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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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
Apartment, Development

Bosa Submits Revised Rental Plan for West End Towers

Bosa Properties has submitted new rezoning applications for two tower sites they own in the West End that had previously been envisioned for condos & social housing in 2017. With a slowdown in the condo market in 2018-2019, the projects were put on hold.

The sites are located at the Northeast and Southeast corners of Harwood Street and Thurlow Street.

The former development proposals sought 191 condos and 59 social housing units spread between the two sites, or 75% market condos with 25% social housing; however, a City of Vancouver policy change in November 2020 allowed a switch to rental housing with below-market rental in place of social housing.

The proposal for the two site is two 34-storey residential towers and includes:

  • 575 rental units (with 462 market rental units and 113 below-market rental units)
  • A gross density of 13.1 FSR for both sites;
  • Building heights of 316 ft.;
  • Seven levels of underground parking with 151 vehicle parking spaces, 11 accessible spaces, 534 Class A bicycle parking spaces and 15 Class B bicycle parking spaces.

The application is being considered under the Criteria for 100% Secured Rental and Below-Market Housing as an Alternative to Inclusionary Social Housing in the Burrard Corridor, Rezoning Policy for the West End,and the West End Community Plan.

The architect for the project is Henriquez Partners Architects.

April 14, 2021by david.taylor@colliers.com
Investment, Office

MEC Building Sells in $103 Million Deal

The MEC Building at 1077 Great Northern Way in the False Creek Flats area has sold to a partnership between Low Tide Properties and PCI Group for $103,000,000, or $916 per sq ft.

The site allows for a future expansion of the current office building by approximately 60,000 sq ft. on the Northern part of the almost 2-acre site.

The 112,400 SF office building was built in 2014 by Mountain Equipment Co-op and was subsequently sold, most recently in 2018 to Crestpoint for $75,000,000.

Since early 2020, MEC had been attempting to sublease most of the building.

March 28, 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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