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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

Portliving Submits Plan for Next ‘Midtown’ Building

Portliving has submitted their development application for their fourth ‘Midtown’ project, tentatively titled ‘Midtown Four’.  The site is 16,104 SF in size and is zoned C-2C.

The proposed development consists of a 6 storey strata residential building with 2 levels of below grade parking, bike storage, as well as a large amenity space. There are two retained heritage buildings, the Carolina on the northeast corner in its existing location, and the Connacher House on Carolina Street next to the lane. The Connacher House is proposed to be moved from its present location along E Broadway. The project is being developed under a Heritage Revitalization Agreement (HRA). 

The overall development includes:

  • 65 condo units;
    • 42 studios, 9 one-bedrooms & 14 two-bedrooms;
  • A total density of 3.35 FSR;
  • 6,198 SF of retail space;
  • A proposed building height of 69.33 ft.; and
  • Two levels of below grade parking providing eighty-three (83) parking spaces, having vehicular access from the lane

The application describes the design rationale: “Our goal was ultimately to position the heritage assets comfortably along Carolina Street with the new modern building setting back respectively while comfortably integrated. The bulk of the new building is felt along E Broadway, a major artery. The lower mass generally adheres to the C2C Broadway street wall, as outlined in the Mount Pleasant Community Plan. The higher mass of two interlocking forms is setback more from the lane, in two steps, to minimize and incrementally climb to the sixth floor. This mitigates apparent mass and reduces overlook. Along E Broadway the upper mass also takes a substantial setback from the fourth floor to the sixth, thus minimizing the shadow on E Broadway and mitigating the apparent mass. These additional setbacks are to transition the higher building on all three sides, East, South and North, into the existing context. Insert massing diagrams.”

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 architect for the project is studio B architects.

The site was acquired in early 2018 for $15,500,000, or $287 per buildable SF based on the application.

January 7, 2019by david.taylor@colliers.com
Development, Office, Retail

FOR SALE: Downtown Commercial Development Site

We are pleased to introduce 555 Beatty Street, an exceptionally rare opportunity to acquire a 50 ft. lot primed for commercial development directly across from a Skytrain Station and in amongst one of Vancouver’s trendiest and most sought after neighbourhoods. The site does not require rezoning, and allows development up to 7.0 FSR. 

 

Please contact us for further details about the property.

November 23, 2018by david.taylor@colliers.com
Apartment, Investment

FOR SALE: 11-Unit South Granville Apartment Building

We are pleased to introduce for sale Shavian Apartments, an 11-unit rental apartment property located on West 10th Avenue, just East of Granville Street and just steps to the future Granville Street Skytrain stop.

Please see the brochure for further details. 

 

November 19, 2018by david.taylor@colliers.com
Apartment, Condo

29-Storey Tower Proposed for Burquitlam Site

Ledingham McAllister has submitted a rezoning and development permit application for 520 Cottonwood Avenue, at the corner of Cottonwood and Whiting Way. The 39,000 SF site is located in the rapidly developing Burquitlam area of Coquitlam. The site is currently improved with an older lowrise strata building which has sold. T

The application proposes to rezone the subject site from RM-2 Three Storey Medium Density Apartment Residential Zone to Comprehensive Development (CD-10), based on the Multi-Storey High Density Apartment Residential Zone (RM-6) per the Burquitlam Lougheed Neigbourhood Plan.

Details of the proposal, entitled “Precidia” include:

  • 176 market condo units;
    • 60 one-bedrooms, 98 two-bedrooms and 18 three-bedrooms;
  • 65 market rental units;
    • 5 studios, 32 one-bedrooms, 17 two-bedrooms & 11 three bedrooms;
  • 10 non-market rental units;
    • 2 studios, 5 one-bedrooms and 3 two-bedrooms;
  • 13,000 SF of amenity space;
  • a total density of 5.50 FAR;
  • a total building height of 305 ft;
  • 310 parking spaces.

 

 

The architect for the project is IBI Group.

Ledingham acquired the site in June 2018 for $22,500,000, or $105 per gross buildable SF.

November 16, 2018by david.taylor@colliers.com
Development, Office, Retail

1166 West Pender Office Tower to Include 355,000 SF of Office Space

Reliance Properties has submitted their formal application to rezone 1166 West Pender Street, currently a 15-storey office building located on an 18,630 SF site. Reliance acquired the site through an off-market sale by our team in 2016 for $71,400,000 shortly after which the building’s sole tenant, Canada Revenue Agency, vacated the building. The building has subsequently been leased by another federal government tenant on a shorter term basis.

The plan to redevelop the property envisions as 31-storey office building, to the maximum height allowable when factoring building shadowing performance into account.

The rezoning proposal includes:

  • 355,000 SF of office space;
  • Average floorplates of 12,181 SF;
  • 3,500 SF of retail space;
  • a total density of 18.73 FSR;
  • a building height of 387.5 ft.;
  • six levels of underground parking with 199 vehicle parking stalls and 198 Class A bicycle parking spaces.

The application describes the architectural building character as follows: “1166 West Pender will house 31 floors of office space, blending high design, ecological responsibility, and civic enhancement. The building brings strategic densification to the area, adding 354,978 sf of office space and commercial amenities to a constrained site in the downtown Coal Harbour neighbourhood. Replacing an existing 15-storey office tower, the sinuous 31-storey tower will introduce a strong architectural presence and enhance the public realm. The shape and form of the tower are directly informed by the surrounding buildings and the limitations of the site. Convex and concave exterior walls respond to the contours of the adjacent buildings to form an undulating body wrapped in ceramic-fritted curtain wall glazing. A curved white glass curtain wall affords unobstructed views and establishes a distinct character and impressive presence. The ceramic frit also reduces thermal transmission, lowering heating and cooling costs and improving the building’s sustainability.”

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

The architect team for the project is Hariri Pontarini Architects with IBI Group.

November 8, 2018by 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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