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, Office, Retail

Mixed-Use Building Proposed for Victoria Drive Site

A development application has been made for a 4,850 SF C-2 zoned site on the Northeast corner of East 36th Avenue and Victoria Drive in East Vancouver. The plan the site at 5195 Victoria Drive is for a 4-storey mixed-use project containing:

  • retail and office uses on the main floor
  • 10 residential units (4 one-bedrooms and 6 two-bedrooms)
  • a total density of 2.41 FSR (11,626 SF)
  • 9 underground parking spaces

5195 Victoria 5195 Victoria_2The architect for the project is Cornerstone Architecture.

February 9, 2016by david.taylor@colliers.com
Apartment, Development

Two Downtown Rental Apartment Buildings Proposed

Onni has filed rezoning applications with the City of Vancouver for two sites on the same block of West Pender Street, between Richards and Homer in Downtown Vancouver. The sites, which aren’t connected, are currently zoned DD. The plans call for a combined 141 new rental units on two separate sites:

424 West Pender St.

424 West PenderThe proposal 11-storey building that includes:

  • 72 units of secured market rental housing;
  • commercial space on the ground floor;
  • total density of 8.08 FSR;
  • 4 car-share, 1 disability and 1 standard parking space;
  • 90 bicycle parking spaces; and
  • a height of 105 ft.

454 West Pender St.

454 West Pender

The proposal is for an 11-storey building that includes:

  • 69 units of secured market rental housing;
  • commercial space on the ground floor;
  • total density of 8.48 FSR;
  • 4 car-share parking spaces;
  • 87 bicycle parking spaces; and
  • a height of 105 ft.

Both sites are located in teh Downtown Eastside Plan and would qualify for rezoning under the Rezoning Policy for Downtown Eastside.

February 3, 2016by david.taylor@colliers.com
Apartment, Development

Rental Apartments Proposed for Davie Street

Westbank, in conjunction with Crombie REIT and Canada Safeway, have applied to redevelop one of the largest land parcels on Davie Street in the West End of Downtown Vancouver. The 47,464 SF site is currently home to a single-storey grocery store. The application proposes a redevelopment of the site with a mixed-use building consisting of:

  • a 3 storey podium with three retail units on the lower & upper ground level;
  • a retail grocery store on the upper ground & mezzanine level;
  • two residential towers (21 & 22 storeys)
  • a total of 319 market rental units;
  • 3 levels common underground parking, accessed off Davie St and the rear lane;
  • a total density of 6.43 FSR

Under the site’s existing C5-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 Henriquez Partners.

1661 Davie 1661 Davie_1

February 3, 2016by david.taylor@colliers.com
Apartment, Development

Construction Update: Rogers Arena South Tower

Construction is now well underway on Aquilini Group‘s second rental tower at Rogers Arena. The south tower will be 31-storeys with 5-levels of underground parking. It will include “over 250 residential rental units in addition to fitness and multipurpose facilities.

A rendering of the tower can be seen at Francl Architecture’s site.

Rogers Arena (1)Courtesy mcminsen http://po.st/myTf07 via @imageshack

Rogers Arena (2)Courtesy mcminsen http://po.st/TVX5V6 via @imageshack

January 27, 2016by david.taylor@colliers.com
Apartment, Investment

Kits Apartment Building Sells in $13.8MM Deal

2280 West 6th Avenue, a 43-unit walkup apartment building in Kitsilano has sold to a local investor for $13,800,000, equating to a 2.7% cap rate and $321,000 per unit. The RM-4 zoned property sits on a 21,000 SF lot with 175 feet of frontage on West 6th. The asking price was $15,300,000.

2280 We st 6th

January 20, 2016by 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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