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

540-Units Planned for North Road Site

Onni has submitted their formal rezoning application for a site at 3249-3355 North Road on the Burnaby side of North Road in the Lougheed Town Centre area plan. The site sits immediately north of Shape’s City of Lougheed project.

The 151,116 SF site is comprised of a 1980’s era strip mall with office space, as well as a vacant lot. The plan for redevelopment of the property includes:

  • A 32-storey north condo tower & 36-storey south condo tower
  • A 14-storey office building with 160,000 SF of office space;
  • A 2-storey commercial podium fronting North Road;
  • 17,000 SF of retail space;
  • 540 total units;
  • 110 studios, 171 one-bedrooms, 196 two-bedrooms & 63 three-bedrooms;
  • A total density of 4.88 FAR;
  • A pedestrian plaza at the corner of North Road and Cameron Street
  • 1,100 parking space on 4 levels of underground parking.

3249 North Rd

May 29, 2017by david.taylor@colliers.com
Apartment, Development

New Rental Apartment Building Planned for Oak & 70th

Maiway Investments Ltd. has submitted an application to rezone an existing 13-unit lowrise apartment in order to build a new 6-storey apartment building at the Northwest corner of Oak and 70th in the Marpole area of Vancouver.

The plan for 8599 Oak Street is to rezone from the existing RM-3A zone to allow a 6-storey residential building including:

  • 36 secured market rental units;
  • 23 one-bedrooms, 7 two-bedrooms & 6 three-bedrooms;
  • a building height of 67 ft.;
  • a density of 2.50 FSR; and
  • two levels of underground parking with 28 vehicle spaces and 46 bicycle spaces.

8599 Oak_1 8599 OakThe application is being considered under the Marpole Community Plan.

The architect for the project is NORR Architects Planners.

The building had been listed for sale in 2015 and sold in November 2015 for $3,800,000, or $120 per buildable SF based on the application.

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

Rental 100 Project Planned for Main & 51st Corner

SKA Property Inc. has submitted a rezoning application under Rental 100  for a 7,712 SF site at the corner of Main and 51st Avenue in the Punjabi Market neighbourhood. The site is currently home to an older 3-storey building that is vacant.

The plan for the site at 6679 Main Street is to rezone from the existing C-2 zoning to allow a 6-storey mixed use building with commercial space at grade, including:

  • 28 rental apartment units;
  • 2 studios, 13 one bedrooms, 9 two bedrooms and 4 three-bedrooms;
  • 3,071 SF of ground floor retail space;
  • a total density of 3.62 FSR;
  • a building height of 70 ft.; and
  • 28 vehicle parking spaces.

6679 Main 6679 Main_16679 Main_36679 Main_2The application notes that the developer’s team are East Indian and intend on using the ground floor for their family business: a vegetarian grocery store.

The application is being considered under the Secured Market Rental Housing (R100) Policy.

The architect for the project is F. Adab Architects Inc.

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

Redevelopment Coming for Prominent Broadway & Cambie Corner

Pacific Crown Management Company Ltd. has applied to the City of Vancouver for permission to develop the Southwest corner of Broadway and Cambie with a new office and retail building.

Most people will know the site as the Original Joe’s building with the Starbucks on the ground floor.

The proposal for the new development is for a 7-storey office building that includes:

  • retail, restaurant and financial institution uses on the ground and second floors
  • office use on the third to seventh floors;
  • 61,381 SF of total floor area;
  • a total density of 3.30 FSR;
  • a total building height of 93 ft; and
  • two levels of underground parking accessed from the lane.

510 West Broadway510 West Broadway_2 510 West Broadway_1 510 West BroadwayUnder the site’s existing C3-A zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Development Permit Board.

The architect for the project is W.T. Leung Architects Inc.

May 23, 2017by david.taylor@colliers.com
Development, Office

New Look for 1133 Melville Street Proposal

Oxford Properties has changed the design plan for their 1133 Melville Street office building project, originally proposed for rezoning back in July 2015. The previous design was not supported at the Urban Design Panel in 2015, and has since been reworked with a smaller, but taller building.

The new design by James Cheng, features a much more interesting building massing. The revision includes stacked box design with the third box twisted from the street grid. There is a slight increase in height from 33 to 34-storeys. Details include:

  • a building height of 550 ft.
  • a total floor area of 555,047 SF
  • a total density of 18.20 FSR (down from 22.46 FSR)
  • four floorplate sizes, multiple decks including a rooftop deck
  • floor to ceiling windows
  • six levels of underground parking (231 vehicle spaces and 221 bicycle spaces)

1133 Melville_71133 Melville_8 1133 Melville_9The previous rezoning application can be viewed here: http://rezoning.vancouver.ca/applications/1133melville/index.htm

May 23, 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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