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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Condo, Development, Office, Retail

Condo Tower Planned For North Vancouver Site

Polygon has submitted their rezoning application to develop the site that they own at 114-132 West 15th Street in the Central Lonsdale area of North Vancouver. The 25,206 SF site is currently improved with two older lowrise commercial buildings.

The site is designated Mixed Use Level 4B (High Density) in the Official Community Plan. This designation allows for a mix of higher-density multi-family and commercial uses with a maximum density of 4.0 FSR (including 1.0 bonus FSR). A further density transfer is proposed.

The application proposes a 22-storey mixed-use building, with two levels of commercial including retail and services at ground level, office commercial uses at level two, and 20 storeys of condo units above.

The proposal includes:

  • 136 condo units;
    • 38 one-bedrooms, 77 two-bedrooms & 21 three-bedrooms;
  • 7,452 SF of ground floor retail space;
  • 16,985 SF of 2nd floor office space;
  • a total density of 7.05 FSR;
  • 198 underground parking spaces.

The proposal includes 76,993 SF of density transferred from the Harry Jerome lands owned by the City. The purchase of the density comes at a price of $19,248,250 or $250 per SF.

The architect for the project is IBI Group.

April 24, 2022by david.taylor@colliers.com
Development, Office

12-Storey Mass Timber Office & Industrial Building Planned for Mount Pleasant Site

PC Urban and Hines have submitted their development application for 123 East 6th Avenue, at the Northeast corner of East 6th and Quebec in Mount Pleasant.

The proposal is for a 12-storey mixed-use office and industrial building (named ‘T3 Mount Pleasant’) within the I-1B zoning guidelines. Schedule and comprises 196,351 sf of floor area. The project also consists of the relocation, designation and conservation of an existing two-storey 10,632 sf SFU Annex heritage building for the purpose of delivering to the City to operate as an arts centre.

The project will be constructed using a mass timber superstructure and designed according to Hines’ proprietary “T3 system” which combines timber, transit and technology.

Details of the project include:

  • 196,351 SF of gross floor area;
  • A total density of 6.60 FSR;
  • A proposed height of 150 ft.;
  • Three levels of underground parking, having vehicular access from the lane.

The architecture team for the project is DLR Group with Proscenium Architecture.

April 12, 2022by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

Pinnacle Revises Gatineau Place Proposal to Include Density Transfer

Pinnacle International is seeking City of Burnaby Council approval to allow a density transfer to facilitate the development of both their Austin-Gatineau Place property, and a nearby site also owned by Pinnacle, called Carrigan Court.

The Gatineau proposal was first unveiled in 2019, and generated some attention by proposing three towers totaling 1.9 Million SF, the tallest of which envisioned at 82-storeys, likely a new tallest for Metro Vancouver. The new proposal would now see four towers for the site with the tallest at 80-storeys.

The 6.2 acre Austin-Gatineau site is located in the Lougheed Town Centre Plan area. It was acquired by Pinnacle from Shape Properties in 2018.

Following the initial proposal, a number of issues were identified relating to both the ability to accommodate the site’s allocated density and density associated with the Rental Use Zoning policy which came into place in 2020. It was determined that the site could not accommodate the non-market rental density. Also, the British Columbia Transportation and Finance Authority (BCTFA) would not permit any encumbrances over adjacent Provincial-owned land, which had a significant impact on the siting of one of the Austin-Gatineau Site’s towers identified in the Master Plan.

In 2021, the City of Burnaby a Density Transfer Policy allowing density transfers to accommodate non-market rental housing on concurrent rezonings for nearby sites.

As Pinnacle is the owner of a nearby 3.40 acre property at 3846 Carrigan Court, an existing 141-unit rental apartment property that they are now proposing to transfer the inclusionary rental from the Austin-Gatineau site to a redeveloped Carrigan Court.

The revised proposals for both sites are as follows:

Austin-Gatineau Site

  • Four condo towers of 80, 76, 73 & 50-storeys in height, each atop commercial podiums;
  • Three phases;
  • 2,474 condo units;
  • a total floor area of of 2.3 Million SF;
  • a total density of 11.82 FAR.

Carrigan Court

  • Three residential towers of 33-storeys, 25-storeys & 23-storeys;
  • Two phases;
  • 900 total residential units;
  • 546 rental units including:
    • 141 replacement rental units;
    • 405 inclusionary units transferred from the Austin-Gatineau site;
  • a total floor area of 734,810 SF;
  • a total density of 4.95 FAR.
A previous version of the proposal that envisioned 3-towers.

The architect for the project is JYOM Architects.

April 8, 2022by david.taylor@colliers.com
Apartment, Condo, Development

47-Storey Condo/Rental Tower Proposed for Brentwood Site

Millenium Development has submitted a rezoning application for a high-density residential project near Holdom Station at Douglas Road and Springer Street in the Eastern portion of the Brentwood Town Centre area of Burnaby.

The 36,414 SF site falls within Neighbourhood G of the Brentwood Town Centre Plan, allowing a rezoning of the site based upon RM5-s, RM5-r and C1 zoning, allowing a maximum potential density of 9.30 FAR.

The existing site is improved with five older commercial/industrial buildings.

The site sits directly South of another recent master-plan proposal by Boffo Developments that envisions four towers.

The proposal is for a 47-storey condo tower that includes:

  • 379 residential units;
  • 277 condos;
  • 57 market rental units;
  • 45 affordable rental units;
  • a total density of 8.30 FAR;
  • a total building height of 502 ft;
  • 3,400 SF of ground floor retail;
  • amenity spaces including an outdoor pool;
  • 376 underground parking stalls.

The architect for the project is Chris Dikeakos Architects.

April 7, 2022by david.taylor@colliers.com
Apartment, Condo, Land

Barclay Street Project Revised with More Rental

Bosa Properties and Kingswood Properties have submitted a new rezoning application for their project at 1040-1080 Barclay Street.

A previous proposal from 2018 envisioned two condo towers with social housing; however, changing City policy and market conditions have spurred a new vision for the property.

The proposal is to allow for the development two residential towers of 54-storeys and 50-storeys in height over ten levels of underground parking. The new proposal includes:

  • 506 secured market rental units and 130 below market units (East tower);
  • 365 market strata-titled units and 99 social housing units (West tower);
  • retail space at grade in both towers
  • 37 space childcare facility on level eight of West tower
  • An overall density of 21.87 FSR;
  • A building height of 572 ft. (East tower) and 567 ft. (West tower)
  • 832 vehicle parking spaces and 2,256 bicycle parking spaces.

The application is being considered under the West End Community Plan(External link), Criteria for 100% Secured Rental and Below-Market Housing as an Alternative to Inclusionary Social Housing in the Burrard Corridor of the West End Community Plan(External link), and the Sustainable Large Developments Policy(External link).

The architect for the project is Perkins & Will Vancouver.

April 6, 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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