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

42-Unit Rental Building Planned for East Hastings Corner Site

Mosaic Homes has submitted an application to rezone a site at East Hastings and Lakewood in the Grandview Woodland area. The 11,098 SF site at 2109 East Hastings (known to most by it’s long term tenant – Dairy Queen) is currently zoned C-2C1, and the proposed rezoning is for a development of a 6-storey mixed-use building with commercial uses at grade.

The proposal includes:

  • 42 secured market rental residential units;
  • 12 studios, 14 one-bedrooms, 14 two-bedrooms and 2 three-bedrooms;
  • 4,700 SF of ground-floor retail;
  • A total floor area of 35,512 SF;
  • A total density of 3.20 FSR;
  • A height of approximately 73 ft.; and
  • 45 underground parking spaces.

2109 East Hastings 2109 East Hastings_1 2109 East Hastings_2

This application is being considered under the Grandview-Woodland Community Plan.

Mosaic acquired the site in 2016 for $5,450,000, or $153 per buildable SF.

The architect for the project is Yamamoto Architecture.

September 28, 2017by david.taylor@colliers.com
Apartment, Development

15 Rental Townhouse Units Proposed for Kitsilano Site

A rezoning application has been submitted for a former church site in Kitsilano, at 2715 West 12th Avenue (along the Kitsilano diversion curve).

The proposal calls to rezone the 8,570 SF site from RS-7 (One-Family Dwelling) District to CD-1 to permit a 3.5-storey townhouse development under Affordable Housing Choices Interim Rezoning Policy. The policy allows for rental housing on arterial streets up to 3.5 storeys. While the policy has been tested in other areas of the City, this is one of the first such proposal on the Westside.

The proposal includes:

    • 15 secured market rental residential units;
    • A floor area of 14,056 SF;
    • A total density of 1.50 FSR;
    • A height of approximately 37.5 ft.;
    • 2 car share vehicle parking spaces; and
    • 19 Class A bicycle parking spaces.

2715 West 12th Ave 2715 West 12th Ave_1

The site was listed for sale in 2016 for $3,389,000, and sold for $3,250,000, or $231 per buildable SF based on the rezoning application.

The architect for the project is MCMP Architects.

September 27, 2017by david.taylor@colliers.com
Development, Office

5-Storey Office/Industrial Building Planned for Mt. Pleasant

Wesgroup Properties has applied to the City of Vancouver for permission to develop a 15,098 SF, I-1 zoned site at the Southwest corner of Manitoba Street and West 5th Avenue in Mount Pleasant.

Details of the proposal include:

    • a 5-storey, mixed-use building with Wholesale use on the 1st and 2nd floor and office use on the 3rd, 4th and 5th floor,
    • cast in place concrete walls;
    • 13 foot floor-to-floor heights;
    • a fully programmed, high quality rooftop with fitness and recreational amenities such as urban agriculture and multi-sport court;
    • two levels of underground parking having vehicular access from the lane.

110 West 5th 110 West 5th_1

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 Taylor Kurtz.

The full application can be viewed here.

September 25, 2017by david.taylor@colliers.com
Apartment, Development

70-Unit Rental Project Planned for East Van Site

The Molnar Group has submitted a rezoning application for a 47,674 SF site at the corner of Hull Street and East 20th Avenue in East Vancouver.  The plan for the lots at 3560-3570 Hull Street and 2070-2090 East 20th Avenue is to rezone from the existing RS-1 to permit a 3.5-storey development containing townhouses, an apartment and a retained heritage house.

The proposal includes:

    • 70 secured market rental units
    • 41 3-bedroom townhouses, 28 one-bedroom apartment units, and one 2-bed heritage house);
    • A total density of 1.53 FSR;
    • A maximum height of approximately 50 ft.;
    • Relocation and designation of an existing heritage house at 2088 East 20th Avenue; and
    • 82 underground parking spaces.

3560 Hull3560 Hull_2 3560 Hull_3 3560 Hull_1

This application is being considered under the Affordable Housing Choices Interim Rezoning Policy. The rezoning policy is relatively unknown even among the development community; it allows for higher densities for “affordable” rental or social housing on or near arterial streets. In this case, the large single family lots helped facilitate the proposal.

The architect for the project is Wensley Architecture.

Molnar acquired the site in July 2016 for $13,375,000, or $183 per buildable SF based on the application.

September 13, 2017by david.taylor@colliers.com
Apartment, Development

Wesgroup Acquires Chevron Site at 41st & Oak

Wesgroup has acquired the Chevron at 1008 West 41st Avenue (Southwest corner of Oak and 41st) for $12,249,400. The 135′ x 130′ (17,500 SF) site is currently zoned C-1 commercial, but can be potentially rezoned to allow greater density for rental housing.

Wesgroup also acquired the adjacent building and lot to the South at 5775 Oak Street earlier this year for $16,350,000.

1008 West 41st

The two sites combined would create a consolidated lot 35,980 SF in size.

August 30, 2017by david.taylor@colliers.com
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David Taylor Personal Real Estate Corporation

Colliers International

DT

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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