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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

4-Storey Mixed-Use Building Proposed for Kerrisdale

A development application has been submitted for a site on West 41st Avenue in Kerrisdale, just West of East Boulevard. The site at 2074 West 41st Avenue is currently improved with an older 2-storey retail and apartment building. 

The plan for redevelopment of the 13,100 SF C-2 zoned site is a new four-storey concrete mixed-use building, consisting of:

  • Retail on the ground floor;
  • Offices on the 2nd and 3rd floors;
  • A 7-room hotel on the 4th floor;
  • A total density of 2.50 FSR;
  • A common garden and green roof on the rooftop level;
  • three levels of underground parking having vehicular access from the lane.

The application describes the design rationale: “The architecture is classic, in recognition of the history of Kerrisdale and its image as an upscale community. The building is generally symmetrical. The exterior materials include manufactured stone facing, metal windows, architectural detailing and a masonry balustrade on the fourth level patio facing West 41st. Canvas awnings above the first level retail add interest and delight.”

The site was sold to Canada Golden Land Holdings in 2016 for $18,000,000.

The architect for the project is Rositch Hemphill Architects.

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

New Mixed-Use Development Slated for Central Lonsdale Site

Rezoning and OCP amendment applications have been submitted for the Northmount Medical Centre site, located at 123-145 East 13th Street in the Central Lonsdale area of North Vancouver. The site is directly across the street from Onni’s recently completed Centreview project, and just East of Wesgroup’s The Prescott, completed a few years ago.

The one acre site, currently improved with two older medical office buildings, one at 4-storeys and the other at 9-storeys, sold in 2017 to the Millenium Development for $43,500,000. The site is one of only a handful that will allow taller buildings in the Central Lonsdale area.

The proposed redevelopment includes:

  • an 18-storey tower on the Eastern side of the site;
  • a 7-storey midrise on the Western side;
  • 162 residential units;
  • 1 studio, 61 one-bedrooms; 53 two-bedrooms and 34 three-bedrooms;
  • 18,331 SF of ground floor retail;
  • 31,718 SF of office space on the 2nd and 3rd floors;
  • a total density of 4.95 FSR;
  • a total building height of 187 feet;
  • 279 underground parking stalls;
  • a total community benefits package of $6.4 Million.

The architect for the project is Chris Dikeakos.

 

March 5, 2018by david.taylor@colliers.com
Apartment, Development

77-Unit Rental Building Planned for East Van Site

Another rezoning application has been filed under the increasingly well-known Affordable Housing Choices Interim Policy. This one is for a seven-lot, full block land assembly on the East side of Renfrew Street, between East Georgia Street and Adanac Street. The full land assembly totals 25,816 SF.

The proposal is for a five-storey mixed-use building, consisting of:

    • 77 rental apartment units;
    • 56 one-bedrooms, 9 two-bedrooms & 12 3-bedrooms;
    • 7,868 SF of retail space along Renfrew;
    • a total density of 2.96 FSR;
    • a five-storey building height of 58 ft.; and
    • 81 underground parking spaces over two levels.

The application describes the design rationale: “Our concept proposes typical setbacks for Mixed-Use buildings in the City of Vancouver, with approporiate stepping from the lane in consideration of existing dwellings. The commercial uses are setback 2’0” from Renfrew Street, and the townhouses are setback 7-0” from Georgia Street. We designed a 12’-0” setback from the lane to the townhouses comprised entirely of landscaped terraces which will significantly improve the current condition of the lane.

At the third and fourth storeys, the building maintains a 25’-0” setback from the lane, which increases to 40’0” at L5-6. Above L4, we have setback the residential uses 2.5m from the property line, and created street facing patios for residents.

On Level 5, a common rooftop patio amenity has been proposed for residents of the building. We have taken steps to address privacy and overlook issues at the shared amenity, while providing a welcoming and pleasant space for residents. The rooftop is partially occupied with urban agriculture, taking advantage of the solar exposure to provide a practical and sustainable amenity for residents.”

This application is being considered under the Affordable Housing Choices Interim Rezoning Policy.

The site sold in June 2017 for $15,970,000, or $209 per buildable SF based on the application.

The architect for the project is GBL Architects.

March 1, 2018by david.taylor@colliers.com
Apartment, Development

53-Unit Rental Building Planned for Kingsway Near Fraser

The latest on a long list of Kingsway Rental 100 rezoning applications comes for a site at the corner of Kingsway and East 15th Avenue, just West of Fraser Street.

610-644 Kingsway is an assembly of several older lowrise commercial buildings on the South side of the street, zoned C-2C. The curved site totals 13,830 SF. 

Details include:

  • 53 secured market rental units;
  • 9 studios, 19 one-bedrooms, 19 two-bedrooms & 6 three-bedrooms;
  • 7,151 SF of ground floor retail;
  • a total density of 3.75 FSR;
  • a building height of 69 ft.; and
  • 2 levels of underground parking.

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

The architect for the project is Studio One Architecture.

The full rezoning application can be viewed here: http://rezoning.vancouver.ca/applications/610kingsway/index.htm

February 27, 2018by david.taylor@colliers.com
Development, Retail

6-storey Building Proposed for Revitalized Hollywood Theatre Site

A proposal has been submitted to the City of Vancouver to restore and revive the Hollywood Theatre. 4184 Investments Ltd. has applied for a development permit to add a 6-storey residential building while restoring the adjacent theatre building. The combined site area is 16,743 SF and the site is zoned C-2C which allows a density up to 3.0 FSR and 4-storeys.

The Hollywood Theatre building was originally built in 1935 and closed in 2011 after the building was finally sold by the Fairleigh family. There have been various community efforts to save the theatre since that time.

 The current proposal includes the following:

    • 40 condo units – “The Hollywood Residences”;
    • 6 studios, 13 one-bedrooms, 16 two-bedrooms & 5 three-bedrooms;
    • 4,423 SF of new ground floor retail space;
    • A total density of 3.19 FSR;
    • Building height of 67 ft.;
    • A restored theatre building;
    • Two levels of underground parking accessed from the lane with a total of 47 parking spaces.

Within the application, the owners provide an overview of the plan for the new theatre: “We will re-introduce The Hollywood Theatre back into Vancouver’s consciousness by creating and operating a beautifully renovated, state-of-the-art performing arts centre dedicated to bringing the creative arts to the local community.

As well as live entertainment ticketed events such as live music performances, live theatre, movie screenings, tech events and corporate and private functions we welcome local community producers, non-profit organizations and special interest groups wishing to hold their event at the Hollywood Theatre. This will also include hosting special free to-the public events produced by local producers.”

Full details on their proposed operating plan can be viewed here: http://development.vancouver.ca/3133wbroadway/documents/perspectiveoperatorsbusinessplan.pdf

Under the site’s existing C2-C zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Development Permit Board. The full development application can be viewed here: http://development.vancouver.ca/3133wbroadway/index.htm

The architect for the project is Marianne Amodio Architecture Studio, Inc.

February 27, 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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