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, Office, Retail

City to Consider Early Rezoning Proposal for PCI’s Broadway & Granville Site

Next week the City of Vancouver will consider allowing a rezoning enquiry for PCI Group‘s site at the Northeast corner of Broadway & Granville to move ahead to the application stage.

PCI already secured a Development Permit for the site at 1477 West Broadway in 2019 for a project including 6 floors of underground parking and storage, retail uses, a subway station entrance, and three floors of office above. The project is already under construction at the P5 parking level.

Existing Development Concept

A higher density rezoning had been contemplated for several years, although the forthcoming Broadway Plan had essentially placed a moratorium on new rezoning applications. PCI’s rezoning inquiry will now be considered as an exceptional circumstance under the Broadway
Plan Interim Rezoning Policy given impacts on the station entrance construction should the project be delayed beyond the station construction timeline.

The preliminary proposal is a rental residential tower above a retail and office podium with integrated station entrance, to a height and density
significantly above what is permitted under existing zoning. Overall, it includes:

  • additional retail capacity including a grocery store;
  • additional office space;
  • market rental residential units including 20% moderate income units.

The rezoning application is expected to pause the current construction, although it is expected to save significant delays later on thereby minimizing impacts on circulation and access to the South Granville station when the Broadway Subway opens in 2025.

The City report can be viewed here: https://council.vancouver.ca/20210721/documents/cfsc3.pdf

The leasing brochure for the existing project can be viewed here: https://www.cbre.ca/properties/search/office/details/CA-Plus-298159/1477-w-broadway-vancouver-v6h-1h6?view=isLetting

July 15, 2021by david.taylor@colliers.com
Condo, Development, Retail

231-Unit Condo Project Slated for Oak Street Site

A rezoning application has been submitted by Enrich Developments to the City of Vancouver for a 68,313 sq ft. site at the Southwest corner of Oak Street and West 64th Avenue in Marpole.

The site is an assembly of 12 single family homes.

The proposal calls for the development of three buildings of 6 to 8-storeys in height, and includes:

  • 231 condo units;
  • 1 studio, 106 one-bedrooms, 102 two-bedrooms & 22 three-bedrooms;
  • 11,000 sq ft of ground floor retail space;
  • A total density of 3.10 FSR;
  • Building heights of 70 ft, 75 ft. and 95 ft.;
  • 272 vehicle parking spaces and 497 bicycle parking spaces.

The application is being considered under the Marpole Community Plan.

The architect for the project is Arno Matis Architecture.

The site was sold in 2017 for $57,000,000 or $269 per buildable sq ft based on the rezoning application.

July 14, 2021by david.taylor@colliers.com
Condo, Development, Office, Retail

38-Storey Condo Tower Planned for Burquitlam

Marcon has submitted a rezoning and development permit application to the City of Coquitlam for a site at the Northwest corner of Clarke Road and Como Lake Avenue in the Burquitlam area.

The site comprises 5 parcels totaling 1.20 acres. Two of the lots are owned by Marcon and three of the lots are currently owned by the City.

The development proposal, entitled ‘Elmwood‘ is a 38-storey condo tower that includes:

  • 333 condo units;
  • 63 studios, 176 one-bedrooms, 97 two-bedrooms & 37 three-bedrooms;
  • 11,356 sq ft of retail space;
  • 25,779 sq ft of office space;
  • a density of 5.38 FAR;
  • a total building height of 416 ft.;
  • 449 underground parking spaces.

The architect for the project is Shift Architecture.

July 9, 2021by david.taylor@colliers.com
Condo, Development, Office, Retail

Application for 6th Phase of Oakridge Vancouver

QuadReal and Westbank have submitted their development application for the 6th phase of the Oakridge Vancouver redevelopment.

This phase is for the central portion of the overall site and completes the interior facing portion of the mall as well as the 9-acre park above it, and an area called The Commons, which is intended as a hub of outdoor activity
adjacent to a wide variety of restaurants and eating places around it.

This phase also includes a single storey of retail use, 1 storey of mixed retail and office use, 3-storey office podium, and a 27-storey condo tower (‘Tower 12’), over three storeys of underground parking.

The rooftops over the retail and office spaces are fully landscaped and include a public park with a variety of spaces for events, recreation, a dog run, and an 800-metre running-walking loop.

Details include:

  • 171 condo units;
  • 139,000 sq ft of office space;
  • 148,000 sq ft of retail space;
  • 4,500 sq ft of restaurant space;
  • a tower height of 338 ft.;
  • 556 underground parking stalls.

The architect for the project is Henriquez Partners Architects.

July 6, 2021by david.taylor@colliers.com
Development, Office, Retail

24-Storey Office Tower Slated for West Broadway Site

Yuanheng has submitted their rezoning application for the Pattison Toyota site at the Northeast corner Broadway and Hemlock (1395 West Broadway).

The proposal is a 24-storey office building that includes:

  • 273,442 SF of office space;
  • 24,000 SF of retail and restaurant space at grade;
  • A total density of 8.64 FSR;
  • A building height of 300 ft.;
  • 392 underground parking spaces and 172 bicycle spaces.

The application is being considered under the Metro Core Jobs & Economy Land Use Plan and Policy on Consideration of Rezoning Applications during the Broadway Planning Process.

Yuanheng acquired the site in 2012 for $30,000,000 or $101 per buildable sq ft. based on the application.

The architect for the project is Andrew Cheung Architects.

July 5, 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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