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, Development, Office

4-Storey, 2.5 FSR Building Proposed for 33-ft Lot in Mount Pleasant

A development application has been submitted for a standard 33′ x 122′ lot on East 17th Avenue just East of Main Street. The site at 222 East 17th Ave is one of only a handful along the Main Street corridor with C-2 zoning despite being located off of Main Street and across an alley on a side street.

The lot is currently improved with an older single family dwelling.

Details for the redevelopment of the lot include:

  • a new 4-storey mixed-use building;
  • general office use on the main floor floor);
  • 5 residential units on floors 2-4;
  • a density of 2.50 FSR;
  • a proposed height of 45.28 ft.;
  • a total of 5 parking spaces having vehicular access from lane.

The application describes the design rationale and some of the challenges with the lot size: “For levels 2 and 3, the two dwelling units are separated by the circulation area (e.g. elevator, corridor, stairwell) that eats up most of the mid-section of the floor plan. This leaves us with a narrow strip of space that is particularly difficult to design without sacrificing over-all function and livability of each unit. By extending the maximum allowed limit of 50% Site depth (Section 4.5 of C2 Guidelines) to 60% we can better manage the use of space and make a more suitable design that is both livable and efficient. We are asking for a relaxation on the L2-L4 East side yard depth from 50% max. allowed to 60%.”

The architect for the project is Matthew Cheng Architect Inc.

The full application can be viewed here: https://development.vancouver.ca/pc222e17/index.htm

May 28, 2020by david.taylor@colliers.com
Condo, Development, Retail

Port Moody Site Slated for 204 Units + Retail

A rezoning application has been submitted by Mosaic Homes for a new development at 3015-3093 Murray Street in the Moody Centre area of Port Moody. The site is located on lands with the relatively new “Mixed Employment” OCP land use designation.

The 100,000 SF site currently vacant and being used for construction storage. This area has traditionally been an industrial area in transition. The site is in close proximity to the Moody Centre SkyTrain and West Coast Express station, though access is currently only possible via two circuitous routes, the pedestrian overpass accessed off Klahanie Drive or the Murray Street overpass, both of which are approximately one kilometre. If and when on overpass is constructed over the CPR line from the station area, the site will be between 200-300 metres from the station.

Mosaic is proposing to rezone the site from Light Industrial (M1) to allow three 6-storey mixed-use buildings located on a two-storey parkade that acts as a podium to the south abutting the CPR rail line and is wrapped with commercial retail units on the Murray Street and Electronic Avenue

Details include:

  • 204 condo units;
  • 102 one-bedrooms & 102 two-bedrooms;
  • 17,900 SF of ground floor retail;
  • a total density of 2.02 FAR;
  • 301 parking spaces;
  • 43,000 SF of outdoor amenity space on the parkade podium.

The application may require an OCP amendment as the intent of the Mixed-Employment designation was to include light industrial uses or second floor office space.

The architect for the project is Michael Green Architecture.

Mosaic acquired the site in 2017 for $18,300,000 or $88 per buildable SF based on the application.

May 27, 2020by david.taylor@colliers.com
Development, Office

340,000 SF Office/Industrial Project Planned for South Vancouver

Wesbild Holdings Ltd. has applied to the City of Vancouver for permission to subdivide and develop a portion of a 5.0 acre site at 8188-8232 Manitoba Street, just South of Marine Drive.

The zoning for the site is I-2 which permits a density up to 3.0 FSR for a mix of industrial and office uses.

The proposed development would sit on a 3.2 acre parcel and will include two unique 6-storey industrial/office buildings. Details include:

  • 231,000 SF of industrial space on levels 1-4;
  • 108,235 SF of office space on levels 5-6;
  • a total density of 2.42 FSR;
  • a building height of 93 ft.;
  • 439 parking stalls on one level of underground parking and at grade.

To accommodate mid-floor industrial tenants, the building will feature a number of unique building elements, including:

  • Increased underground parking clearance height;
  • Exterior corridors on all floors & separation of freight & pedestrian traffic;
  • Cross Laminated Timber construction for the office space.

The application also notes that most of the potential mid-floor industrial tenants would be conditional approval uses under the I-2 zoning and that flexibility may be required in order to make the project work.

The architect for the project is MGBA Architecture.

The full development application can be viewed here: https://development.vancouver.ca/pc8188manitoba/index.htm

May 26, 2020by david.taylor@colliers.com
Apartment, Condo, Development

27-Storey Tower Pitched for Burquitlam Site

A rezoning and development permit application have been submitted by Ikor Group to the City of Burquitlam to develop a 0.7 acre Burquitlam Funeral Home site at 625 North Road in Burquitlam.

The site is designated as High Density Apartment Residential in the Burquitlam-Lougheed Neighbourhood Plan.

The site sits directly South of a large scale redevelopment plan by Amacon at 633 North Road.

The proposal is for a new 27-storey residential tower that includes:

  • 195 total units
  • 151 condos
  • 33 market rental units;
  • 11 below market rental units;
  • 239 underground parking spaces;
  • a total density of 5.50 FAR.
  • a building height of 289 ft.

The architect for the project is IBI Group.

The site was sold by Morgan Iannone and Casey Weeks of Colliers in 2017 for $15,500,000 or $97 per buidable SF.

May 22, 2020by david.taylor@colliers.com
Apartment, Condo, Development, Retail

2,800 Unit Master Plan Project Envisioned for Coronation Park

Wesgroup has submitted a pre-application for an OCP amendment and rezoning for a 15-acre, 59 single family lot land assembly in the Coronation Park neighbourhood on the Eastern edge of Port Moody.

In 2017, the City of Port Moody amended their OCP to include the Coronation Park Neighbourhood, thereby allowing a significant amount of potential new density. A number of assembly efforts emerged in the following couple of years, with Wesgroup emerging now having 48 of the 59 lots under contract.

Six properties to the north of Guilford Drive, including the large townhouse site (Balmoral Place) and the Esso gas station are not included in the assembly.

Wesgroup’s preliminary proposal for the 645,301 SF site includes:

  • Six highrise towers (32-36 storeys), five lowrises
  • Approximately 2,800 residential units;
  • 450 market rental units and 50 affordable units;
  • 12,000 SF of retail;
  • a total density of 4.40 FAR;
  • one acre of park space;
  • a road network based largely on existing site grades.

In it’s application cover, Wesgroup notes that they have until June 2022 to enact a rezoning as part of their agreements with owners. They also note contingency plans to deal with remaining holdout owners.

The next step for the project will be to move to a formal OCP Amendment and Rezoning Application later this year.

The architect for the project is Ciccozzi Architecture.

May 22, 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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