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, Retail

Rezoning Plan Unveiled for PCI’s Broadway & Arbutus Project

The detailed rezoning application for 2096 West Broadway & 2560-2576 Arbutus Street, on the East side of Arbutus, has been submitted by PCI Group in partnership with Translink to the City of Vancouver. The site sits directly across Broadway from the Arbutus station currently under construction.

The project was first announced in May of this year. is to allow for the development of a 30-storey mixed use building. The zoning would change from C-3A and C-8 and includes:

  • 260 market rental units, 20% at below market rates;
  • 7,600 SF of retail space;
  • 7,100 SF of space for the Ohel Ya’akov Community Kollel;
  • A secondary Broadway Subway station entrance for Arbutus Station;
  • A total density of 11.40 FSR’
  • A building height of 298 ft.; and
  • 191 vehicle parking spaces and 489 bicycle parking spaces.

This application is being considered under the Broadway Plan.

The architect for the project is MCM.

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

13-Storey Rental Building Planned for North Vancouver Site

A rezoning application has been submitted for the redevelopment of a site in the Central Lonsdale area of Vancouver.

The site is located at 1536-1550 Eastern Avenue, directly South of a project completed by Anthem Properties in 2022. A previous application was made for the site in 2022 that included a two-level, 18-space childcare facility. The application was denied by the City of North Vancouver.

The revised application includes a 13-storey market rental building with a smaller childcare space on the ground floor, including:

  • 118 rental units;
  • 24 studios, 65 one-bedrooms, 14 two-bedrooms & 15 three-bedrooms;
  • 13 mid market rental units;
  • a 9,400 SF, 81 space daycare
  • a total density of 3.45 FSR;
  • 93 parking spaces.

The architect for the project is Rafii Architects.

June 19, 2023by david.taylor@colliers.com
Apartment, Development

344-Unit, Two Tower Rental Project Planned for Oakridge Site

Rize Alliance Properties and Minto Group have submitted their rezoning application for a 6-lot land assembly at 5350-5430 Heather Street in the Oakridge area of Vancouver.

The plan calls for the development of two 18-storey buildings over 4-storey podiums and includes:

  • 344 market rental units;
  • 20% of the floor area secured for below market rental units (approximately 69 units);
  • A total density of 6.28 FSR;
  • A building height of 175.0 ft.; and
  • 226 vehicle parking spaces and 642 bicycle parking spaces.

The application is being considered under the Cambie Corridor Plan.

The architect for the project is Dialog.

The site was acquired in January of this year for $47,300,000, or $178 per buildable SF based on the rezoning application.

June 13, 2023by david.taylor@colliers.com
Apartment, Condo, Development, Office

902 Units, Two Towers Slated for Metrotown Site

Peterson Group has submitted their formal rezoning application to the City of Burnaby for 6645-6707 Dow Avenue in the Maywood Neighbourhood of Metrotown.

The 112,424 SF site is a five-lot assembly designated RM-5s and RM-4 under the Metrotown Downtown Plan which allow for high density residential development.

The subject properties are each improved with an older two to three storey rental apartment building which were constructed between the years of 1955 and 1964. In total, there are 112 existing rental units across the five sites proposed for redevelopment.

The proposed development for the site is for two condo towers (49 & 41-storeys), with a commercial podium, and a 6-storey non-market rental housing building.

Details include:

  • 902 total residential units;
  • 770 condos;
  • 132 rental units (median market, inclusionary & replacement);
  • 113,000 SF of office space (with option to convert to hotel);
  • a total density of 7.74 FAR (870,000 SF);
  • 1,241 underground parking stalls.

The architect for the project is BOP Architects.

June 9, 2023by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

Up to 4,000 Units Envisioned for Columbia Square Site in New Westminster

A preliminary rezoning application has been submitted by Edgar Developments for the 7.2 acre Columbia Square Plaza Shopping Centre site in New Westminster.

The site at 88 Tenth Street is a large triangular shaped lot located in the Downtown neighbourhood bounded by Royal Avenue and Columbia and Tenth Streets. It is located about 100 meters from the New Westminster Skytrain Station.

The existing strip mall includes Save-On-Foods, BC Liquor Store, several banks and Pharmasave.

The site is designated Mixed Use High Density within the Downtown Community Plan and the general form of development is expected to be tower residential with a mix of retail, office and residential podiums interfacing with grade.

The proposal seeks to establish a master plan that would facilitate a multi-phased high density development that includes:

  • 6 to 8 residential towers;
  • replacement of existing retail;
  • minimum 120,000 SF of office space;
  • between 1.7-3.0 Million SF of residential space;
  • 2,200 to 4,000 units;
  • 10% inclusionary units;
  • community and public spaces.

The application is still preliminary and requires Council direction to authorize planning staff to work with the owners to refine the proposal before a formal rezoning application will be considered.

The site was acquired by Edgar in 2022 for $136,000,000.

June 9, 2023by 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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