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.
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

4-Storey Building Planned for Dunbar Street

A development application has been submitted for a full city block on Dunbar Street, on the East side of Dunbar between West 39th and West 40th Avenue, which is the northern extent of the commercial strip on Dunbar in the Southlands area. The site totals 12,170 SF in size. The site is currently improved with an older single storey commercial building and a community garden. The site is zoned C-2.

The plan for redevelopment is a new 4-storey mixed use building containing commercial/retail shops on the ground level and residential above. Details include:

  • 14 market condo units;
  • 5,693 SF of retail space;
  • A total density of 2.05 FSR;
  • A building height of 48.17 ft.
  • one underground level of parking, loading and bicycle parking having access from West 40th Avenue .

Under the site’s existing C-2 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 Wensley Architecture.

The site was acquired in early 2018 for $15,500,000, or $677 per buildable SF based on the application.

January 7, 2019by david.taylor@colliers.com
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
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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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