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, Development, Retail

Rezoning Plan Unveiled for Granville Loops

A rezoning application has been submitted for the ‘Granville Loops’ lands that will be comprised of four development parcels following the removal of the circular ramps (the Loops) connecting Pacific St to the Granville Bridge. The removal of the Loops was approved by the City in 2017.

The ramps will be replaced with extensions of Continental and Rolston streets south to Pacific St and a new level connection of Neon St to Granville St with a signalized intersection. Four new development parcels will be created in the area bounded by Pacific St, Neon St and the Howe and Seymour ramps (which will be retained). The rezoning would allow for development on those four parcels once the new streets are constructed.

The Granville Loops Policy Plan anticpated the development of the sites to provide for the following public benefits:

  • the replacement of non-market housing units – 50,000 sq. ft. (demolished Continental Hotel) as self contained units
  • the costs and delivery of the removal of the two on/off ramps and the reconfiguration of the new roads, Neon Street, Continental Street and Rolston Street.

This rezoning proposes the following additional public benefits:

  • increase the non-market building from 50,000 sq. ft. to 161,600 sq. ft. with a variety of unit mix within sub-area C
  • a 37 space child daycare within sub-area C
  • mix of market rental residential approx. 126,000 sq. ft. with the balance as strata residential with sub-area B
  • the cost and delivery of replacing a portion of the Granville Street bridge (between Pacific Street and Drake Street)
  • wider road layouts along Rolston and Pacific to accommodate bike lanes
  • new building setbacks along Continental and Rolston Street for ground oriented residential
  • expanded public realm as public open spaces at the south end of sub-areas A and D.

The proposal includes four sub-areas:

Sub-area A (between Continental St and the Howe On-Ramp)

  • 40-storey condo tower (395 feet)
  • Total floor area of 263,328 sq. ft.

Sub-area B (between Continental St and Granville St)

  • Residential building at 27 storeys adjacent Pacific St and 12 storeys adjacent Neon St with a 70-foot podium and street-level commercial-retail
  • Building height of 250 feet as measured from the Granville Bridge deck or 275 feet as measured from Pacific St
  • Total floor area of 219,131 sq. ft. comprising 126,524 sq. ft. of secured market rental housing with the balance of floor space as strata residential and commercial-retail

Sub-area C (between Rolston St and Granville St)

  • Residential building at 27 storeys adjacent Pacific St and 12 storeys adjacent Neon St with a 70-foot podium containing street-level commercial-retail and a 37-space childcare facility
  • Building height of 250 feet as measured from the Granville Bridge deck or 275 feet as measured from Pacific St
  • Total floor area of 174,892 sq. ft. comprising 161,649 sq. ft. of social housing (50,000 sq. ft. of which is replacement of SRO housing that was in the Old Continental Residence), 13,243 sq. ft. of commercial-retail and a 5,000 sq. ft. City childcare facility

Sub-area D (between Rolston St and the Seymour Off-Ramp)

  • 40-storey condo tower (395 feet)
  • Total floor area of 262,822 sq. ft.

The application is being considered under the Granville Loops Policy Plan.

The table below compares the proposal, submitted in January 2021, with the floor area, building heights and public benefits indicated in the Granville Loops Policy Plan which was approved in 2010.

May 28, 2021by david.taylor@colliers.com
Investment

SOLD: 1700 Mountain Highway, North Vancouver

I am pleased to announce the sale of 1700 Mountain Highway in North Vancouver.

https://www.collierscanada.com/en-ca/properties/sold-mount-olivet-lutheran-church/can-1700-mountain-highway-north-vancouver-british-columbia-canada/can2005681

The property comprises a church and daycare located on a 35,000 SF lot with Public Assembly zoning. Our team was able to generate multiple offers over asking in late 2020.

May 20, 2021by david.taylor@colliers.com
Development, Office

9-Storey Office/Labratory Building Proposed for Mount Pleasant

Beedie & Abcellera have formally submitted their rezoning application for the Vancouver-based biotechnology company’s new campus at 110 West 4th Avenue. The project is a joint venture between Beedie and Abcellera.

The proposal is to build a 9-storey office and laboratory building on the 30,205 sq ft site, changing the zoning from I-1 to a new CD zone. The proposal includes:

  • 221,343 sq. ft. of office & labratory space;
  • a total density of 7.0 FSR;
  • A building height of 151 ft.;
  • 268 underground parking spaces and 88 bicycle spaces.

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

The rezoning and development permit application review process will take place concurrently.

Abcellera will also occupy the neighbouring 4-storey office building currently under construction.

The architect for the project is Francl Architecture.

April 28, 2021by david.taylor@colliers.com
Apartment, Condo, Development

Revised Metrotown Proposal Envisions 40-storey Tower

Intracorp has submitted a revised rezoning application to the City of Burnaby to add more height and units to an already appproved project called “Telford on the Walk” at 6537 & 6521 Telford Avenue.

In January 2021, the subject site received final adoption for a rezoning application for a 37 storey condo building and a 6-storey market and affordable rental building based on RM5s and RM5r guidelines.

The revised application seeks the following changes:

  • addition of 4 typical floors;
  • removal of one penthouse level floor, a reduction from seven penthouse levels to six;
  • increase in overall density from 6.33 FAR to 6.83 FAR;
  • total of 366 condos, 59 affordable rental units & 7 market rental units;
  • net addition of 34 condo units;
  • increased building height from 380 ft. to 411 ft.;
  • conversion of 3 market rental units to affordable rental;
  • reduction in two parking stalls and additional of one accessible stall.

The architect for the project is NSDA Architects.

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

124 Rental Units Proposed for Main & 54th Site

A rezoning application has been submitted for an assembly of 8 single family lots comprising a full city block site at 7018 Main Street, on the East side of Main between East 54th and East 55th Avenue in South Vancouver.

The proposal is to allow for the development of two 6-storey mixed-use residential buildings. This proposal includes:

  • 124 market rental units;
  • 33 studios/lofts, 47 one-bedrooms, 33 two-bedrooms & 11 three-bedrooms;
  • 11,076 sq ft. of retail space at grade;
  • Daycare space for 37 children located on the second floor;
  • A density of 3.66 FSR;
  • A height of 76 ft. with an additional partial storey for a rooftop amenity space;
  • 102 vehicle parking spaces and 222 bicycle parking spaces.

The application is being considered under the Affordable Housing Choices Interim Rezoning Policy.

The architect for the project is Matthew Cheng Architect Inc.

April 15, 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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