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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

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
Condo, Development, Office, Retail

Mixed-use Redevelopment Envisioned for ‘Telus Boot’ Site in Metrotown

A redevelopment plan for the Telus Boot site includes 4 high-rise residential towers above mixed use podiums, with retention of the iconic building and significant densification of the site.

The preliminary rezoning application was submitted this week by PC Urban for a major redevelopment of 3777-3791 Kingsway, the 6.6 acre site which is home to the iconic “Telus Boot” building. The building, also known as Brian Canfield Centre, is located at Kingsway and Boundary Road in the Metrotown area of Burnaby.

Existing site aerial

The existing building is a 22-storey, 690,000 SF L-shaped office building built in 1976 as the headquarters for BC Tel (now Telus), although it no longer functions as the company’s head office. A large portion of the overall site is improved with surface parking ripe for development.

Under the Metrotown Downtown Plan, the site is now designated for high-density mixed-use development.

Existing site aerial view

The preliminary plan outlined in a report going to city council next week describes the following concept:

  • a high-density mixed-use infill development including new office, residential and retail space;
  • retention of the 21- storey “Telus Boot” building;
  • removing other existing structures on site;
  • four high-rise towers atop mixed-use podiums with activated street frontages along Boundary Road & Kingsway;
  • improved site circulation and underground parking;
  • open space amenities.

Further details including concept massing, renderings and an architect will be revealed in a future report as the application progresses.

A 50% interest in the property was last sold to a fund managed by Crestpoint Real Estate in 2014 for $86,500,000. H&R REIT had previously acquired the entire property for $150,000,000 in 2006.

October 24, 2020by david.taylor@colliers.com
Apartment, Development, Retail

Rezoning Application Submitted for Former Esplanade Theatre Site

Cressey has submitted their formal rezoning application for the former Esplanade Theatre site in North Vancouver that they acquired in 2018. A preliminary application and public consultation took place in 2019.

The site is the second major rental development Cressey is working on in the City of North Vancouver, with 281 units proposed for a site in Central Londsale.

The 18,000 site is located at the northwest corner of West Esplanade and
Chesterfield in the Lower Lonsdale area.

The site is designated Mixed Use Level 4A (High Density) in the City of North Vancouver’s OCP. This designation allows for a maximum density of 3.6 FSR (including 1.0 bonus FSR).

The proposal calls for a new rental apartment building with retail on the ground floor. Details include:

  • 75 market rental units;
  • 23 studios, 28 one-bedrooms, 16 two-bedrooms & 8 three-bedrooms;
  • 8,700 SF of retail space;
  • a total density of 3.60 FSR;
  • 38 underground parking stalls;
  • total community benefit of $3.4M ($25/sf to OCP max, $190/sf for bonus).

The architect for the project is Rafii Architects Inc.

October 23, 2020by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

Major Revision to Oakridge Centre Development Includes Increased Rental & Office Density, Heights

A revised rezoning application has been submitted for Oakridge Vancouver, the 28-acre mall site that is currently under construction.

The full rezoning of the site took several years to complete, with full approval granted in 2018. The first phase is now under construction.

The new proposal seeks to increase building heights for the remaining phases above those approved in 2018, with up to 9 additional storeys per building. The proposed changes also include changing building form such as tower floor plate size; converting some condo density to rental; and adding new office space.

The majority of the site that is affected by the proposed rezoning is outside of the scope of the first phase of construction, which is projected to take four years to complete.

Overall details include:

  • 775 new housing units, including 319 additional market rental units and 94 moderate income rental units;
  • 377,260 sq. ft. of new office space;
  • Increase in overall density from 3.71 to 4.10 FSR;
  • Increase maximum heights for Buildings 2, 5, 6, 7, 9, 10, 11, 12, 13, 14 and the northeast office building;
  • No changes to buildings 1, 3, 4 & 8 (First two approved phases).

One of the more significant changes is to Building 5, previously a 43-storey condo building, which will now be converted entirely to market rental housing with 52-storeys and 587 units. The tower will be 477 ft. in height making it the tallest all rental tower in Vancouver.

A full summary of the proposed changes is outlined in the application (summarized below):

Revised renderings:

Details of the rezoning application can be viewed here: https://shapeyourcity.ca/650-w-41-ave

October 20, 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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