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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Apartment, Development, Retail

Redevelopment of Point Grey Safeway Site Moves Forward

The formal rezoning application has been submitted by Bentall Green Oak for the former West Point Grey Safeway site at 4545 West 10th Avenue.

The 3.0 acre site had been the subject of planning for several years before entering a more detailed preliminary planning phase in 2022.

The proposal for the site is to allow for a mixed-use development comprised of two 6-storey buildings, and a central building with a 17-storey and a 19-storey tower, and includes:

  • 569 rental units;
  • 455 market rental units;
  • 114 moderate income rental units;
  • 41,000 SF of commercial space on the ground floor, including a supermarket;
  • a total density of 3.84 FSR;
  • 444 vehicle parking spaces and 1,107 bicycle spaces.

This application is being considered under the Moderate Income Rental Housing Pilot Program.

The architect for the project is MCMP Architects.

December 6, 2023by david.taylor@colliers.com
Apartment, Development

150-Unit Rental Project Slated for Mount Pleasant Site

HAVN Developments have submitted a rezoning application under the Broadway Plan to redevelop a 4-lot land assembly at the corner of East 10th Avenue and Carolina Street in the Mount Pleasant area.

The 16,000 SF site is located immediately adjacent another recent rezoning proposal by Fastmark Development for a 19-storey, 175-unit rental tower.

The Broadway Plan only permits one tower in this block, and so the proposal requires a relaxation of that policy, as well as some minor relaxations on building setbacks. The application makes light of an ongoing issue surrounding LOE applications made by property owners in the Broadway Plan to secure tower placements. From the submission: “Due to the extraordinary volume of LOE applications, the processing period took over six months; while we were waiting for a response to our application, another project on the same block bypassed the LOE process and submitted for Rezoning. As there is a one tower limit on the block, we understand that by opting for the reccommened LOE process, 2535 Carolina has lost its position as the only tower on this block, and the opportunity to be a compliant project under the current policy is no longer possible.”

The proposal for the site at 2535 Carolina Street is to allow for the development of an 18-storey rental building that includes:

  • 150 rental units with 20% below market rental units (approx. 33 units);
  • 828 SF corner store;
  • a total density of 5.80 FSR;
  • A building height of 204 ft.; and
  • 53 vehicle parking spaces and 250 bicycle spaces.

The site is located in the Broadway Plan.

The architect for the project is MCMP Architects.

December 6, 2023by david.taylor@colliers.com
Apartment, Development, Retail

PCI Proposing 25-storey Rental Tower for Broadway Plan Site

PCI Developments has submitted a rezoning application for a mid-block site in the Fairview neighbourhood. The site at 1434 West 8th Avenue is located half a block East of Granville Street.

The 17,000 SF site sits just to the Northeast of their Broadway & Granville tower, now under construction.

The proposal for the West 8th site is to allow for the development of a 25-storey mixed-use building with a one-storey podium and includes:

  • 162 rental units with 20% below market (approx. 32 units);
  • 5,500 SF of retail space on the ground floor;
  • A total density of 8.07 FSR;
  • A building height of 265 ft.; and
  • 93 vehicle parking spaces and 281 bicycle spaces.

This application is being considered under the Broadway Plan.

The architect for the project is MCMP.

December 5, 2023by david.taylor@colliers.com
Apartment, Development

Broadway Office Proposal Revised as Rental Apartments

Chard Development has applied to the City of Vancouver to revise their office project at 8 East Broadway to switch uses to rental residential.

The site is located at the southeast corner of East Broadway & Ontario Street in the ‘Broadway Shoulder Area East – Area B (MBSB)’ sub-area of the Broadway Plan.

A previous rezoning for the site was approved in 2020 for a 12-storey office building totaling 125,000 SF. Changing market conditions and the subsequent adoption of the Broadway Plan has prompted Chard to seek an alternate development scenario for the 16,100 SF site.

The new proposal is to permit a 14-storey rental residential building, including:

  • 152 market rental units;
  • 55 studios, 42 one-bedrooms, 38 two bedrooms & 17 three-bedrooms;
  • 4,200 SF of retail space on the ground floor;
  • Floorplates ranging from 7,300 to 11,700 SF;
  • A total density of 7.5 FSR;
  • A building height of 148 ft.;
  • 74 vehicle parking spaces and 320 bicycle spaces; and
  • A publicly accessible bike share station.

The Broadway Plan requires a minimum of one floor of ‘job space’ above the ground floor. The application by Chard is requesting consideration of market rental on the second floor, which is a deviation of policy.

The architect for the project is MCMP Architects.

The site was acquired in 2021 for $42,000,000, or $336 per buildable SF based on the revised application.

October 31, 2023by david.taylor@colliers.com
Apartment, Condo, Development

Amacon Planning 61-storey Condo/Hotel Project for Brentwood Site

Amacon has submitted a rezoning application to the City of Burnaby for 46,640 SF site at 2211-2271 Rosser Avenue in the Brentwood Town Centre area.

The application proposed a highrise development as well as a density transfer from a nearby site at 5166 Halifax Street.

The Rosser site is currently improved with older industrial units and a residential sales centre. Under the Brentwood Town Centre Development Plan, the site is designated for medium to high-density mixed-use development utilizing the RM4, RM4s, RM4r, and C9 Districts as guidelines.

The proposal for the Rosser site includes:

  • a 61-storey highrise;
  • 541 residential units, including:
  • 442 condos
  • 27 market rentals;
  • 72 non-market rentals;
  • 172 hotel rooms in 11-storey podium;
  • a total density of 11.45 FAR;
  • 614 underground parking spaces.

Regarding the density transfer, the City notes: “A density transfer will facilitate the replacement of ageing rental units at the Halifax Site, as well as provide additional non-market and market rental units, while maintaining a scale of development that is in keeping with the intent of the Plan and adjacent developments. As outlined in that report, the construction of both sites will be phased, with the subject site (Rosser Site) proceeding to occupancy prior to the redevelopment of the Halifax Site. This would provide the opportunity for residents of the Halifax site to relocate to the Rosser Site on an interim basis, until the Halifax Site attains occupancy and their replacement rental units can be occupied.”

October 26, 2023by 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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