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

Rezoning Application Details Next Phase of ‘Southgate City’

Ledingham McAllister has submitted a rezoning bylaw amendment application to proceed with development of the next phase of Southgate City, the massive redevelopment project on the 52 acre site in the Edmonds area of South Burnaby.

Southgate City was approved via rezoning for a master plan in 2015 to include up to 5.9 Million SF of residential density. This particular phase had a rezoning application in 2016, however, that application did not proceed and the City of Burnaby’s Rental Use Zoning Policy now applies to the overall master plan of the project.

This first phase is located in the Gateway Neighbourhood, comprising two City-owned lots that will form the Western entrance to the overall master planned site.

The site will be divided into three lots: the City will retain ownership of Lot B, the eastern lot fronting Eighteenth Street, and lease it to BC Housing for development of non-market rental housing. The City would also retain ownership of the western lot fronting Griffiths Avenue, which would include an urban trail and park. The central lot, Lot A, which is to front the future Southgate Boulevard, is intended to be the subject of a land exchange between the City and Ledingham for an equally sized and designated site within the remaining Southgate Master Plan. The central lot would be developed by Ledingham for a condo tower.

The plan includes a 41-storey condo tower over a six-storey podium, and a 37 storey non-market residential tower over a six-storey podium. Further details include:

  • 926 residential units;
  • 421 condos;
  • 37 studios, 160 one-beds, 197 two-bedrooms & 27 three-bedrooms;
  • 505 non-market rental;
  • 94 studios, 205 one-beds, 164 two-bedrooms & 42 three-bedrooms;
  • a total density of 6.16 FAR (see table below);
  • 16,000 SF in amenity facilities;
  • construction of new roads including Southgate Boulevard;
  • 740 underground parking stalls.

The architect for the project is IBI Group.

November 8, 2020by david.taylor@colliers.com
Development, Investment, Retail

SOLD: 4575 Main Street, Vancouver

I am pleased to announce the sale of 4575 Main Street in Vancouver, a single tenant retail property with future development potential.

Our well-crafted marketing campaign launched in June 2020 was able to generate multiple offers and ultimately achieve a sale price over asking.

Please contact me to learn more about this sale.

November 4, 2020by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

2,600 Residential Units, Commercial & Cultural Space Planned for Heather Lands

The formal rezoning application has been submitted for the Heather Lands, a 21-acre site located just West of Cambie Street, between West 33rd and West 37th. The site is jointly owned by Canada Lands Company,  the Musqueam Indian Band, Squamish Nation and Tsleil-Waututh Nation (the “MST Nations”).

A comprehensive planning program was initiated for the site in 2016 and concluded in 2018, now the details are being revealed for submission to City Council in the rezoning application.

The proposal is for a master-planned redevelopment of the site, built in five phases, with buildings between 3 and 28 storeys, a childcare facility, a school, a park and public open space, office space, retail space, and a cultural centre. This proposal includes:

  • approximately 1,672 condo units;
  • approximately 400 rental units, including 100 moderate income rental units;
  • approximately 540 social housing units;
  • A maximum building height of 304 ft.;
  • 62,287 SF of retail space;
  • 62,994 SF of office space;
  • A 22,549 SF Musqueam, Squamish, and Tsleil-Waututh (MST) Cultural Centre;
  • A 74-space childcare facility;
  • A new Conseil Scolaire Francophone (CSF) French elementary school (on leased land);
  • 4 acres of park and open space.

The application describes the design rationale: “The proposed new Heather Lands neighbourhood reflects the shared aspiration of CLC-MST to transform the Heather Lands into an inspiring, progressive and sustainable new neighbourhood that generates the best possible economic and social benefit for MST Nations’ members, local communities, and the country. It also clearly reflects the vision laid out in the Heather Lands Policy Statement: “the vision for the new community is to create a sustainable new neighbourhood that will be a place to welcome and connect all people and cultures, and to share the traditions, culture and values of the Musqueam, Squamish and Tsleil-Waututh Nations.”

The application is being considered under the Heather Lands Policy Statement approved as part of the initial planning process.

The architect for the project is Dialog.

November 3, 2020by david.taylor@colliers.com
Apartment, Condo, Development

Condos & Rentals Proposed for West End Site

Skyllen Pacific has submitted a development application to the City of Vancouver for permission to develop a 30,000 SF site at 1116-1140 Pendrell Street, just West of Thurlow Street in the West End. The site is immediately West of the Central Presbyterian rental tower developed in 2018.

The site is an assembly of two lots zoned RM-5B, a 43-unit strata, and a 16-unit rental lowrise. Skyllen acquired the two lots in 2018 for a combined $57,200,000.

The plan for the site includes a new 18-storey condo tower flanked by two 3-storey market rental buildings. The proposal includes the following:

  • 109 condo units;
  • 69 one-bedrooms, 37 two-bedrooms & 3 three-bedrooms;
  • 16 market rental units;
  • 4 studios, 6 one-bedrooms & 6 two-bedrooms;
  • a building height of 175 ft;
  • a total density of 3.03 FSR;
  • four levels of underground parking having access from the lane.

The application describes the design rationale: “The tower massing is reminiscent of books standing on end of varying heights, shiftingback and forth. The rental buildings are massed as simple boxes shifting in plan and in elevation in 1,2 and 3 storeys. It is a playful massing serving a counterpart to the tower’s shifting books. Materials consist of burgundy brick masonry along the first storey and a cream coloured fibre cement horizontal siding on the upper levels. The tower is clad in the same burgundy brick masonry along the side elevations and cream coloured terracotta panels along the front and lane. The natural earth tone materials are meant to anchor the building in the proposed park setting and complement the historic houses.”

Under the site’s existing RM-5B zoning, the application is “conditional” so it may be permitted. However, it requires the decision of the Development Permit Board.

The architect for the project is W.T. Leung Architects.

November 3, 2020by david.taylor@colliers.com
Development, Office, Retail

24-Storey Office Tower Pitched for 50 ft. Granville Street Site

Bonnis Properties has submitted their formal application for 526 Granville Street, a 6,000 SF DD zoned site located on the East side of Granville between West Pender and West Hastings.

The site is currently improved with a 3-storey heritage commercial building.

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

  • 123,193 SF of office space;
  • 2,573 SF of retail space at grade;
  • A total density of 20.98 FSR;
  • A building height of 335 ft.;
  • retention of existing heritage facade;
  • Payment -in-lieu parking spaces and 95 bicycle parking spaces.

The application is being considered under the Downtown Official Development Plan.

The architect for the project is Perkins + Will.

October 28, 2020by 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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