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.
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

Beedie Proposing Changes for Long Anticipated Fraser Mills Site

Beedie Living is proposing changes to its proposed development on the 89 acre ‘Fraser Mills’ site in Southwest Coquitlam, branded the Village at Fraser Mills.

The project, one of Metro Vancouver’s largest ever master planned communities, was approved nearly a decade ago when the City of Coquitlam approved a master plan including up to 3,700 residential units. In the years that followed, there has been very little development of the site, with only three industrial buildings having gone under construction more recently.

Beedie has now applied to the City to revise the overall plan for the site, citing “changing market conditions over the past nine years”.

Fraser MillsKey changes being proposed include:

  • Adding 1,000 residential units (up to 4,700)
  • Increasing the number of towers from 10 to 15;
  • Increasing tower heights up to 41-storeys;
  • Increase in total density from 4,062,430 SF to 4,757,000 SF;
  • Expanding the plan area to include vacant 4.8 acre Air Care site;
  • Addition of a 40,000 SF public community centre with aquatics;
  • Reducing the industrial space by 250,000 SF;
  • Reducing the proposed retail space by 50,000 SF;
  • Replacing the post-secondary use with a 4-storey strata office building;
  • Retaining the Kiewit Wharf as a public amenity;
  • Removing the elementary school use;
  • Reduction in number of project phases from 16 to 9.

Fraser Mills_1 Fraser Mills_3Fraser Mills_4 Fraser Mills_5 Fraser Mills_2Should council endorse staff’s recommendation to move forward to the next phase, the proposed changes would go through further planning and another round of public consultation before the development is fully approved.

Further details regarding the application can be viewed here: http://www.coquitlam.ca/docs/default-source/council-agenda-documents/councilincommittee_2017_10_23_-_item_6.pdf?sfvrsn=2

October 22, 2017by david.taylor@colliers.com
Development, Office, Retail

10-Storey Building Planned for Granville & 68th

Westland Corporation has submitted a rezoning application for a 20,030 SF site at the corner of 68th and Granville, next to the Safeway. The plan for 1506 West 68th Avenue is to rezone from C-2 and C-2C (Commercial) District to CD-1 to allow a 10-storey mixed-use building that includes:

  • 45 market residential units;
  • 11 one-bedrooms, 26 two-bedrooms and 8 three-bedrooms;
  • a total of 12,603 SF of retail at grade;
  • a total of 15,477 SF of office space on the 2nd floor;
  • a total density of 3.60 FSR;
  • a maximum building height of 135 ft. from grade;
  • 138 underground vehicle parking spaces and 112 bicycle parking spaces.

1506 West 68th1506 West 68th_2 1506 West 68th_3 1506 West 68th_41506 West 68th_1

The application is being considered under the Marpole Community Plan.

The architect for the project is IBI Group.

Westland acquired the site in January 2016 for $19,855,000, or $275 per buildable SF based on the rezoning application.

October 18, 2017by david.taylor@colliers.com
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
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David Taylor Personal Real Estate Corporation

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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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