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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Development, Office

4-Storey Commercial/Industrial Building Planned for Mount Pleasant Site

A development application has been filed by Man 6 Holdings Inc., a project company made up of the partners of EKISTICS Architecture. The site is 6,039 SF, zoned I-1 and is located at the corner of West 6th Avenue and Manitoba. The proposed development concept is a new four-storey, mixed industrial and commercial building consisting of ground level Manufacturing use and Office uses on the 2nd to 4th floor. Details include:

  • 12,078 SF of office space
  • 6,040 SF of light industrial space
  • a total density of 3.0 FSR;
  • 64 ft. building height;
  • two levels of underground parking with 19 spaces.

Ekistics describes the design rationale: “EKISTICS is currently located at 1925 Main Street. We are excited to be designing and building our own studio space within this neighbourhood. We have been actively searching for a new company home for the past four years. We managed to stretch our resources to purchase this land in order to keep our office close to where people live and in a desirable and exciting neighbourhood. We feel passionate about our city, and being part of making it a great place to live and work. Our goal is to redevelop the site to include one floor of light industrial use, and three floors of office use. EKISTICS will occupy 2 of the 3 office floor for its studio. Our intention is to lease the main and second floors to local businesses which will compliment our design work.”

 

 

 

 

 

 

 

 

 

 

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 Ekistics Architecture Inc.

The site was acquired in Mach 2017 for $5,000,000.

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

21-storey Tower Proposed for Denman & Alberni Corner

Landa Global has submitted their development application to the City of Vancouver for permission to develop a 17,292 SF site at the Southwest corner of Denman and Alberni Street with a new 21-storey mixed-use building. 

The proposal for 1810 Alberni Street includes the following:

  • 60 residential units
  • 36 “high end” market residential units & 24 affordable market rental housing units;
  • 3,906 SF of ground level retail;
  • Building height of approximately 210 ft.;
  • A total density of 7.54 FSR;
  • 3 levels of underground parking with 109 parking spaces all accessed from the lane.

The architect for the project, Rafii Architects explains the design rationale: “The tower has been designed as an array of “boxes” oriented in different directions which interplay with each other and departs from the more common vertical box of concrete and glass. The project concept is based on a two-lobe floor plan which houses two condominiums per floor, joint only by the elevator core. The series of boxes affords views of the North Shore , Stanley Park and the Lions’ Gate Bridge, and the Downtown core. The careful placement of these “boxes” allows for planting which has been used at different levels adding a “green” feeling to the building.”

Under the site’s existing C5-A zoning, which was altered to allow such development under the West End Community Plan, the application is “conditional” so it may be permitted; however, it requires the decision of the Development Permit Board. The affordable market rental is a requirement of the zoning.

Landa acquired the site through Colliers in 2016 for $55,000,000, or $422 per buildable SF based on the total density in the application.

The full development application can be viewed here: http://development.vancouver.ca/1810alberni/index.htm

January 11, 2018by david.taylor@colliers.com
Apartment, Development

12 Rental Units Planned for Arbutus & 35th

A rezoning application has been submitted for an 11,874 SF single-family lot at the corner of Arbutus Street and West 35th Avenue. The project’s preliminary title is 2019 Passivhaus, indicating that the project will be passive housing.

The application for 2109 West 35th Avenue is to rezone from RS-5 to allow a new 3-storey rental residential building that includes:

  • 12 secured market rental units;
  • 6 one-bedroom units and 6 three-bedroom units;
  • a total density of 0.81 FSR;
  • a building height of 35.5 ft.; and
  • 13 vehicle parking spaces and 16 bicycle parking spaces.

 

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

The architect for the project is b Squared Architecture Inc.

The lot sold in March 2016 for $2,500,000 or $217 per buildable SF based on the application.

January 3, 2018by david.taylor@colliers.com
Apartment, Development, Retail

40-Unit Rental Building Planned for Kingsway

Conwest Group has submitted an application to rezone a 10,676 SF mid-block site at 3070 Kingsway from C-2 to CD-1 to allow a 6-storey mixed-use building with a 3-storey townhouse development at the lane, consisting of:

  • 40 secured market rental units;
  • 3,080 SF of retail at grade;
  • A total density of 3.27 FSR;
  • A height of approximately 60 ft.; and
  • 24 parking spaces.

The site is located on the South side of Kingsway between Rupert and Kerr Street, just south of the Joyce Collingwood neighbourhood. It is currently improved with a nondescript retail building.

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

The architect for the project is GBL Architects.

The site was acquired in October 2015 for $3,750,000 or $106 per buildable SF based on the application.

December 20, 2017by david.taylor@colliers.com
Apartment, Development, Office, Retail

Master Plan for Landsdowne Mall Site to Include 24 Towers

The owner of Lansdowne Centre, Vanprop Investments, has submitted their formal OCP amendment application to the City of Richmond for the purpose of approving a Master Land Use Plan for the 50 acre site, located in the heart of Richmond’s City Centre at the centre of the Lansdowne Village. It is immediately adjacent to the Lansdowne Canada Line Station, and is bound by No.3 Road, Alderbridge Way, Kwantlen Street and Lansdowne Road. Initial plans to redevelop the mall were announced two years ago.

While the density for the site is already established in the City Centre Area Plan (“CCAP”), the Master Plan is required to organize the eventual phasing, massing and heights of the future mixed-use development, as well as the location of the 10 acre park planned for the site. City of Richmond council endorsement means that the proposal can now move toward a community consultation phase. 

The shopping centre on the site was built in 1977 and exemplifies the auto-oriented enclosed shopping centre design popular in the 60’s and 70’s. The arrival of the Canada Line in 2010 with a station right next door and the subsequent CCAP made this site a prime target for future redevelopment, particularly since the surface parking can accommodate immediate development without requiring demolition of the existing mall.

The site has a mix of zoning designations, including Urban Core T6 (up to 4.0 FAR) on the westerly 1/3 of the site, and Urban Centre T5 (up to 2.0 FAR) on the easterly 2/3 of the site. The CCAP also identified the site for a 10 acre linear park running east/west along the southern portion of the site fronting Lansdowne Road.

Here is a summary of some of the concepts identified in the proposed master plan which has already achieved support for moving through the next steps in the process:

  • An overall density of 2.77 FAR (approx. 6,000,000 SF)
  • 22 residential towers and 2 office towers
  • 73% of the density within 400 metres of Lansdowne Station
  • A 53,500 SF community amenity building at corner of No.3 Road & Lansdowne
  • A new 10 acre park in the centre of the site (revised shape from CCAP)
  • Retail/entertainment space with residential and office space above fronting Hazelbridge Way (high street)
  • A new civic plaza near the Canada Line Station
  • Building heights up to 47 metres
  • New north/south extension of Hazelbridge Way and Cooney Road between Alderbridge Way and Lansdowne Road
  • New east/west road to connect No. 3 Road and Kwantlen Street
  • Target of 2035 for entire build out

Next Steps

The proposed OCP amendment process will require further consultation and refinement to the details in the master plan before final council approval and subsequent rezoning applications for individual phases. Consultation would take place in the spring 2018 with approval likely later next year. Below is the City’s flowchart outlining the process:

Proposed Master Land Use Plan

The architect for the master plan is Dialog.

December 15, 2017by 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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