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, Condo, Development, Office, Retail

High-Density Mixed Use Redevelopment Proposed for 5000 Kingsway

McCarthy Properties have submitted a Master Plan Concept to the City of Burnaby for the redevelopment of McCarthy Plaza, a full city block property on Kingsway in the Metrotown area.

The 3.83 acre site is comprised of four parcels, occupied with a number of older lowrise retail and medical/office buildings, collectively known as the Plaza 5000 complex.

The McCarthy Plaza site is located within the Metro Downtown Neighbourhood of the Metrotown Downtown Plan area which designates site for high-density mixed-use residential development under the RM5s Multiple Family, RM5r Multiple Family Residential District, and C3 General Commercial Districts.

The preliminary concept includes three mixed use towers above podiums to be built in four phases, as well as a new North-South public street “McCarthy Way”. The overall project will include approx. 1.8 Million SF.

Phase 1 includes a 70-storey signature landmark tower that includes:

  • 820,000 SF;
  • 425,000 SF of residential including 160,000 SF of rental in the lowrise.
  • 500 total residential units;
  • retail and office space;
  • substantial amenity space including daycare space, meeting spaces; gardens, bowling alley, fitness centre, basketball court and first nations art gallery.

The second and third phase anticipate a 54-storey mixed-use tower, and a 45-51 storey tower respectively. Phase 3 includes options for residential or commercial uses. Phase 4 includes a smaller lowrise commercial building.

The formal rezoning application for the project is expected in early 2023 and will include concurrent applications for the overall master plan and Phase 1 of the project.

The architect for the project is Dialog.

December 7, 2022by david.taylor@colliers.com
Development, Office

New Bocci Headquarters Design for East Georgia Street Site Unveiled

Bocci, a local lighting design and manufacturing company, has submitted a development application for construction of a new headquarters building located on East Georgia Street, across from Woodland Park in East Vancouver.

The proposal envisions a 7-storey concrete headquarters including manufacturing and office space, as well as a ground floor restaurant space. The site is 17,150 SF in size.

The project includes:

  • 35,000 SF of manufacturing space;
  • 13,500 SF of office space;
  • 3,300 SF of restaurant space;
  • amenity space including exhibition space;
  • A building height of 100 ft.;
  • A total density of 2.99 FSR;
  • Parking and loading having vehicular access from the lane.

The application describes the design: “The floors above street level would include an interconnected glass atelier, studio, office, warehouse, production facility, prototyping area, and archive. The perimeter of the building features a series of balconies that provide our employees with access to natural ventilation, light, and green areas. These green areas cascade up to a forested roofscape, extending the visual greenspace of Woodland Park.

This development will make use of a newly-refined technique wherein concrete is poured over a fabric formwork. This formwork would describe the building’s vaulted internal spaces and transition through to the exterior balconies, revealing complex forms visible from the building facade.“

Under the site’s existing I-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 Mallen Gowing Berzins Architecture (MGBA) Inc.

November 28, 2022by david.taylor@colliers.com
Apartment, Development

Mixed-Use Rental Project Slated for Port Moody Site

Anthem Properties has submitted a rezoning and development permit application for a 41,000 SF site at the Northwest corner of St. Johns and Moray Street in the Inlet Centre area of Port Moody.

The proposal involves the development of a mixed-use project containing rental units, an institutional component consisting of religious and educational uses.

The proposal includes:

  • 128 residential units consisting of:
    • 64 market rental units;
    • 64 below market rental units;
  • 45,818 SF Jamatkhana cultural facility;
  • a total density of 2.88 FAR;
  • 376 vehicle parking spaces for both residential and institutional uses, accessed off Moray Street.

Due to the slope of the site, much of the parking is above grade and may require an OCP amendment to allow for an increase in the total height of the residential component, which will be determined as the project review continues.

The architect for the project is Arcadis/IBI Group.

November 22, 2022by david.taylor@colliers.com
Apartment, Development, Retail

80 Rental Units Proposed for Downtown Site

A rezoning application has been submitted for a 50 ft. lot at 430-440 W Pender Street in Downtown Vancouver.

The proposal is wedged between two other rental proposals and calls for a 12-storey building that includes:

  • 80 market rental units;
    • 60 studios & 20 two-bedrooms;
  • Retail space at grade;
  • 1,324 sq. ft. of cultural amenity space on level 12;
  • A density of 8.20 FSR;
  • A building height of 115 ft.; and
  • 2 car share parking spaces and 159 bicycle parking spaces.

The application is being considered under the Downtown Eastside Plan and the Rezoning Policy for the Downtown Eastside.

The architect for the project is Architectural Collective.

The site sold for $8,977,000 in 2021, or $175 per buildable SF based on the application.

November 7, 2022by david.taylor@colliers.com
Apartment, Condo, Retail

184-Unit Project Planned for Port Moody Site

Placemaker Development has submitted an OCP Amendment, Heritage Revitalization Agreement and Development Permit application for the 2400 Block between Clarke and Spring Streets and between Kyle and Queens Streets in Port Moody.

The proposal involves: an amendment to the OCP to increase the maximum height to six storeys for those portions of the block currently limited to three storeys; approval of a Heritage Revitalization Agreement to enable the relocation of a heritage building at 2419 Clarke Street; and, issuance of a development permit for the new buildings.

This proposal includes:

  • two, 6 storey, mixed use residential/commercial buildings separated by a pedestrian mews;
  • 184 residential units consisting of:
    • 110 condo units
    • 60 market rental units and,
    • 14 below market rental units, including 13 live/work units;
  • 24,405 SF of commercial space;
  • a total density of 3.22 FSR;
  • 252 vehicle parking spaces on 2 underground levels, 273 residential and commercial bicycle spaces; and
  • relocation of the existing heritage building presently located at 2419 Clarke Street to the corner of Clarke Street and Queens Street Plaza to be used for commercial purposes.

The architect for the project is GBL Architects.

November 1, 2022by 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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