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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Development, Office

6-Storey Dealership & Office Building Planned for Burrard & 5th

Openform Properties has submitted a development application for the redevelopment of the the BMW dealership site at Burrard and 5th.

The development of the 46,000 SF site is proposed under the new IC-2 District Schedule and in the Broadway Plan, which allows a combination of retail, industrial and office uses up to a total density of 4.50 FSR.

The proposal for the site is a 6-storey building that includes:

  • A new BMM, Mini and Rolls Royce dealership on the ground floor;
  • Showroom & industrial uses on the 2nd and 3rd floors;
  • Office space on the 4th to 6th floors;
  • a total building size of 206,000 SF;
  • a building height of 95 ft.;
  • Loading to be located at the rear of the building with access from the lane
  • Four levels of underground parking with 309 stalls.

Under the site’s proposed IC-2 zoning, the application is “conditional” so it may be permitted. However, it requires the decision of the Director of Planning.

The architect for the project is SHAPE Architecture.

May 29, 2024by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

Onni Presents Master Plan Concept for 7.2 Acre Coquitlam College Site

Onni is presenting their master plan development application for the Coquitlam College site.

The 7.2 acre site is located on Brookmere Avenue at Whiting Way in the Burquitlam area and is currently improved with the Coquitlam College school and several adjacent single family residences.

Onni submitted their initial application in late 2023, but the full master plan proposal is now at council for early stage review.

Details of the overall plan include:

  • Seven towers ranging from 28-50 storeys;
  • Approx. 2,500 residential units;
  • 1,813 condo units;
  • 595 market rental units;
  • 92 below market rental units;
  • 56,000 SF of office space;
  • 7,200 SF of retail space;
  • a total density of 6.71 FAR (2.1 Million SF)

Onni acquired the site in 2021 for $148,100,000, or $71 per gross SF based on the application.

The architect for the project is Boniface Oleksiuk Politano Architects.

May 24, 2024by david.taylor@colliers.com
Apartment, Rental

20-Storey Rental Tower Proposed for Mount Pleasant Site

Fabric Living has submitted their rezoning application for 461-479 East 16th Avenue in the Mount Pleasant area of East Vancouver. The 16,111 SF site is an assembly of four parcels totaling 132 feet of frontage.

The site is located in the Broadway Plan, within the Mount Pleasant South Apartment Areas – Area B subarea.

The proposal for the site is to allow for the development of a 20-storey mixed-use building that includes:

  • 171 rental units;
  • 34 units (20%) at below-market;
  • commercial space on the ground floor;
  • a total density of 6.80 FSR;
  • A building height of 238 ft.

The application is being considered under the Broadway Plan.

The architect for the project is Francl Architecture.

May 9, 2024by david.taylor@colliers.com
Apartment, Development, Rental

22-Storey Rental Tower Proposed for West End Site

Townline Homes has submitted a rezoning application for a site at the northeast corner of Davie Street and Cardero Street in the West End of Vancouver. The proposal for the 17,290 SF site contemplates the replacement of a 4-storey, 33-unit condo building with a 22-storey rental tower.

A previous DP application for this site was originally submitted by Townline in 2022, proposing a tower with 96 condo units and 32 social housing units. The existing RM-5D zoning allows 7.0 FSR with 5,500 SF floorplates.

Details of the proposal include:

  • 198 market rental units;
  • 20% below-market rental units (approximately 37 units);
  • a total density of 8.0 FSR;
  • 6,600 SF floorplates;
  • A building height of 226 ft. with additional height for mechanical appurtenances.

This application is being considered under the West End Community Plan.

The architect for the project is Boniface Oleksiuk Politano Architects.

The site was acquired in 2018 for $45,250,000 or $326 per buildable SF based on the application.

April 29, 2024by david.taylor@colliers.com
Development, Rental, Retail

7-Storey Rental Building Proposed for Vacant West 4th Site

A development application has been submitted for 1587 West 4th Avenue, near the NE corner of Fir Street. The site is one of the former CP Rail sites that was sold in 2022. The 5,645 SF site has been used for surface parking for over 20 years and is zoned C-2B, a commercial mixed use zoning that allows up to 3.5 FSR for rental development.

The current proposal is for a new 7-storey rental building that includes:

  • 22 rental units;
  • 2 studios, 12 one-bedrooms, 2 two-bedrooms & 6 three-bedrooms;
  • a 2,300 SF animal clinic on the bottom two floors;
  • a total density of 3.50 FSR;
  • a building height of 72 ft.;
  • 3 surface parking stalls at the rear lane.

The Granville Street bridge West 4th offramp extends over the Northern portion of the site, such that only 53% of the site is developable. As such, the application seeks a few relaxations under the zoning. Under the site’s C-2B zoning, the application is “conditional” so it may be permitted. However, it requires the decision of the Director of Planning.

The site was acquired in 2022 for $2,900,000 or $146 per buildable SF based on the application.

The architect for the project is Arno Matis.

April 2, 2024by david.taylor@colliers.com
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11 May

District of North Van council sends proposed CapU student housing tower back to drawing board via @NorthShoreNews

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16 Apr

First Capital REIT acquired by Choice Properties and KingSett for $5.2-billion

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16 Apr

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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16 Apr

West Vancouver condo project in receivership, causing 'heartbreak' in Dundarave

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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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