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, Condo, Development

Condo & Non-Market Rental Project Planned for Metrotown Site

Qualex Landmark has applied to the City of Burnaby for permission to rezone the site they own at 4275 Grange to allow a 31-storey high-rise condo building, and a 5-storey non-market rental apartment building.

The site, currently a 53-unit strata building, was sold by Casey Weeks and Morgan Iannone of Colliers in January 2019, and the site area is 45,661 SF.

The Metro Downtown Plan designates the site RM4s and RM4r. In accordance with the City’s Rental Use Zoning Polic the project is required to provide rental units equivalent to 20% of the proposed strata units. The required rental units are to be set at 20% below CMHC median rents.

Details of the proposed development include:

  • 274 condo units;
  • 26 studios, 122 one-bedrooms, 97 two-bedroom & 2 three-bedrooms;
  • 32 non-market rentals;
  • 21 two-bedrooms & 11 three-bedrooms;
  • 294 parking spaces;
  • a total density of 5.13 FAR.

The architect for the project is RWA Architects.

July 24, 2020by david.taylor@colliers.com
Development, Office, Retail

Renovation & Strata Conversion Eyed for Metrotown Place

Slate Asset Management has applied to the City of Burnaby to rezone Metrotown Place in order to allow a complete renovation and expansion of the 250,000 SF office complex, as well as a strata conversion that would total 236 strata units. Slate acquired the property on behalf of their Slate Canadian Real Estate Opportunity Fund in March 2019 for $95,000,000.

The golden clad towers, previously owned and occupied by Metro Vancouver, were built in the early 80s are sited at the western gateway of the Metrotown Downtown neighbourhood on Kingsway.

The RBC building located on the northeast corner of the site is not part of this project.

The rezoning would allow for the following alterations to the property:

  • 230 office strata units;
  • 6 retail strata units;
  • a total of 223,000 SF of saleable area;
  • re-cladding of the buildings;
  • alterations to the site’s public realm & landscaping;
  • a 39,229 SF increase in total floor area;
  • an expanded ground and second floor level connection between the two buildings;
  • upgrade the building envelope to improve energy performance and meet Step 3 of the BC Building Code.
  • expand the second floor area to match the ground level, and provide additional floor area on the office tower.
  • strata-titling of some or all of the office and retail space.
  • a total density of 4.40 FAR.
Existing complex.
Typical office floorplate.

The application describes the design rationale: “The design intent to enhance the office buildings to Class AAA facilities builds on the legacy of the existing landmark Golden Towers as prime office real estate through modernization of the building’s exterior and interior. Classic, minimal, restrained and elegant are key words that influenced the form, shape, materials and colour for this gateway site. And an overarching desire to unify the three elements: podium, tower 1 and tower 3 form the foundation of the architectural language.

Currently the two towers are completely separate buildings. The project’s big move links these two towers on both the ground floor and level 2 to create a connection between the buildings allowing for efficiencies of use and access. The two main entry points off Kingsway and Kathleen are maintained.

The proposed design shifts the primary Kingsway entry closer to the property line to improve the street edge and shape a more intimate and active public space. Both entries are strengthened by framing the doors with a metal panel portal of contrasting colour, creating definition and wayfinding on site. The Kingsway entry is further enhanced through a large airy, light filled double height atrium space. Added retail program at the ground floor frames the double height space, creating increased opportunities to activate the street through small scale shops and cafes. Another, key feature of the building design is the increased amenity areas on levels 2 and 3. The level 2 amenities include: shared meeting rooms, work spaces and a lounge along with a large sub- dividable room for presentations and functions. These semi-public spaces offer business owners and employees shared facilities to meet with clients. Also on level 2 are state of the art end of trip facilities: large bicycle storage facilities offer showers, changes rooms, and lockers to promote healthy lifestyles and riding to work. Further, two transit stations are within walking distance of the site and the City of Burnaby’s street standard upgrades support this ambitious strategy. On level 3 a new club house, gym and an improved outside amenity deck offers private spaces for employees and owners to relax, work out, and have lunch.”

The architect for the project is Dialog.

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

140-Unit Rental Building Pitched for North Van Site

Tricor Pacific & Redic Developments have applied to the District of North Vancouver for a rezoning and OCP amendment to redevelop seven single-family lots in the Lynn Creek area of North Vancouver on Mountain Highway and Oxford Street, next door to Lynn Creek Apartments, completed in 2018.

The OCP designates the subject site as “Residential Level 6” (RES6) which
envisions medium-rise apartments at a density of up to approximately 2.5 FSR. The application proposes a higher density which will require the OCP amendment.

The plan for the 33,000 SF site is to build a new 6-storey rental building that includes:

  • 140 rental units;
  • 134 market rentals;
  • 6 non-market rentals;
  • 16 studios, 55 one-bedrooms, 64 two-bedrooms & 5 three-bedrooms;
  • a total density of 2.69 FAR;
  • 101 parking spaces on one underground level.

The architect for the project is Yamamoto Architecture.

July 17, 2020by david.taylor@colliers.com
Apartment, Development, Office, Retail

9-Storey Mixed Use Building Proposed for False Creek Flats Site

Wave Developments has applied to the City of Vancouver for permission to develop on a 19,724 SF site at East 2nd and Scotia.

The proposal is for a new 9-storey mixed residential and commercial use building, consisting of:

  • Manufacturing, Brewing and Distilling Use at Level 1 & 2;
  • Ground floor restaurant/retail space;
  • Gym & office space on level 2;
  • Market rental units on levels 3-7;
  • Office space on levels 8-9;
  • 66 parking stalls on two levels of underground parking;
  • A building height of 102 ft.;
  • A total density of 4.0 FSR.
The above rendering from the architect’s website depicts what may be a previous version of the design. Credit: Studio Balcaen Kwan
The above rendering from the architect’s website depicts what may be a previous version of the design. Credit: Studio Balcaen Kwan
The above rendering from the architect’s website depicts what may be a previous version of the design. Credit: Studio Balcaen Kwan

Under the site’s existing IC-3 zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning.

The architect for the project is Studio Balcaen Kwan.

The full development application can be viewed here: https://development.vancouver.ca/pc315-319e2nd/index.htm

July 14, 2020by david.taylor@colliers.com
Apartment, Development

78-Unit Rental Building Planned for East Van Site

A rezoning application has been submitted to the City of Vancouver for a 19,000 SF site at 1405 E 15th Avenue and 3071-3047 Maddams St in East Vancouver. The site is located along Knight Street, just West of Clark park and is an assembly of four single family lots.

The proposal is to allow for the development of 6-storey market rental building that includes:

  • 79 rental units;
  • 51 studios, 20 two-bedrooms & 8 three/four bedrooms;
  • A total density of 2.58 FSR;
  • A maximum height of 68.2 ft.;
  • 24 vehicle parking spaces and 135 bike parking spaces.

The application is being considered under the Affordable Housing Choices Interim Rezoning Policy(External link).

The architect for the project is Stuart Howard Architects.

July 14, 2020by 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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