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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Apartment, Development

Rezoning Plan for Lougheed Village Site Includes Two New Rental Towers

A rezoning application has been submitted to the City of Burnaby for Lougheed Village, a 7.4 acre rental apartment property that is currently improved with two 25-storey concrete high-rise apartment buildings and two 9-storey mid-rise apartment buildings. The site has a total of 528 current rental apartment units.

lougheed villageThe property was acquired in December 2015 by Starlight Properties, based in Toronto, for $160 Million. Located within the Lougheed Town Centre Plan area, the property’s value was partially based on the potential to add density, now the subject of a current rezoning application. The rezoning calls to use the RM4s and C1 zones as the basis for a redevelopment that includes four new residential buildings and reconfiguration of some of the existing buildings.

The site fronts Lougheed Highway, but has an address on Erickson Drive.

Details include:

  • a new 36-storey rental apartment tower (south tower)
  • a new 22-storey rental apartment tower (north tower)
  • a new 8-storey rental apartment midrise (“middle lodge”)
  • a new 3-storey rental townhouse building
  • demolition of the 2nd storey of existing commercial building
  • conversion of existing larger penthouse units into 43 new smaller units
  • creation of new amenity spaces
  • 645 total new rental units
  • 1,173 rental units in total
  • total density of 3.6 FAR (up from existing 1.88 FAR)

lougheed-village_1The site sits just one block West of Shape’s large scale mixed-use development “The City of Lougheed” currently in initial stages of development.

If supported at Council, the application will move forward to a more detailed package that would be presented at a public hearing early next year.

November 21, 2016by david.taylor@colliers.com
Apartment, Development

Townhouse & Apartment Project Planned Near Coquitlam Centre

Intracorp has applied to to rezone an 4.83 acre piece of land near the City Centre area of Coquitlam. The site is currently owned by the Finnish Canadian Rest Home Association who will be partnering with Intracorp to allow a new townhouse development coupled with a new independent-living rental apartment building for seniors over 60.

The site itself will be subdivided into two pieces, one to the West allowing new townhouse development, and the other allowing the new apartment development. The two pieces will be separated by a new extension to Hudson Street. Project details include:

Townhouses & Duplexes

  • Site area of 3.56 acres
  • 76 duplex and townhouse strata units in three rows with large courtyard
  • Density of 0.81 FAR
  • 2 two-bedrooms, 45 three-bedrooms & 29 two-bedrooms
  • 138 parking stalls

Seniors Apartment Building

  • Site area of 0.86 acres
  • 67 units in a 4-storey building
  • Density of 1.52 FAR
  • 5 studios, 42 one-bedrooms and 20 two-bedrooms

1226-johnson

1226-johnson_2

Townhouse Component

1226-johnson_3

Seniors Apartment Component

1226-johnson_1

Site Plan

November 18, 2016by david.taylor@colliers.com
Development, Office

28-Storey Office Tower Proposed for Small Downtown Site

A rezoning application has been filed for a currently vacant site at 619 West Hastings Street for a new office tower. The 52 ft x 120 ft site is sandwiched between two office buildings, with the Royal Bank Building (675 West Hastings) located immediately to the West at Granville and Hastings. The proposal also includes the upgrade and heritage designation of the Royal Bank Building, also controlled by the same owner as the vacant lot.

The proposal for the vacant site is for a new 28-storey office building that includes:

  • 150,837 SF of office space
  • Typical floorplates of 5,400-5,800 SF
  • Overall height of 330 ft.
  • Density of 25.5 FSR
  • Five levels of underground parking with 67 vehicle parking spaces
  • Seismic upgrade and heritage designation of the exterior façade of the RBC Building at 675 West Hastings Street
  • Structural concept including sharing of lateral force resisting system between the two buildings
  • A light-well created between the two buildings to provide access to light and air for office occupants.
619-west-hastings_7

Current Site Condition

619-west-hastings619-west-hastings_8

 

619-west-hastings_5

Typical tower floorplan

619-west-hastings_1 619-west-hastings_2 619-west-hastings_3 619-west-hastings_4 619-west-hastings_6

The application is being considered under the Rezoning Policy for the Central Business District (CBD) and CBD Shoulder, the Metro Core Jobs and Economy Land Use Plan and the Downtown (Except Downtown South) Design Guidelines.

The architect for the project is Musson Cattell Mackey Partnership. MCM is the preeminent local firm for new office projects in the Downtown core.

November 17, 2016by david.taylor@colliers.com
Development, Retail

55-Unit Project Planned for Lower Lonsdale

Anthem Properties is seeking approval at City of North Vancouver council for a Development Application for a mixed use development at 177 West 3rd Street, a former gas station and car wash that has been sitting vacant for several years due to remediation work. The site is located on the Southeast corner of 3rd Street and Chesterfield, just West of Lonsdale.

The proposed new development includes a 5-storey concrete condo building, including:

  • 55 condo units
  • 10,000 SF of ground floor retail space
  • a total density of 2.68 FSR
  • total building height of 52.50 ft
  • one and a half levels of underground parking with 74 total stalls
  • a CAC of $2,383,720, equivalent to $30 per SF

The site is located in an area designated in the OCP as Mixed Use Level 3, which permits 2.30 FSR density with provision for a bonus density of an additional 0.50 FSR that may be granted at council discretion.

177-west-3rd177-west-3rd_2 177-west-3rd_1

 

November 14, 2016by david.taylor@colliers.com
Apartment, Development

Plans Unveiled for 104-Unit Rental Building in Southeast False Creek

Cressey Development Group has filed an application to rezone a 12,169 SF site that they own at the corner of West 1st Avenue and Cook Street, just West of Olympic Village. The site sits directly East of their previously completed project “The James”.

The plan calls to rezone from the M-2 industrial zone to CD to permit the development of a 10-storey rental residential building, including:

  • 104 rental apartment units
  • 51 studio units, 27 one-bedrooms, 20 two-bedrooms and 6 three-bedrooms
  • a total density of 5.03 FSR
  • a building height of 99 feet
  • 50 underground parking spaces

1715-cook_3 1715-cook_2 1715-cook_1

The application is being considered under the Southeast False Creek Official Development Plan and Secured Market Rental Housing (Rental 100) Policy.

Cressey acquired the site in December 2015 for $16,000,000, or $261 per buildable SF based on the expected rezoning.

The architect for the project is Chris Dikeakos Architects.

November 10, 2016by 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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