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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Condo, Development, Office, Retail

10-Storey Mixed Use Building Planned for Cambie & 49th

A rezoning application has been submitted by Gryphon Development for a site at the Northwest corner of Cambie and West 49th Avenue, across the street from the Langara/49th Skytrain Station.

The 36,720 SF site at 6409-6487 Cambie Street is currently zoned for duplexes, but was redesignated to allow medium density development.

The proposal consists of a 10-storey mixed-use building over two levels of underground parking with:

  • 127 condo units;
    • 21 studios, 36 one-bedrooms, 53 two-bedrooms & 17 three-bedrooms;
  • 10,688 SF of retail space;
  • 27,286 SF of office space on the 2nd and 3rd floors;
  • a 37-space childcare facility on level two;
  • A building height of 131 ft.;
  • A total density of 4.09 FSR; and
  • 163 underground parking spaces and 306 Class A bicycle spaces.

The application is being considered under the Cambie Corridor Plan.

Gryphon acquired the site in 2018 for $59,950,000, or $535 per buildable SF based on the application.

The architect for the project is Acton Ostry Architects.

December 17, 2019by david.taylor@colliers.com
Development, Office, Retail

Reliance Planning 445,000 SF, 29-Storey Office Tower at Seymour and Pender

Reliance Properties has now submitted their application to rezone the Seymour parkade site at 443 Seymour Street (NW corner of Seymour and Pender) to allow for a 29-storey office building.

The proposal includes:

  • 430,000 SF of office space;
  • 15,000 SF of retail space;
  • a total density of 22.9 FSR;
  • 8 levels of underground parking containing 201 parking spaces, 5 passenger spaces, 6 Class A loading spaces, 2 Class B loading spaces, and 246 bicycle spaces
  • Building height of 337.5 ft.

This application is being considered under the Rezoning Policy for the Central Business District (CBD) and CBD Shoulder.

Reliance Properties bought the site in 2019 for $100,000,000 USD, or $295 per buildable SF based on the application.

The architect for the project is KPF Architects.

The full rezoning application can be viewed here: https://rezoning.vancouver.ca/applications/443seymour601wpender/index.htm

December 2, 2019by david.taylor@colliers.com
Condo, Development, Office, Retail

8-Storey Mixed-use Building Planned for Oak & 67th

A rezoning application has been submitted for the strip retail building at the corner of Oak Street and West 67th Avenue in Marpole, formerly home to Starbucks.

8257 Oak Street is zoned C-1 and totals 18,207 SF. The proposal consists of an 8-storey mixed-use building over two levels of underground parking and includes:

  • 62 condo units;
    • 4 studios, 36 one-bedrooms, 16 two-bedrooms & 3 three-bedrooms;
  • 5,988 SF of retail space on the ground floor;
  • 8,713 SF of office space on the 2nd floor;
  • A total density of 3.5 FSR;
  • A maximum building height of 104 ft.; and
  • 69 parking spaces and 124 bicycle spaces.

This application is being considered under the Marpole Community Plan.

The architect for the project is GBL Architects.

The site was purchased in 2018 for $20,000,000 or $314 per buildable SF based on the application.

November 27, 2019by david.taylor@colliers.com
Apartment, Condo, Development, Retail

25-Storey Condo/Rental Tower Slated for Maillardville Site

A rezoning and development permit application has been submitted for a prominent corner site at Lougheed and Blue Mountain Street in the Maillardville neighbourhood of Coquitlam, just off Highway 1.

The site at 901 Lougheed is designated Neighbourhood Centre and is zoned C-2 General Commercial. There are currently two commercial buildings on the property. The site is located across Blue Mountain from an existing condo highrise project in pre-sales called Horizon Twenty-One by Centred Developments.

The application proposes to rezone the 28,580 SF site Highway from C-2 to allow a mixed-use development consisting of a 25-storey tower over top a 4-storey commercial and residential podium, Details include:

  • 122 condo units;
  • 51 market rental units;
  • 6 below market rental units;
  • a total density of 5.0 FAR;
  • 9,524 SF of retail space;
  • 276 parking spaces within an underground parkade.

The architect for the project is Wilson Chang.

November 22, 2019by david.taylor@colliers.com
Development, Office, Retail

New Auto Dealership Planned for Burrard & 4th Corner

Dilawri Group have have submitted their development application for the former Esso Gas Station site at the Southeast corner of Burrard and West 4th Avenue.

The plan for the 14,461 SF, C-2B zoned site is to develop a new dealership building for Jaguar and Land Rover. The Jaguar & Land Rover dealerships are currently located at 1730 Burrard Street.

The building will be 2.5 storeys. Details include:

  • 21,707 SF of showroom space;
  • 10,096 SF of office space;
  • a total building height of 52 ft.;
  • a total density of 2.49 FSR;
  • 66 total parking stalls.

Under the site’s existing C2B 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 Kasian Architecture.

A similar scale building was completed across the street in 2018, now home to Comor Sports, with offices above.

November 21, 2019by 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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