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

Rental Tower Slated for West End Includes 276 Units

Hollyburn Properties has submitted their rezoning application for the existing office/apartment property they own at 1640-1650 Alberni Street.  The site is located within Area A of the West End Community Plan, and has been identified for rezoning potential for a building up to 385 feet.

The plan is to rezone and rebuild the RM-5C zoned, 17,296 SF (132′ x 132′) property with a new 42-storey residential apartment tower with a four-storey podium, including:

  • 276 units of secured market rental housing;
  • 172 one-bedroom units, 89 two bedroom units and 15 three-bedroom units;
  • a total density of 13.69 FSR;
  • five levels of underground parking with 148 vehicle parking stalls;
  • 345 bicycle parking spaces; and
  • a building height of 385 ft.

This application is being considered under the West End Community Plan and Rezoning Policy for the West End.

1640-alberni 1640-alberni_1 1640-alberni_2 1640-alberni_3

The project architect, Francl Architecture, describes the design rationale:

“The architectural expression of the building is derived in response to the surrounding urban context and to the opportunities that this site presents for its residents. With mountains to the north, Stanley Park to the west, the west end to the south and downtown to the east, views are exceptional in all directions. All of the tower suites have corner windows to take advantage of these views. The east and west facades have increased opaque massing with a curving solid envelope structure.

The facade orientations minimize the privacy and overlook issues with neighboring buildings and yield the best distant view potential for residents of the building. Suites are arranged and laid out to maximize these view opportunities. The tower is shaped to present a relatively narrow façade to the street, giving it a tall slender silhouette against the skyline. The rhythm of balcony projections further animate the tower facades as well provide the necessary solar control for the south and west facing facades.”

October 25, 2016by david.taylor@colliers.com
Apartment, Development

North Vancouver Rental Apartment Tower Plan Moving Forward

Over two years after originally unveiling plans for a new rental tower at Lonsdale and 13th, Hollyburn Properties is now close to final council approval. Hollyburn has had to seek a relaxation to the OCP height limits for the site – previously affirmed as 121 feet in the OCP. The current proposal is for a 187 ft tower. The plan is for a 19-storey mixed-use development that includes:

  • 16-storeys of residential with 144 rental housing units
  • a partial storey of amenity space, over a two storey, 27,290 SF retail and office podium including 6 CRU units
  • a total density of 4.80 FSR

The site is currently zoned ‘C-1A’ which allows for a density of 2.6 FSR. The OCP allows for density of 3.0 FSR with a Density Bonus up to a maximum of 1.0 FSR in the Mixed Use Level 4B Designation for a total maximum density of 4.0 FSR. A maximum height of 37 metres (120 feet) is currently established for the site and the site has been designated a “Special Study Area” in anticipation of further exploration of appropriate form. The proposal includes the purchase of 0.8 FSR (22,186 SF) of rental transfer density at a rate of $90 / sq. ft., resulting in a cash contribution to the City of $1,996,758.

1301-lonsdale1301-lonsdale_1 1301-lonsdale_2 1301-lonsdale_3 1301-lonsdale_4

October 23, 2016by david.taylor@colliers.com
Development, Office, Retail

Plans Proceeding for Second Phase of Burrard Place

Reliance Properties has submitted their formal development application for the second phase of Burrard Place. The first phase includes a 54-storey condo tower that was sold out in 2015 and is now being excavated.

The second phase of the project, located at the corner of Burrard and Drake, includes a 13-storey office building, including:

  • Restaurant on the ground floor,
  • A 3-storey auto dealership (to be the replacement of Downtown Toyota – Pattison is a partner in the deal)
  • Office space on floors 4-13
  • 5 levels of underground parking and underground vehicle repair space;
  • Overall height of approximately 182 ft; and
  • Overall density of 7.86 FSR.

The overall concept was already approved via rezoning application in November 2013.

1280-burrard_2 1280-burrard_1

A third phase includes a 36-storey condo tower fronting Hornby Street just north of the first tower.

1280-burrard_3 1280-burrard

The architect, IBI Group, explains the design rationale:

“Tower B is the “front door” of the proposed mixed-use development. It anchors the critical and highly visible corner of Burrard and Drake Street. As the lowest of the three towers in the development with an important architectural mandate, Tower B unifies the expression of its two primary uses as an office building and a car display showroom in one distinctive built-form. This deliberate gesture sets it apart from the podium/tower expression of the rest of the development. The Toyota showroom, occupying the lower 3 levels of the building, is highly transparent visible from Burrard st, Drake and lane. The entrance of the Toyota showroom is strategically located at the corner of Burrard and Drake where the Drake Street elevation showcases a 3-storey and highly transparent street wall acting like a giant display window of cars which are uniquely arranged on multi- levels of display showroom. The office tower is anchor ed by a cylindrical volume at the plaza level unfolds into a fluid glass wall above, fronting on Burrard Street. Three spiral shaped elements revolve dow n the west façade marking the office entrance on Burrard Street. Around the corner on Drake Street, a tapering glass wall exemplifies the vertical dimension of the tower giving it a sculptural and slim profile. For privacy and comfort, the glass skin of the entire building will be articulated with “random” placement of insulated spandrels, fritted and vision glass, further animating the appearance of the building. The new centralized core of the office floor plate simplifies the structural system and at the same time provides a high level of flexibility for either single or multi-tenant use. The sculptural building form with its articulated glass skin defines Tower B truly as a “jewel box” in downtown Vancouver.

The mixed use activities of this tower extend below grade where the Toyota Service Centre and office parking are located. To provide separation and clarity between these two principal uses, a doubletreaded helix parking has been proposed with each tread having adiscrete circulation system that continuously loops down to their spaces below grade. The loops are tied together with cross overs that allow for shared exiting and access to services.”
October 14, 2016by david.taylor@colliers.com
Development, Office

Industrial/Office Building Proposed for Mount Pleasant

Conwest Developments has applied to the City of Vancouver for permission to develop on a 6,039 SF site at the Southwest corner of Quebec and East 4th Avenue in the Mount Pleasant area of Vancouver. Plans include a 3-storey mixed use building consisting of:

    • Manufacturing uses on the first floor and mezzanine above;
    • General Office uses on the second and third floors;
    • an underground garage providing 15 parking spaces;
    • total density of 2.92 FSR;
    • peak height of 61 ft.

The site is zoned I-1, a zoning which was changed in 2014 to allow greater density for office use.

2005-quebec2005-quebec_12005-quebec_2

The architect for the project is MGBA Architecture.

October 5, 2016by david.taylor@colliers.com
Apartment, Development

101 Rental Apartments Planned for Kingsway Site

Hua Long International Technical Investment has applied to the City of Vancouver to rezone a 27,764 SF, C-2 zoned site at 2153-2199 Kingsway (at the Northwest corner of Gladstone) for a 6-storey rental apartment building.

The proposal includes:

    • 101 market rental apartment units;
    • 45 studio units, 18 1-bedroom units, 31 two-bedrooms & 7 three-bedrooms
    • A total density of 3.37 FSR (93,651 SF);
    • 14,499 SF of ground-floor retail space;
    • A building height of 71.4 ft.;
    • Two floors of underground parking, with access from the lane to the north of the site.

This application is being considered under the Secured Market Rental Housing (Rental 100) Policy.

The site, which comprises four separate lots, had been assembled over a period between 2010 and 2015.

2153-kingsway2153-kingway_2 2153-kingsway_1The rezoning application can be viewed here.

The architect for the project is IBI Group.

September 28, 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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