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, 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
Apartment, Development

Fourth Tower at City of Lougheed to Include 237 Rental Units

Shape Properties has filed a rezoning application for their fourth and final tower of Phase 1 of The City of Lougheed, a massive 40-acre, 23-tower master planned site of the current/former Lougheed Mall. Phase 1 is the Southeast corner of the site, fronting North Road and Austin Road, and the first tower has sold out.

Overall City of Lougheed Site & Phase 1 Location

Tower 4 will be the shortest of the first four towers, and is located on the Northeast portion of the Phase 1 lands, which are now moving through site preparation. Details for this part of Phase 1 include:

  • a 30-storey tower
  • 237 rental apartment units
  • 23 studios, 104 one-bedrooms, 110 two-bedrooms
  • 2,777 SF of retail space at grade
  • 114 parking spaces

Interestingly, the developer plans to stratify the units, but keep them as rental with a covenant protecting them as rental for a minimum 5 years.

Phase 1 Detail

December 9, 2017by david.taylor@colliers.com
Apartment, Development

87-Unit Rental Building Planned for Central Lonsdale Site

Maclean Homes has submitted an application to rezone an existing apartment property in the Central Lonsdale area of North Vancouver at the corner of Chesterfield and West 18th Street. 1730 Chesterfield is an older 3-storey 43-unit walkup apartment building on a 27,850 SF lot.

The proposal plans to rezone the Property from RM-1 to allow a new, larger 6-storey rental apartment building. The OCP allows a based density of 1.60 FSR and a bonus of 1.0 FSR and up to 6-storeys in height. Details include:

  • 87 rental apartment units;
  • 6 studios, 53 one-bedrooms, 18 two-bedrooms and 10 three-bedrooms;
  • a total density of 2.54 FSR;
  • a total building height of 54 ft.;
  • 56 parking stalls on one level of underground parking accessed from the lane;
  • a bonus density contribution of $2,885,190.


The architect for the project is Garcia Zunino Architects.

November 24, 2017by david.taylor@colliers.com
Development, Office, Retail

452-Unit Project Planned for Metrotown Site

Thind Properties has applied to the City of Burnaby to rezone a 57,809 SF site at 6525-6585 Sussex Avenue for a new mixed use development including market residential, non-market rental and retail and office uses. The original rezoning application was made over a year ago, but the details have now been finalized and it is now ready to move forward to public hearing.

As detailed in the Burnaby Now, the project is a partnership between Thind, New Vista Housing Society and BC Housing. 

The existing site is located just a few steps East of Metrotown Skytrain Station on Beresford and is comprised of three lots improved with three older walkup apartment buildings totaling 64 units.

The plan calls for rezoning per the Metrotown Downtown Plan to RM5s, RM4 and C2 zoning districts. Details include:

  • a 48-storey tower including 10-storeys of office and 38-storeys of residential on the North portion of the site
  • 327 market residential units
  • 160 one-bedrooms units, 125 two-bedroom units and 41 three-bedroom units;
  • 4,700 SF of retail uses at grade;
  • 69,515 SF of office space;
  • a 14-storey tower with 125 non-market rental units on the South portion
  • A combined total density of 8.0 FAR;
  • Building heights of 520 ft. and 155 ft;
  • 544 underground parking stalls

November 24, 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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