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, Condo, Development, Retail

Master Plan for Aoyuan Brentwood Site Envisions 5 Towers, up to 2.2 Million SF

Aoyuan International has submitted the rezoning application to develop the conceptual master plan for their 9 acre site in the Brentwood Town Centre area of Burnaby.

The site, entitled ‘the Grove’, is located at the Southeast corner of Willingdon Avenue and Dawson Street. Aoyuan acquired the site, which consists of seven parcels currently improved with older industrial buildings, in 2017 for $152,000,000.

The master plan for the site establishes general built form, maximum building heights, development densities, permitted uses, public open space requirements, and proposed subdivision and phasing pattern. A further site specific rezoning application for Phase I will come at a future date.

The overall highlights of the master plan include:

  • 5 condo towers ranging from 36 to 51-storeys in height;
  • 4 lowrise affordable rental buildings of 6-storeys;
  • a new 1.14 acre City park;
  • retail and restaurant space;
  • four development phases;
  • An overall max density of 2,206,557 SF;
  • 20% inclusionary rental units at 20% below CMHC average per new Rental Use Policy.

The application describes the concept: “the Grove is a pedestrian-oriented community that reflects the strong urban design principles and an urban form unique in the City. At its heart is a new City park framed by a mix of buildings with a variety of uses that all contribute to an energetic heart for the community. The park is to be connected to the Dawson High Street via a central north-south pedestrian linkage that bisects the entire site from Alaska Street to Dawson Street. From east to west, Alpha Avenue will be connected to the mix of residential and commercial retail / restaurant uses on Willingdon Avenue, via an extension of Juneau Street through the site.”

The City of Burnaby’s recently adopted Rental Use Zoning Policy requires 20% of the proposed strata units as affordable rental housing. This provides 0.85 FAR offset density available under the RM4s District.

The maximum density outlined above equates to 8.35 FAR, which includes 3.6 FAR (RM4s), 1.7 FAR (RM4r), 0.85 FAR (offset), and 2.2 FAR (C9 – Commercial) subject to Council approval and individual rezoning applications for each phase.

September 14, 2019by david.taylor@colliers.com
Development, Office, Retail

Application Reveals Revised Office Block & Entryway for Oakridge

The latest development application for Oakridge Vancouver has been submitted and it outlines the plan for the renovation of the existing, stand-alone office buildings on West 41st Avenue, as well as the main pedestrian entrance to the renovated mall and park.

Details include:

  • renovation of the existing office building including seismic upgrades and new building envelope with curtain-wall glass;
  • minor envelope upgrades to the Terraces residential building;
  • new transit plaza gateway with covered canopy;
  • new main mall entry with exterior facing retail;
  • connection to the new 9-acre rooftop park.

The application by Henriquez Parnters architects describes the overall rationale: ” Located at the transit hub of the Cambie Street-West 41st Avenue intersection, DP-3a is the principle project access point for Canada Line users, bus riders and pedestrians. DP-3a’s location marks the project’s symbolic “front door.” This prominence is celebrated with a Transit Plaza that accommodates flexible programming for informal gathering, community events and performances. Elevated above the plaza is a large sculptural canopy that marks the entry to the public park and retail development beyond. Plants on the Northeast Office’s exterior lead visitors towards the park’s upper levels. At grade, the Transit Plaza leads retail visitors towards the mall’s grand, ceremonial doors. “

Here is the office tower as it exists today:

The full application can be viewed here: https://development.vancouver.ca/650w41stav/index.htm

September 11, 2019by david.taylor@colliers.com
Condo, Development, Retail

109 Condo Units Planned for East Broadway

Porte Homes has submitted their rezoning application for a full block site at the Northeast corner of East Broadway and Garden Drive in East Vancouver.

The site at 2406-2488 Garden Drive is an assembly of eight single family homes that combined create a site 33,867 SF in size. The site actually falls within two different subareas of the Grandview Woodland Plan. The North half of the site is located within the Grandview Transition Area, which allows consideration for up to 6 storeys and up to 2.65 FSR. The South half of the site is located within the Commercial Broadway Station precinct which allows up to 6 storeys with commercial at grade and up to 3.0 FSR density.

The combined proposal for the block consists of two 6-storey buildings over two levels of underground parking with:

  • 109 condo units;
    • 24 studios, 30 one-bedrooms, 38 two-bedrooms & 17 three-bedrooms;
  • 5,900 SF of retail fronting East Broadway;
  • a building height of 70 ft.;
  • a total density of 2.83 FSR;
  • 118 parking spaces and 261 bicycle spaces.

The rezoning application is being considered under the Grandview-Woodland Community Plan.

The architect for the project is Integra Architecture.

Porte assembled the site in 2018 for $24,900,000 or $258 per buildable SF based on the application.

The full rezoning application can be viewed here: https://rezoning.vancouver.ca/applications/2406-2488gardendrive/index.htm

September 3, 2019by david.taylor@colliers.com
Apartment, Condo, Development

Two Towers Proposed for Burquitlam Site

Boffo Developments has submitted their rezoning and development permit application to the City of Coquitlam for a new two-tower high density residential development, entitled ‘Smith and Farrow‘ in Burquitlam. The 1.69 acre site is irregular in shape and located just West of Clarke Road and directly North of The Burquitlam Capital building, completed this year. The site is located 650 ft. from the Burquitlam Skytrain Station.

The site is currently improved with an older 3-storey rental building with 45 units, and two 1970’s lowrise condo buildings totaling 48 units.

The plan for 705-707 North Road is to rezone to permit the development of two residential towers with a total of 482 units under the Burquitlam-Lougheed Neighbourhood Plan. Townhouses will front North Road.

Details of the proposed development include:

  • a 46-storey market condo tower w/ 348 units;
    • 126 one-bedrooms, 176 two-bedrooms & 46 3/4 bedrooms;
  • a 20-storey rental tower w/134 units (including 21 non-market units owned by Vancouver Resource Society);
    • 37 one-bedrooms, 77 two-bedrooms & 20 three-bedrooms;
  • tower heights of 492 ft. and 225 ft.;
  • a total density of 5.50 FAR;
  • 48,000 SF of combined amenity spaces including rooftop pool;
  • 688 parking spaces;
  • $16 Million in density bonus payments & $515,000 voluntary CAC.

The architect for the project is Chris Dikeakos.

Boffo assembled the site in 2017 for $41,620,000 or $89 per buildable SF based on the application.

September 3, 2019by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

174-Units Planned for Richmond Land Assembly

A rezoning application has been submitted to the City of Richmond for permission to rezone a 3.14 acre site in the West Cambie area for a new mixed-use development. The site comprises an assembly of six single family lots (all demolished and vacant) at 9080, 9086, 9100, 9180 Odlin Road and 4420, 4440 Garden City Road.

The subject site is designated “Mixed Use Employment-Residential” in the Alexandra Neighbourhood Land Use Map of the West Cambie Area Plan.

The proposed rezoning would permit the development of a 4-storey commercial building fronting Garden City Road and two 5-storey residential buildings facing Odlin Road and Dubbert Street, all over a common parkade.

Details include:

  • 174 total residential units, including:
    • 9 affordable housing units;
    • 15 Modest Market Rent Controlled Units, and;
    • 17 Market Rental units.
  • 13,260 SF of retail
  • 50,763 SF of office;
  • a total density of 1.88 FAR;
  • 224 residential and 164 commercial parking stalls.

The architect for the project is GBL Architects.

The site was assembled in 2016 for $19,017,500, or $84 per buildable SF based on the application.

September 3, 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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