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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, Condo, Development

Boffo Proposing Four Towers for Brentwood Site

Boffo Developments has submitted their rezoning application to establish a Conceptual Master Plan for the “Bassano” site, a 4.1 acre high density residential site, now industrial, at the Southeast corner of Springer and Lougheed in the Brentwood area of Burnaby. Immediately to the north of the site, along the Lougheed frontage, is the SkyTrain Millennium Line Guideway.

Under the Brentwood Town Centre Development Plan, the subject site is designated for high-density multiple-family residential utilizing the RM5s and RM5r Multiple Family Residential Districts as guidelines

The site was originally envisioned for development in 2017 and now Boffo is moving forward with a master plan concept.

Details of the master plan proposal is a 3-phase project including:

  • 4 condo towers up to 34 to 50-storeys in height;
  • a 6-storey rental podium;
  • 1,246 units;
    • 1,102 condos;
    • 144 non market rentals;
  • 1.3 Million Gross Buildable SF;
  • a total density of 7.06 FAR;
  • street oriented townhouses;
  • outdoor amenity space.

It is envisioned that the three phases and their adjacent service provisions would be completed over a 10 year period. However, the exact timing of development will be influenced by market conditions.

Given the site’s Town Centre location, Boffo is proposing to utilize the supplemental amenity density bonus provisions indicated within the Zoning Bylaw. In so doing, Boffo would achieve an additional 1.6 FAR.

The architect for the project is IBI Group.

October 24, 2021by david.taylor@colliers.com
Apartment, Condo, Development

Market Spotlight: Burnaby Rezoning Applications

Several notable rezoning applications go to City of Burnaby council next week. A brief summary of the proposals heading for first reading is included below:

5868 Olive Avenue

Polygon is proposing a new 34-storey condo tower for this site in the Metrotown area. The development will 261 market strata units, 47 non-market rental units and one market rental unit. The total proposed density for the project is 5.0 FAR. The rezoning is based on the RM5s and RM5r guidelines in the Metrotown Downtown Plan.

5900 Olive Avenue

On the adjacent site to the South, Polygon is also proposing a 38-storey condo tower and a 6-storey market and non-market rental building. There are 475 units in total including 339 condo units and 118 rental units for a total of 786 units between the two sites.


6280 and 6350 Willingdon Avenue

Wesgroup is proposing two condo and rental towers with podium frontage in the Maywood neighbourhood of the Metrotown Downtown Plan. The 78,550 sq ft site is located on Willingdon Avenue south of Beresford Street. The proposed development plan is for a 35-storey condo tower and a 38-
storey condo and non-market rental tower. Both buildings will be oriented
towards an internal court yard with an 8-storey podium. In total, the project will have 733 units, including 617 condos and 116 rental units. The total density will be 7.13 FAR.

October 24, 2021by david.taylor@colliers.com
Apartment, Condo, Development, Retail

Polygon Proposing 8 Towers, 2,600 Units for Former Coquitlam School Site

Polygon has submitted their formal development application for the former Coronation Park Elementary School site that they own on the Western border of Coquitlam, adjacent Port Moody’s municipal boundary.

Polygon acquired the 10-acre site, which includes the former school and an assembly of 7 adjacent single family lots to the South, in 2016. It is designated for high density residential use in the City of Coquitlam’s City Centre Area Plan.

The site is directly East of another major master plan community in the works by Wesgroup, at Coronation Park on the Port Moody side. The site is about 350 metres from Inlet Centre Station.

Polygon’s preliminary proposal for the site includes eight towers in a multi-phased and predominantly residential development. Details of the overall plan include:

  • Up to 8 project phases;
  • 6 condo towers and 2 market rental towers ranging from approx. 30-50 storeys in height;
  • 2,558 total residential units;
    • 1,968 condos;
    • 590 rental units including 98 units below market;
  • a total density of 5.22 FAR;
  • a one acre public park in the Northwest corner of the site;
  • a new north/south road that connects Barnet Highway to Palmer Avenue;
  • 3,600 sq ft of retail space in Phase 1;
  • a 24,000 sq. ft. standalone amenity building;
  • a 6,000 sq. ft. childcare facility (capacity for approximately 37 children) in Phase 4.

The estimated full build out date for the project is 2038.

The application could proceed for consideration of First Reading by council sometime in mid-2022 and may include refinement related to the location of the daycare and the amount of rental housing.

October 22, 2021by david.taylor@colliers.com
Condo, Development, Retail

4-Storey Condo/Retail Building Planned for Dunbar & 41st

Gryphon Development has applied to the City of Vancouver for permission to develop the former Scotiabank property at 5659 Dunbar Street, a 16,376 SF site at the Northwest corner of Dunbar and West 41st.

The site has been used as a presentation centre by Gryphon since their acquisition of the site in 2017.

The plan for redevelopment of the site is a 5-storey mixed-use building containing retail uses on the first and second floor and condos above, with:

  • 25 condo units;
  • 4 one-bedrooms, 14 two-bedrooms & 7 three-bedrooms;
  • 10,321 sq ft. of retail space;
  • a total density of 2.50 FSR;
  • A building height of 45.3 ft.;
  • Two levels of underground parking providing 48 parking stalls.

Under the site’s existing C-2 zoning(External link), 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 IBI Group.

The full development application can be viewed here: https://shapeyourcity.ca/5659-dunbar-st

October 18, 2021by david.taylor@colliers.com
Apartment, Development, Retail

60-unit Rental Building Slated for Main Street Site

Locarno Development has submitted a rezoning application for a site at 3970-3998 Main Street. The site is currently occupied by two older lowrise commercial buildings.

The proposal is to allow for the development of a 6-storey market rental building that includes:

  • 60 market rental units;
    • 15 studios, 20 one-bedrooms, 21 two-bedrooms & 4 three-bedrooms;
  • 6,600 sq ft of retail space at grade;
  • A total density of 3.97 FSR;
  • A building height of 83 ft.;
  • 53 vehicle parking spaces and 128 bicycle parking spaces.

The application is being considered under the Secured Rental Policy.

The architect for the project is Yamamoto Architecture.

October 14, 2021by 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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