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

Construction Update: The Exchange

Construction for The Exchange is now above ground. The 31-storey, 369,000 SF office tower at the corner of Howe and Pender began construction in late 2014 and has involved the complex retention of the original Vancouver Stock Exchange building (475 Howe). The new building is slated for completion in early 2017. National Bank is signed on as the first major tenant, occupying 45,000 SF.

475 Howe 475 Howe_2Photos courtesy mcminsen http://po.st/5Xmz1b via @imageshack

December 23, 2015by david.taylor@colliers.com
Development, Retail

Rezoning Planned for Super-8 Hotel Site

After an initial inquiry earlier this year, a formal rezoning application has now been submitted for the 1.8 acre Super-8 Motel site at the corner of Fraser and SE Marine Drive in East Vancouver (formerly known as the Blue Boy Motor Hotel).

The proposed plan for 725-747 Southeast Marine Drive, owned by Serracan Properties, is to rezone the existing CD-1 zoning to a revised CD-1 to permit a mixed-use development with commercial, residential, and community uses, including public open space. The proposal includes:

  • four buildings, including:
    • one 22-storey building;
    • one 12-storey building; and
    • two 5-storey buildings
  • approximately 368 residential units;
  • 15,500 SF of retail space at grade;
  • a 37-space childcare facility (4,760 SF);
  • public open space on site;
  • a total density of 3.98 FSR;
  • maximum building heights from 59 ft. to 207 ft; and
  • 377 vehicle parking spaces.

The application is being considered under the Sunset Community Vision. Serracan and the City of Vancouver held numerous open houses and public feedback sessions with the local community as part of an exhaustive preliminary planning and pre-application process.

725 SE Marine Dr_3 725 SE Marine Dr_4 725 SE Marine Dr_5 725 SE Marine Dr_6

December 22, 2015by david.taylor@colliers.com
Development, Retail

5-Storey Building Planned for Mount Pleasant

A development application has been submitted for a site at 379 East Broadway in East Vancouver, across from Kingsgate Mall. The plan is to develop the 8,677 SF, C-3A zoned site with a 5-storey mixed use building. The proposal includes the following

  • 29 residential units (one and two bedrooms)
  • 3,851 SF of retail on the ground floor;
  • Total density of 3.27 FSR;
  • Total floor area of 28,830 SF;
  • 38 underground parking spaces accessed from the lane.

The architect, Ankenman Marchand, explains the design rationale: “The site is located in a neighbourhood with a large variety of older buildings in need of upgrade. These blocks need sensitive redevelopment that is going to re-establish a vital, pedestrian focused shopping area for the local community. We are following the City of Vancouver, Broadway East, revitalization strategy described in the Mount Pleasant Community Plan guidelines.”

379 E Broadway 379 E Broadway_1 379 E Broadway_2

 

December 22, 2015by david.taylor@colliers.com
Development, Office

Wholesale/Office Buildings Planned for Former Terminal City Ironworks Site

A development application has been filed with the City of Vancouver for the former Terminal City Ironworks site, a 2.3 acre full city block in East Vancouver located at 1900 Pandora Street, with frontage on Franklin St., Victoria Dr. and Semlin Dr. The site, zoned I-2 industrial, was offered for sale in 2014 with Cushman Wakefield for $14.9M.

The history of the site, including its more recent use predominantly as a film shoot location, was reported by the Vancouver Sun earlier this year.

The current development proposal from Conwest Developments anticipates two new buildings including the following:

  • a 4-storey wholesale/office building accessed off of Pandora St.
  • a 3-storey wholesale building accessed of of Franklin St.
  • one level of underground parking
  • total building area of 202,262 SF
  • total density of 2.06 FSR

The use and density are conditional under the zoning and therefore requires approval of the Director of Planning.

The architect for the project is Taylor Kurtz.

1909 Franklin_21909 Franklin 1909 Franklin_1

November 25, 2015by david.taylor@colliers.com
Apartment, Development

Rental Apartments & Artist Studios Planned for Mt. Pleasant Site

A development application has been submitted for a 9,800 SF, IC-3 zoned site at the southeast corner of East 1st and Scotia Street in the Mount Pleasant area. Details of the project entitled “Steelhaus Artist Lofts” include:

  • a 6-storey apartment building (concrete and woodframe)
  • 46 units including 20 traditional rental apartments and 26 artist studios
  • a total density of 3.02 FSR
  • 2-levels of underground parking

304 East 1st_1304 East 1stThe architect for the project is Taylor Kurtz.

November 12, 2015by 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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