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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, Retail

Another Passive House Rental Building Planned for Hastings Heights

Another Rental 100 rezoning application has been submitted in East Vancouver on East Hastings. This is the second passive house multifamily rezoning application, just West of 8th Avenue Development Group’s “The Heights” project, an 85-unit project just completed at the corner of East Hastings and Skeena.

This application for 3435 East Hastings Street, between Cassiar and Skeena Street calls to rezone the 11,366 SF mid-block subject site from C-2C1 to permit the development of a 6-storey rental residential building. The proposal includes:

    • 45 secured market rental units;
    • 13 studios, 16 one-bedrooms, 10 two-bedrooms & 6 three-bedrooms;
    • 2,712 SF of retail space at grade;
    • a density of 3.14 FSR;
    • a building height of 68 ft.; and
    • 28 underground parking spaces.

This application is being considered under the Secured Market Rental Housing (Rental 100) Policy.

The architect for the project is Cornerstone Architecture.

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

Plan for Harry Jerome Site Includes Two Towers, 784 Units

A rezoning application has been submitted for the Harry Jerome Neighbourhood Lands, a 24 acre site at Lonsdale and 23rd in the Central Lonsdale area of North Vancouver. 

The City of North Vancouver sold the site to Darwin Properties in 2017 on a 99-year leasehold basis as part of an RFP related to a larger scheme to build a new Harry Jerome Rec Centre across the street. The City will use the proceeds from the lease to fund the construction.

After public consultation in late 2017, the rezoning application for the site is now moving foward to allow mid-rise multi-family and commercial uses and activities contributing to a pedestrian-scale village feel. Details include:

  • Two 26-storey towers and four mid-rise buildings;
  • 784 total units including strata and rental;
  • 30 studios, 371 one-bedrooms, 340 two-bedrooms & 43 three-bedrooms;
  • 21,400 SF of retail space;
  • A total density of 2.28 FSR;
  • Maximum tower heights of 243 feet;
  • 829 parking stalls;
  • A new 1.0 hectare public park stretching along Lonsdale from 21st to 23rd. 

There is also an alternate option which includes a taller tower, up to 32-storeys, and up to 840 total units for the site. Council will decide on whether to proceed with processing the currently presented option.

The architect and planner for the project is Perkins + Will.

March 9, 2018by david.taylor@colliers.com
Development, Retail

Barclay & Thurlow Development to Feature Two Towers, 643 Units

Bosa Properties and Kingswood Properties have submitted their formal rezoning application for a site sold by our team at the Southwest corner of Barclay and Thurlow Streets in the West End of Downtown Vancouver.

The site at 1040-1080 Barclay Street is an assembly of three lots comprising a lowrise strata building and two older apartment buildings. The combined site totals 46,272 SF. It is located within a sub-area of the West End Community Plan that allows re-zoning for tall towers if social housing is included.

The proposal is for 643 units in two residential towers connected by a podium bridge with:

  • 481 market strata units – including:
    • 40 studios, 167 one-bedrooms, 215 two-bedrooms, 37 three-beds, 12 penthouse units and 10 townhouses;
  • 162 social housing units – including:
    • 25 studios, 52 one-bedrooms, 52 two-bedrooms and 33 three-bedrooms;
  • a total density of 15.42 FSR;
  • eight levels of underground parking with 626 vehicle parking stalls and 810 Class A bicycle parking spaces;
  • building heights of 458 ft. (East Tower) and 449 ft. (West Tower);
  • 4,500 SF of retail space located along Thurlow Street; and
  • a 5,894 SF City-owned childcare facility.

The concept architect, Ole Scheeren describes the design rationale: “Located at the corner of Barclay and Thurlow Streets, the project is situated in close proximity to the greenery of Nelson Park, the liveliness of Robson and Davie Villages, and the bustle of the Central Business District, making it an appealing location for downtown living. The design takes its inspiration from the grain and scale of the horizontal villages and transforms it into a vertical village.

The architectural and urban composition reflects the smaller scale blocks and elements of the urban context, which are replicated into cubic modules and assembled to form two sculptural residential towers. With neighbouring buildings indicating a tendency towards singular vertical towers, the design of 1040-1080 Barclay generates a more articulated massing with moments of volumetric interest that brings small scale pockets of nature to urban residents. The articulated silhouette of the two towers engages the space of the city and stand as distinct landmarks that activate the skyline.”

This application is being considered under the West End Community Plan.

The architects for the project are Buro Ole Scheeren in partnership with Francl Architecture.

March 7, 2018by david.taylor@colliers.com
Apartment, Development, Retail

Plan Emerges for Revelopment of 21-Acre Langara Gardens Site

The Planning Policy Statement for Langara Gardens has been released for consideration by Vancouver City Council. The 20.8 acre site was acquired by Peterson Group in 2009. Peterson later partnered with Concert Properties in 2015, after which a formal planning effort to redevelop the site with City of Vancouver planning got underway, with open houses and town hall meetings over the next two years.

Langara Gardens is located west of Cambie Street between 54th and 57th Avenues and was initially developed as a rental apartment property, with three towers and later a fourth tower in the 1980s. The site is currently improved with 605 apartment units and some retail space and is built to a fairly low density equivalent to a single family zoning (approx. 0.78 FSR). A large majority of the site is currently built as lowrise townhouses which is the focus of the redevelopment effort. The existing rental towers will be maintained.

The site at Pearson Dogwood, directly south, is proposed for the same density and will get underway with rezoning of the first phase shortly.

The vision for the property has included retention of the four existing apartment highrises while adding new residential buildings and various new services and amenities. “Langara Gardens will continue to be primarily residential, with a mix of housing opportunities for a variety of households, ages and income levels. A key element of the planning program is to maintain or replace the 605 existing rental housing units on a one-for-one basis.”

Details of the policy statement which will guide future rezoning applications for the site include:

  • a maximum overall site density of 2.80 FSR (on gross site area);
  • a total of 2,540,000 SF of development (about 2,100 units total);
  • 11 towers (including existing four towers to be retained);
  • All 605 existing rental units retained or replaced;
  • Building heights from 3 to 28-storeys;
  • 20% of net new floor area as affordable housing (approx. 430 units);
  • Redesign and upgrade of existing retail space (approx. 25,000 SF);
  • A new 69-space childcare facility;
  • A new 1-acre City-owned park;
  • A financial contribution towards a potential future station at 57th Ave;
  • A community amenity contribution(s) to be determined/negotiated.

Park and Open Space Concept

Building Heights

The next step will be a site specific rezoning that will include further details such as exact units counts and building layout and design.

Full details on the planning policy statement can be viewed here: http://council.vancouver.ca/20180313/documents/p1.pdf 

March 7, 2018by david.taylor@colliers.com
Apartment, Development, Office

SOLD: 3680 East Hastings Street, Vancouver

We are pleased to announce the completion of sale of Pacific Professional Centre, 3680 East Hastings Street, Vancouver, B.C. The 34,000 SF office building is located on a 14,000 SF C-2C zoned corner site. Nearly fully leased, the Property presents an optimal mix of potential income growth, coupled with future redevelopment potential under the City’s Rental 100 rezoning policy for rental apartments.

March 7, 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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