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, Condo, Office, Retail

Morguard Proposing 2,175 Condo & Rental Units for Burquitlam Plaza Site

Morguard has submitted a significant high density mixed-use project, in the
Burquitlam-Lougheed Neighbourhood Plan area of Coquitlam, immediately adjacent to the Burquitlam SkyTrain Station.

Their development application for redevelopment of the 7.9 acre Burquitlam Plaza Shopping Centre site, located at the northeast corner of Clarke Road and Smith Avenue, goes to council for preliminary approval next week.

The project includes 6 residential towers, of 53, 43, 33, 33, 29 & 29-storeys in height, with retail and office space. The proposal includes:

  • 2,195 residential units (potentially all rental, or condo & rental);
  • 84,626 sq ft of office & retail space;
  • a total density of 5.50 FAR;
  • a total density of 1.9 Million SF;
  • a one acre, at grade urban courtyard.

Given the scope of the project and the number of elements to be addressed, it is estimated that the application could proceed for consideration of First Reading at Council in the second half of 2022.

September 24, 2021by david.taylor@colliers.com
Development, Office, Retail

Office & Industrial Development Proposed for SW Marine Drive Site

Hungerford Properties have submitted their rezoning application for the Kia Dealership site that they own at 396 SW Marine Drive in the Marpole area of Vancouver.

The proposal for the 3.2 acre site is to allow a 680,000 sq ft. mixed-employment redevelopment with industrial, office, daycare, and retail uses. The proposed form of development is a 10-storey and 19-storey building above a 3-storey podium. The overall proposal includes:

  • 396,000 sq ft of office space;
  • 100,000 sq ft of retail/commercial space;
  • 200,000 sq ft of light industrial space;
    • incl. basement, multi-storey & storefront industrial;
  • 37-space childcare facility;
  • A total density of 4.50 FSR;
  • An east building height of 165 ft. and west building height of 250 ft.;
  • Three levels of underground parking, including 674 vehicle spaces and 349 bicycle spaces.

The application is being considered under the Marpole Community Plan and the Employment Lands & Economy Review Phase 2 Report.

The architect for the project is HDR Inc.

September 23, 2021by david.taylor@colliers.com
Apartment, Development

199 ‘Micro Unit’ Rental Project Pitched for West Van Site

A preliminary rezoning proposal has been submitted to West Vancouver for the redevelopment of a one-acre site owned by Park Royal fronting the East side of Taylor Way just north of Park Royal Shopping Centre. 

The site is comprised of three lots fronting Clyde Avenue, as well as a single lot fronting Duchess Avenue. The site has never been developed and is currently serving as an ancillary parking lot for Park Royal North commercial.

The proposal includes a U-shaped 6-storey rental apartment building with a rooftop outdoor amenity level. The building is proposed to include “micro” market rental units.

Details of the preliminary concept include:

  • 199 rental units;
    • 177 micro units at 350 SF
    • 22 studios at 420-440 SF;
  • A total density of 2.0 FAR;
  • 49 parking stalls on one underground level;
  • an “outdoor amenity opportunity” fronting Duchess;
  • rooftop amenity garden and common working spaces.

The architect for the project is DA Architects & Planners.

Council is scheduled to consider the preliminary development proposal on October 4, 2021, to determine if the proposal can proceed to public consultation prior to the adoption of the Taylor Way Local Area Plan.

September 23, 2021by david.taylor@colliers.com
Apartment, Condo, Development

8-Storey Building Pitched for Marine & Taylor Way Site

Executive Group has submitted a rezoning application for the 54,000 sq ft. site they own at the Northeast corner of Marine Drive and Taylor Way in West Vancouver.

The proposal is to construct an 8-storey residential building, and designate the existing office building at 660 Clyde Avenue as a protected heritage resource. The proposal includes:

  • 68 condos;
  • 21 rental units;
  • a total density of 2.0 FAR;
  • new pedestrian connections and plazas, a separated bike path, a “parkette,” and new landscaping;
  • 112 underground parking spaces.

The architect for the project is DYS Architecture.

September 16, 2021by david.taylor@colliers.com
Apartment, Development

Adera Planning New 60-Unit Rental Building for Upper Lonsdale

Adera has submitted a rezoning application to the City of North Vancouver for a property they own at 2762 Lonsdale Avenue in the Upper Lonsdale area of North Vancouver.

The 17,353 sq ft site is located mid-block on the east side of Lonsdale Avenue between 27th and 29th Streets. The site is currently improved with an older 3-storey walkup apartment building with 26 units.

The proposal is for a new 6-storey rental building that includes:

  • 60 rental units;
    • 21 studios, 19 one-bedrooms, 11 two-bedrooms & 9 three-bedrooms;
    • 54 market units & 6 mid-market units;
  • a total density of 2.33 FSR;
  • 36 parking spaces.

The architect for the project is Integra Architecture.

Adera acquired the site in 2020 for $9,450,000 or $227 per buildable sq ft.

September 16, 2021by 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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