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: Proscenium Architecture + Interiors Inc.

June 8, 2018by 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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