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

Plan for Site Next to Canada Line Station Includes 10-storeys

A rezoning application has been submitted for a site on Cambie at West 48th Avenue that includes a vacant lot that was left over after the Canada Line was completed. The plan for the two lot assembly is an interesting one and a slight departure for Cambie in that it proposes a 10-storey building that includes:

  • 59 residential units;
  • 12 one-bedrooms, 41 two bedrooms, 6 three-bedrooms
  • 1,069 SF of retail at grade;
  • a building height of 108 ft.;
  • a total density of 3.87 FSR; and
  • 44 underground vehicle parking spaces and 74 bicycle parking spaces.

478 48478 48_1478 48_2478 48_3The application is being considered under the Cambie Corridor Plan.

The architect is Hotson Architecture.

The two lots were assembled for a combined price of $11,800,000, or $198 per buildable SF.

February 6, 2017by david.taylor@colliers.com
Development, Office

Bosa Hires KPF to Redesign 320 Granville Office Project

A new design has been presented for a previously approved office tower on the site of the current multi-level parkade at Granville and Cordova.

The site was previously approved in 2014 for a 32-storey, 380,000 SF office tower, but was subsequently sold by Greg Kerfoot to Bosa Development in July 2016.

The new design, by Kohn Pedersen Fox and Chris Dikeakos is a more interesting curved building form. The project now requires permission of the development permit board in order to proceed.

320 Granville_3 320 Granville_4 320 Granville_2 320 Granville_1Since the project was originally proposed, this block has seen lots of activity, with Morguard proposing a 25-storey office tower at the corner of Hastings and Seymour, and more recently, a 28-storey tower proposed for the mid-block site on Hastings just East of Granville.

If all three projects proceed, this represents a total of 760,000 SF of new office space in this block.

January 31, 2017by david.taylor@colliers.com
Development, Office

Redevelopment of Mount Pleasant’s I-1 Zone Continues with Latest Proposal

PC Urban  has applied to the City of Vancouver for permission to develop a site at the Northeast corner of West 5th and Alberta in Mount Pleasant for a new 4-storey commercial/light industrial building. The project includes

  • 23,590 SF of Wholesale uses on the first storey and mezzanine;
  • 47,325 SF of General Office uses on the second through fourth storeys; and
  • two levels of underground parking with 95 spaces
  • one Class A and two Class B loading spaces

275 West 5th Ave275 West 5th Ave_1Under 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.

This proposal continues a trend of mixed industrial and office buildings at higher densities in Mount Pleasant following zoning changes in 2014.

January 27, 2017by david.taylor@colliers.com
Apartment, Development, Retail

Larco Seeks Approval for 2nd Phase of Arbutus Village Project

Larco has submitted their development application to the City of Vancouver for permission to develop the second phase of the redeveloped Arbutus Village Shopping Centre property – a project plan originally conceived almost ten years ago.

The overall rezoning for the site was approved back in July 2011, with the first phase “Block A” having been approved in late 2015 and now under development to include 215 units and a new Safeway store. Each phase requires a separate development permit.

The plan for “Block B” calls for development of the Southeast corner of the 7-acre site, currently surface parking, with a 7-storey apartment building with retail at grade, including the following:

  • 170 rental apartment units
  • 37 studios, 24 one-bedrooms, 74 two-bedrooms & 35 three-bedrooms
  • 29,400 SF of retail space (including relocated BMO and BC Liquor Store)
  • two levels of underground parking accessed off of Yew Street

Block B_2 Block B_1 Block BConstruction of Block B is scheduled to complete in 2019.

The final phase of the project involves demolition and redevelopment of the existing shopping centre, with completion of the entire project targeted for 2022.

The architect for the project is Dialog.

January 27, 2017by david.taylor@colliers.com
Development, Retail

New Retail Building Planned for West 4th

A development application has been filed by Yenik Realty for the site at 2350 West 4th Avenue in Kitsilano, comprising a total of 150 ft. of frontage currently improved with older single-storey retail buildings. The plan calls for a new retail building on this C-2B zoned site, including a relocated Shopper’s Drug Mart, which is currently located further down this block.

Details of the development proposal include:

  • a two-storey Shopper’s Drug Mart;
  • three additional retail stores on the ground floor;
  • a total density of 1.24 FSR,
  • approximately 19,563 SF of retail space
  • an overall building height of approximately 37.67 feet; and
  • 69 underground parking spaces on two levels

2350 West 4th Ave_2 2350 West 4th Ave_1 2350 West 4th AveThe architect for the project is Proscenium Architecture + Interiors Inc.

January 23, 2017by david.taylor@colliers.com
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First Capital REIT --> Choice Properties REIT and Kingsett Capital are teaming up to acquire the Canadian real estate company in a deal valued at over $9 billion, including assumed debt. Choice Properties will acquire roughly five billion dollars worth of shopping centres, while

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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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