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, Retail

9-Storey Office Building Slated for Yukon and West 6th Ave

Cressey Developments has submitted their application to rezone the 24,149 SF site they own at 425 West 6th Avenue, at the Northwest corner of Yukon and 6th, from C-3A to CD-1 to permit the development of a 9-storey office building.

The proposal includes:

    • 155,147 SF of office space;
    • 16,504 SF of ground floor retail;
    • A total density of 7.11 FSR;
    • A building height of 131.35 ft.;
    • 298 underground parking spaces and 40 bicycle spaces on 5 levels; and
    • 2 Class A and 5 Class B loading spaces.

425 W 6th425 W 6th_1 425 W 6th_3 425 W 16th_2This application is being considered under the Metro Core Jobs and Economy Land Use Plan.

Cressey acquired the site in 2013 for $14,500,000, or $85 per buildable SF based on the rezoning application.

The architect for the project is IBI Group.

October 18, 2017by david.taylor@colliers.com
Apartment, Development, Retail

237-Unit Project Planned for Uptown Area of New Westminster

Orr Development has submitted their rezoning and development permit applications for a 34,801 SF site at the corner of Sixth Street and Seventh Avenue in the Uptown neighbourhood of New Westminster. The site is currently improved with older two-storey commercial buildings. 

The proposal for 616-640 Sixth Street is for a 30-storey mixed use development that includes:

  • 169 market residential strata units (on levels 8-30)
  • 68 secured market rental housing units (on levels 2-7)
  • 14,439 SF of retail at grade;
  • a total density of 6.03 FSR;
  • a total building height of 305 ft.
  • 299 underground parking spaces;
  • common outdoor amenity area located on the forth level on top of the podium roof.

616 Sixth616 Sixth_1616 Sixth_2The site is designated as (UC) Uptown Commercial in the current Official Community Plan. The Rezoning application entails changing the zoning of the property from Community Commercial Districts (High Rise) (C-3) to a new Comprehensive Development District (CD). The Development Permit application is to facilitate the review of the form and character of the proposal in accordance with Official Community Plan Development Permit Area Guidelines.

The architect for the project is Yamamoto Architecture.

October 16, 2017by david.taylor@colliers.com
Development, Office

Hootsuite Campus Development Application Moves Forward

Westbank and Hootsuite have submitted their formal development application for a 2.8 acre site in Mount Pleasant. The site is divided by a lane and fronts onto Ontario Street between East 4th and East 5th Avenue. 

The I-1 zoning for the site was amended by the City of Vancouver earlier this year to I-1A and I-1B, to allow for more flexible uses, density and building form; essentially to accommodate Hootsuite’s use in the Westbank proposal for the subject site.

The proposal for the two sites includes:

102 East 4th Avenue (the North site)

  • A 8-storey mixed-use building containing Industrial and Office uses 
  • An approximate height of 107 ft.; and
  • A total density of 5.0 FSR (148,918 SF); and,
  • 5 levels of underground parking providing a total of 394 parking spaces having vehicular access from the lane.

102 East 4th

110 East 5th Avenue (the South site)

  • A 9-storey mixed-use building containing Industrial and Office uses
  • An approximate height of 122 ft.; 
  • A total density of 6.0 FSR (142,579 SF); and
  • 5 levels of underground parking providing a total of 287 parking spaces having vehicular access from the lane

110 East 5th

A perspective view of the overall campus

A perspective view of the overall campus

Westbank acquired the site in 2015 for $40,475,000, or $139 per buildable SF based on the current development application.

The architect for the project is Henriquez Partners Architects.

 

October 10, 2017by david.taylor@colliers.com
Apartment, Development, Investment, Office

FOR SALE: East Vancouver Office Investment/Redevelopment Opportunity

We are pleased to introduce this 34,000 SF office building located at the prominent corner of East Hastings Street and Boundary Road – the Eastern gateway to the City of Vancouver. This is an excellent opportunity for an investment with future redevelopment potential.

3680 E HastingsBrochure – 3680 Hastings Street

October 4, 2017by david.taylor@colliers.com
Apartment, Development

1444 Alberni Project to Include 443 Units in Two Towers

The formal rezoning application for 1444 Alberni Street and 740 Nicola Street has been released to the public. The project, revealed in the Vancouver Sun yesterday as the world’s tallest passive-house towers, will now go through the formal rezoning process with the City of Vancouver. The project is a partnership between Asia Standard and Landa Global, who acquired the site in 2016.

The site comprises a whole city block totaling 43,282 SF. The site currently contains rental units that will be retained.

The proposal is for two residential towers with:

  • 314 market residential units; 
  • 129 market rental units; 
  • a total of 443 units; 
  • 34 studios, 167 one-beds, 188 two-beds, 34 three-beds & 20 four-beds
  • a total density of 14.95 FSR;
  • six levels of underground parking with 484 vehicle parking stalls and 562 Class A bicycle parking spaces;
  • building heights of 442.0 ft. (East Tower) and 405.0 ft (West Tower);
  • a 56 space City owned childcare facility on Level 7; and
  • closure of Nicola Street between Alberni Street and the lane to create a new City park.

1444 Alberni1444 Alberni_11444 Alberni_4 1444 Alberni_2 1444 Alberni_3

Typical tower floor plan

Typical tower floor plan

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

The design for the project is by MCMP in conjunction with Robert A.M. Stern Architects.

The site was sold in Apirl 2016 for $170.1 Million, or $263 per gross SF based upon the rezoning application.  

October 4, 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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