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

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
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
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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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