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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, Retail

219 Condos Proposed for Kingsway Site

Coromandel Properties has applied to rezone the former Harvey’s Furniture site at 2725-2751 Kingsway, at the Northwest corner of Duke Street. The 49,893 SF site is zoned C-2 and RS-1 but is located in the Norquay Village Neighbourhood Centre Plan which allows rezoning for higher density.

The proposal consists of a mixed-use building at 4-, 5-, and 10-storeys over three levels of underground parking with:

  • 219 condo units;
    • 1 studio, 118 one-bedrooms, 78 two-bedrooms & 22 three-bedrooms;
  • 18,137 SF of retail on the ground floor;
  • A total density of 3.78 FSR;
  • A maximum building height of 116 ft.; and
  • 259 underground parking spaces and 414 Class A bicycle spaces.

The application describes a unique aspect of the building’s lighting strategy: ” Much like how the old lit signs along Kingsway changed between day and night, the intention of the project is to have lighting integrated into architectural components (balconies) to transform the project throughout the day. Without lighting elements, the building fit into the context of the neighbourhood, however, as day turns to night, the intention is that the project transforms and visually marks this special site in the Norquay Village Neighbourhood Plan.”

The application is being considered under the Norquay Village Neighbourhood Centre Plan.

The architect for the project is GBL Architects.

Coromandel assembled the site in 2017 for a combined $40,000,000, or $212 per buildable SF.

July 24, 2019by david.taylor@colliers.com
Apartment, Condo, Development

Redevelopment Eyed for 7-Acre Taylor Way Site In West Vancouver

A preliminary development proposal has been submitted to the District of West Vancouver for a large property known as Taylorwood Place at the Northeast corner of Taylor Way and Keith Road.

Taylorwood Place is a 21-lot single family bare strata subdivision built in the 1970’s. A single entity, Taylorwood Investments Ltd., owns 19 of the 21 lots and is seeking to control 100% in the near future. 

The 6.56 acre site has been the subject of past attempts at redevelopment, including in 2010 by Polygon Homes who were seeking to build 160 condos on the site at a density of 0.75 FAR. For various reasons, that plan did not proceed.

Current planning efforts have been underway since 2015 and have been delayed pending a forthcoming Taylor Way Corridor study which is likely to occur by 2020. The proponent is now seeking community feedback and is offering public benefits in exchange for an OCP amendment.

After various stages of community consultation since 2017, the current version of the development proposal is summarized as follows:

  • 390 units (condo and rental, with at least 40% of the units rental);
  • 473,000 SF of gross buildable area;
  • a total density of 1.66 FAR;
  • five terraced mid-rise apartment forms (3-6-storeys);
  • community facilities including childcare;
  • underground parking.

Council will consider the direction of a preliminary development proposal for Taylorwood Place at its meeting on July 15, 2019. A rezoning application has not been received at this time.

The architect for the project is NSDA Architects.

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

Application for Next Phase of Cambie Gardens Envisions Three Towers at Cambie & 57th

Onni has applied to the City of Vancouver for a development permit for the next portion of their Cambie Gardens project (the former Pearson Dogwood site). 
 
The overall Cambie Gardens project recieved rezoning in 2017, and individual development applications were approved in the past year for the first phase, including Parcels A, C & E which combined comprise four buildings, 548 condos, 138 social housing units and 50 Pearson supportive units, as well as a community health centre.
 
Parcel D is 2.9 acres and located at the Northeastern corner of the site, at the corner of Cambie Street and West 57th Avenue. This parcel acts as the main gateway to the overall Cambie Gardens site.
 
Details of the proposal for Parcel D include:
 
  • Three residential towers – two at 28 storeys & one at 24-storeys;
  • 488 condo units;
    • 5 studios, 228 one-bedrooms, 231 two-bedrooms & 24 three-bedrooms;
  • 223 non-market rental units;
    • 67 studios, 46 one-bedrooms, 66 two-bedrooms & 44 three-bedrooms;
  • 30 Pearson supportive units;
  • 85,019 SF of retail space;
  • a significant public plaza at the Northeast corner to accomodate a potential future Canada Line Station;
  • tower heights of 243 ft. & 285 ft.
  • 5 levels of underground parking accessed from Paulson Street.

The application describes the design rationale: “The northern portion of the block has a single tower marking the corner of West 57th Ave. and Internal Street 2 with a mid-rise extension parallel to West 57th Ave. The northern and southern edges of the north building offer commercial spaces along West 57th Ave. and the internal public plaza. The southern block has two towers, each with a mid-rise extension. One tower sites at the southern edge of the transit plaza, serving as a landmark and reinforcing the plaza as the site gateway.”

The remaining phases comprise over one million square feet of additional market and non-market density.

The architect for Cambie Gardens is IBI Group.

June 28, 2019by david.taylor@colliers.com
Condo, Development, Office, Retail

13-Storey Building Proposed for Former Kingsway Rona Site

Cressey has applied to the City of Vancouver for permission to develop the former Rona site at the Northeast corner of Kingsway and Dumfries Street in East Vancouver, just East of Knight Street. 1503 Kingsway is a 67,023 SF site that is zoned C-2, which allows a mix of residential and commercial uses.

The proposal is to replace the aging commercial building with a 13-storey mixed use building on top of a 6-storey podium. A previous design sought 16-storeys for the site.

Details of the current application include:

    • 154 condo units, including;
      • 38 townhouses facing Fleming St. and Dumfries St.;
    • 23,247 SF of retail and office space;
    • a tower height of 167 ft. 
    • a total density of 2.50 FSR;
    • 2 levels of underground parking accessed from a lane connected to Fleming Street and Dumfries Street.

Under the site’s existing C-2 zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Development Permit Board.

The architect for the project is Rositch Hemphill Architects.

The site was sold by Colliers in 2013 for $21,000,000, or $125 per buildable SF based on the application.

June 26, 2019by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

Two Tower Project Proposed for Cambie & 41st Site

Polygon has submitted their application to rezone the 34,000 SF Oakridge Plaza site that they own at the Southeast corner of Cambie & West 41st Avenue, across from Oakridge.

5740 Cambie Street is currently zoned C-2 and is improved with two office buildings leased to mostly medical tenants.

The rezoning proposal consists of a mixed-use development with a 14-storey market rental tower and a 27-storey market strata tower and includes:

  • 80 market rental units;
    • 10 studios, 31 one-bedrooms, 39 two-bedrooms;
  • 133 condo units;
    • 14 one-bedrooms, 104 two-bedrooms, 14 three-bedrooms & one penthouse;
  • 12,500 SF of retail space;
  • 20,800 SF of market office space;
  • 46,000 SF of non-profit office space;
  • a total density of 8.61 FSR;
  • tower heights of 278 ft., and 148 ft.;
  • 288 underground parking spaces and 559 bicycle spaces.

The application is being considered under the Cambie Corridor Plan.

The architect for the project is Dialog.

The full rezoning application can be viewed here: https://rezoning.vancouver.ca/applications/5740cambiest/index.htm

June 24, 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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