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, Development

9 Rental Units Pitched for Granville & 49th

A rezoning application has been submitted under the City of Vancouver’s Affordable Housing Choices Interim Policy for a site at the Northwest corner of Granville and West 49th Avenue.

The 8,000 SF lot at 1515 West 49th Avenue is currently an older single family house, but the proposal would allow for the development of two 3.5-storey residential buildings that would include:

  • 9 market rental units;
    • 8 three-bedroom townhouses and 1 caretaker suite;
  • Unit sizes ranging from 1,245 SF to 1,634 SF;
  • a density of 1.53 FSR;
  • a maximum height of 44 ft; and
  • 4 off street parking spaces, 1 car share space, and 24 bicycle spaces.

The architect for the project is Stuart Howard.

April 1, 2020by david.taylor@colliers.com
Development, Office

Rize Alliance Planning 150,000 SF Office Building on Terminal

Rize Alliance has submitted their development application for The Grid, a 10-storey office and light industrial project located on the South side of Terminal Avenue (306 Terminal), currently a Tim Hortons.

Details include:

  • Ground floor brewery/distillery/ancillary restaurant space;
  • 29,000 SF of industrial/manufacturing space;
  • 118,000 SF of office space;
  • 3 levels of underground parking w/192 stalls;
  • a building height of 48 ft.; and
  • a total density of 5.0 FSR.

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

A description of the project is provided in the application: “The project seeks to provide flexible floor plates that are suitable for all approved uses in the I-3 Zoning District Schedule. This is accomplished by providing open floor plans with generous floor-to-floor heights and robust electrical and mechanical infrastructure. Each suite is organized around a compact central core allowing for daylight penetration deep into the floorplate. Access to daylight, fresh air and views are provided through double height exterior communal spaces on the upper levels 3-10. The central core will connect tenants to a robust loading facility located on the ground floor level complete with a shared freight elevator servicing the industrial areas, and as well to an enhanced end of trip facility for commuters located on L2. The main level exterior plaza will provide opportunity for a communal social space for the occupants of the building, while also encouraging pedestrian flow from Terminal Avenue South into the Creative hub. “

The architect for the project is OMB.

Rize acquired the site in 2017 for $15,500,000, or $106 per buildable SF.

March 30, 2020by david.taylor@colliers.com
Condo, Development, Retail

Market Spotlight: North Vancouver Proposals

Here is a look at some of the current preliminary development proposals that are in the works in the District of North Vancouver.

1080 Marine Drive

Staburn Group is planning a new 4-storey residential and retail building on this site which has been a Blueshore Financial location.

The proposal includes 32 condos above 6,896 SF of retail space with 76 parking spaces (62 for residents, 14 for retail customers). The Official Community Plan designates this site as Commercial Residential Mixed-Use Level 1 (CRMU1). The total proposed density is 1.75 FSR.

The retail component is actively being marketed for sale or lease by Colliers.

Staburn acquired the site from Blueshore in 2017 for $7,600,000.


1235 Marine Drive

This former Subaru dealership is proposed to be redeveloped to allow a new 4-storey condo above retail project consistent with the OCP for the Marine Drive corridor.

The rezoning application proposes 39 condos above 6,772 SF of retail space with 62 parking spaces. Similar to 1080 Marine Drive, the proposal seeks a density of 1.75 FAR.

The architect for this project is Proscenium Architecture.


1900-1950 Sandown Place

This application is for an assembly of three single family lots on Sandown Place, just West of Capilano Road in the Lions Gate Village townhouse area.

The application as submitted proposes 22 townhomes in a three-storey building with 44 parking spots in an underground parkade. The total density is 1.20 FAR.

The architect for this project is Matthew Cheng Architect Inc.


2045-2075 Old Dollarton Road

A rezoning application has been submitted for this 12,368 SF site in the Maplewood Village area of North Vancouver.

The application as submitted proposes 36 condos above 4,148 SF of commercial space in a 5-storey building with 60 parking spaces (41 for residents, 9 for visitors, 10 for retail customers). The total density is 2.50 FAR.

The site sold in 2018 for $5,500,000, and more recently has been listed for sale by CBRE.


3700-3718 Edgemont Boulevard

The owner of this heritage fourplex on Edgemont Boulevard between Edgemont Village and Capilano Road has submitted a prelinary application to redevelop the site.

The application proposes relocating the existing heritage fourplex on the site, and then adding either: 

  • an additional 25 duplex homes (for a total of 29 homes) plus 40 parking stalls in an underground parkade, or
  • an additional 33 row homes (for a total of 37 homes) plus 51 parking stalls in an underground parkade
  • a total density of 0.84 FAR in either scenario.

In both options, the relocated fourplex would be fully restored, designated as a heritage resource, and secured as below-market rental housing for low to moderate income families for a minimum of 10 years.

The site sold in 2018 for $5,120,000.

March 25, 2020by david.taylor@colliers.com
Apartment, Development

CIBT Completes $30M Acquisition of Oakridge Tower Site

CIBT Education Group has completed the acquisition of three lots in the Oakridge area of Vancouver for $30,300,000. The 18,791 SF site is located on the North side of West 42nd Avenue just East of Cambie Street, and is in an area designated for towers up to 18-storeys.

CIBT recently filed a rezoning application for a 124-unit student housing project.

The sale price equates to $226 per buildable SF based on the rezoning application.

March 18, 2020by david.taylor@colliers.com
Apartment, Development, Retail

Redevelopment of Ashley Mar Co-Op to Include 528 Units

Intracorp has submitted their formal rezoning application for the Ashley Mar Co-Op property at 8460 Ash Street and 8495 Cambie Street. The one acre site is home to a 54 unit co-op.

The proposal consists of a mixed-use development with three towers at 15, 24, and 27 storeys. Details include:

  • 1-for-1 replacement of the existing 54 Co-operative units;
  • 71 additional non-market housing units;
  • 457 secured market rental units;
  • 1 commercial-retail unit;
  • a total density of 7.54 FSR;
  • a maximum building height of 267 ft.; and
  • 309 underground parking spaces and 1,162 bicycle spaces.

The application is being considered under the Marpole Community Plan. On February 11, 2020, Council approved the recommendations of an Issues Report seeking permission for staff to consider accepting and begin the review process of a rezoning application with building heights beyond those envisaged in the Marpole Community Plan.

The architect for the project is Perkins & Will.

March 4, 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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