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, Retail

47-Unit Building Proposed for Cambie & 16th Site

Wesgroup has submitted their rezoning application for the former Chevron site at the Southeast corner of Cambie & 16th. The application seeks to rezone 3220 Cambie Street from C-2 to a Comprehensive Development District. The proposal for the 14,881 SF site consists of a 6-storey concrete mixed-use development and includes:

  • 47 condo units;
    • 26 one-bedrooms, 16 two-bedrooms & 5 three-bedrooms;
  • 7,800 SF of ground floor retail space;
  • a total density of 3.79 FSR; 
  •  building height of approximately 77.4 ft.; and
  • two levels of underground parking with 38 spaces and 96 bicycle spaces.

 

This rezoning application is being considered under the Cambie Corridor Plan.

Wesgroup acquired the site from Chevron in 2017 for $18,604,470, or $331 per buildable SF based on the application.

The architect team for the project is American firm Olson Kundig, in partnership with IBI Group.

June 24, 2019by david.taylor@colliers.com
Condo, Development, Retail

117-Unit Project Planned for Port Moody Site

Porte Development  has submitted a rezoning application to the City of Port Moody for two properties with a combined site area of 40,041 SF located at 3227 and 3239 St. Johns Street. The two lots are currently occupied by an automotive shop and an auto dealership.

The application proposes a new 6-storey mixed commercial/residential project comprising:

  • 117 condo units;
    • 68 one-bedrooms, 39 two-bedrooms and 10 three-bedrooms;
  • 10,379 SF of retail space on the ground floor;
  • a total density of 2.80 FAR;
  • 181 underground parking stalls;
  • a total CAC charge of $595,706 ($5.30 per SF)

As part of the project, Porte has proposed an affordable housing program which consists of:

  • a “locals-first” marketing program where Port Moody residents will have an opportunity to purchase a unit before sales are opened to the wider public;
  • a 3% discount to Port Moody community workers
  • a housing agreement to ensure that any future residential strata corporation cannot enact bylaws or regulations that would preclude an owner from renting their unit; and
  • a total of 10 rental units (nine market units and one below-market unit) The proposed below-market unit would be rented for 10% below market rates.

The architect for the project is Integra Architecture.

June 21, 2019by david.taylor@colliers.com
Investment, Retail

FOR SALE: North Vancouver Retail Property

We are pleased to introduce this fully-leased retail investment opportunity in sought after Edgemont Village in North Vancouver. 

Brochure: Brochure – 3026 Edgemont Boulevard – E Copy

May 29, 2019by david.taylor@colliers.com
Apartment, Development, Office, Retail

Revised Application Submitted for Broadway Denny’s Site

The revised rezoning application for the former Denny’s location at Broadway and Birch has been submitted to the City of Vancouver.

The site was originally proposed for rezoning by Jameson Development Corp. back in January 2017 under the City’s rental Rental 100 program. The rezoning was approved and enacted in 2018, after which the site was cleared and fenced. Late last year, it was announced that the application was being revised under the City’s new test policy known as the  Moderate Income Rental Housing Pilot Program.

The project, now with an address of 2538 Birch Street (formerly 1296 West Broadway) is seeking to allow for the development of a 28-storey mixed-use building including:

  • 248 rental units;
  • 53 units designated as moderate income units;
    • Combined: 30 studios, 121 one-bedrooms, 70 two-bedrooms & 27 three-bedrooms;
  • 16,212 SF of office space;
  • 11,326 SF of retail space;
  • a total density of 10.52 FSR (previously 7.07 FSR);
  • a building height of 276 ft.; and
  • 187 underground parking stalls and 438 bike spaces.

The application describes the design rationale: “The podium is composed of a retail block that will maintain a human scale at street level with a continuous glass overhang above the sidewalk. Vertical brick walls divide the Broadway frontage with the potential for up to five commercial units. Above the canopy, there are vertical banner signs that help differentiate the retail massing, while also expressing a retail flagship on Broadway.

The entrance to the office level is also on Broadway, separate from the residential building entry on Birch Street. We have provided a 360 sq.ft. public open space at the corner of Broadway and Birch. There is potential for a retail tenant—a restaurant or coffee shop, for example—to extend into the outdoor plaza enlivening the street. We have also designed the building so that the northwest corner meets the ground at the plaza. This corner will be the canvas for a public art tile mosaic by local Musqueam artist, Debra Sparrow, which will start at the plaza and rise to 17 storeys. Above the plaza, a glass box enclosing residential units further breaks up the retail block.

The tower comprises three brick colours: dark gray, bone white, and red clay. The location of the brick colours are intended to further break up the massing into different volumes in the tower. The colour scheme also provides a neutral palette that will accentuate the public art. The brick walls are uninteruppted as they go up, to emphasize a tall and slender expression, with the window wall in between the brick walls recessed with dark gray frames and metal panel. These vertical brick walls terminate with planters, providing greenery at the building’s edges that can be seen from the street. Furthermore, the brick walls provide the high energy efficiency required to meet the City’s Zero Emissions Building Plan.”

The architect for the project is IBI Group.

The site was purchased in 2016 for $26,250,000, or $133 per buildable SF based on the current application.

May 29, 2019by david.taylor@colliers.com
Condo, Development, Office, Retail

61-Unit Condo Building Planned for East Broadway Site

A development application has been submitted by a partnership between Caulfield Rock, PortLiving and Hudson to the City of Vancouver for a long vacant Esso gas station site at 452 East Broadway at Guelph Street, a few blocks East of Kingsway. The plan for the 19,398 SF, C-2C zoned site is a 4-storey combination of woodframe and CLT building that includes:

  • 61 condo units;
    • 41 studios, 6 one-bedrooms and 14 two-bedrooms;
  • 12,864 SF of commercial space (retail, restaurant & office);
  • a total density of 3.0 FSR;
  • two-levels of underground parking with 115 stalls accessed from the lane.

The application describes the design rationale: “The massing generally attempts to present a strong solid corner element that conveys the significance as a corner. Due to the E Broadway shift in alignment, this corner is further highlighted in importance, especially approaching from the west. The mass along Broadway continues east with a more articulated bay system, adding a more playful rhythm, while re-enforcing a strong street wall.

The building honours Mount Pleasant’s legacy of forestry by celebrating wood construction employing a combination of light wood framing and Cross-Laminated Timber structure, exposed CLT wood ceilings in the dwelling units, wood accented lobbies and common spaces, and a hybrid wood cladding, both at and above grade.”

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

The site was acquired in December 2018 for $15,625,000, or $269 per buildable SF based on the application. It had been listed for sale in early 2018 without an asking price.

The architect for the project is Formosis Architecture.

May 29, 2019by 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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