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

Richmond Centre Redevelopment Will Include 2,000 Units & 130,000 SF of New Retail Space

Cadillac Fairview has submitted their formal application to initiate the redevelopment of Richmond Centre mall, announced earlier this year and the subject of public open houses this summer. Shape Properties has partnered with Cadillac to develop the residential component of the project.

The redevelopment of the southern portion of the 27 acre site, dubbed “CF Richmond Centre South” includes a two phase redevelopment of a horseshoe-shaped portion
of the south end of the existing mall.

The site does not actually require rezoning as the existing zoning allows for highrise residential towers; however, an OCP amendment is required to secure community benefits prior to DP issuance.

Details of the proposed new development include:

  • Approximately 2,000 residential units;
    • 1,850 market units & 150 affordable housing units;
  • 50% studio/1-bed units, 50% two & three bedroom units;
  • 419,114 SF of new commercial space (net increase of 129,513 SF after demolition)
  • A total of 2,500,000 SF;
  • A total density of 2.1 FAR (including remaining portion of existing mall);
  • Demolition of 290,000 SF of the existing mall and the multi-storey parkade;
  • Twelve towers up to a maximum height of 148 feet;
  • 4,000 off-street parking spaces on two-levels;
  • 43,056 SF of indoor amenity space;
  • A new City-owned street on the South edge of the property;
  • A new 0.5 acre public plaza.

The development will be constructed in two phases with completion scheduled for 2026, as follows:

  • 2018 – Sales centre construction and demolition of the former automotive shop (near the former Sears building)
  • 2019 – Opening of the sales centre and the start of Phase 1, including demolition (i.e. west half of the existing multi-storey parkade and a portion of the mall), excavation, and site preparation followed near year-end by the start of construction
  • 2021-2022 – Building-by-building completion and occupancy of Phase 1, beginning with the proposed underground parking and new retail space connected to the existing mall
  • 2022-2025 – Phase 2 demolition (including the former Sears building, the east half of the multi-storey parkade, and a portion of the mall), excavation, site preparation, construction, and occupancy

The architect for the project is GBL Architects.

September 17, 2018by david.taylor@colliers.com
Condo, Development, Retail

48-Unit Condo Building Proposed for Dunbar & 29th Site

Qualex-Landmark  has applied to the City of Vancouver for permission to redevelop a 30,763 SF land assembly that includes the Mac’s property at 4464 Dunbar Street with a condo building. The existing site is improved with an older strip retail centre. The site is zoned C-2 which allows a density of up to 2.50 FSR.

The proposal is for a new 5-storey condo building that includes the following:

    • 48 condo units;
    • 40 two-bedrooms & 8 three-bedrooms;
    • 10,859 SF of retail space;
    • Building height of approximately 52.9 ft;
    • A total density of 2.50 FSR;
    • Two levels of underground parking accessed from the lane with a total 129 parking spaces.

The application describes the design rationale: “The site on Dunbar Street, between West 28th and 29th Avenues, slopes greatly — almost 15′ from the lowest point of the site at grade to the highest point. The proposed building’s massing carefully addresses
the site’s terrain while recognizing the height limitations. We have designed a significant
setback at the corner of Dunbar and West 29th to serve as a public plaza. We imagine one retail unit facing the plaza to be a coffee shop or similar, to take advantage of the landscaped outdoor space of the plaza. We have also dedicated a part of the plaza to a public art piece, voluntarily commissioned by the owners.”

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 IBI Group.

The full application can be viewed here: https://development.vancouver.ca/4464dunbar/index.htm

September 6, 2018by david.taylor@colliers.com
Office

Upgrades Planned for 333 Seymour Street

A rezoning application has been submitted for Grant Thornton Place – 333 Seymour Street, a 17-storey class A office building at the corner of Seymour and Cordova Streets. The rezoning is intended to allow upgrades at the base of the building, including:

  • updated fitness amenities;
  • additional office area in the podium on levels one and two; and
  • additional retail and improvements to the public realm at grade.

The building sits between two active development sites – 601 West Hastings, a 25-storey office being built by PCI Group, and Bosa Waterfront Centre at 320 Granville Street, a 32-storey office tower. 

The upgrades are scheduled to begin next year.

September 5, 2018by david.taylor@colliers.com
Development, Office

Office Building Proposed Next to VCC-Clark Station

A development application has been submitted to the City of Vancouver for permission to develop a 41,147 SF site at the Northwest corner of Clark Drive and East 6th Avenue, directly South of VCC-Clark Station and adjacent the ‘East Van’ Cross in East Vancouver. The I-3 zoned site also borders Keith Drive, hence the project address 2102 Keith Drive.

The plan for the site is an 8-storey mass-timber office building that includes:

  • 124,000 SF of office space;
  • 18,370 SF floorplates;
  • A total density of 3.0 FSR;
  • A total building height of 117 feet;
  • 141 underground parking spaces.

The application describes the design rationale: “Located at the prominent eastern gateway to the False Creek Flats area, the massing of the 2102 Keith Drive building responds to the constraints of the site; rectangular in plan, the south face of the building is angled to match the Metro Vancouver Sewer SRW. The first floor of the building has been integrated into the sloping grade of the site, creating a building that emerges from the landscape. To the north, the ground floor relates to the industrial character of the False Creek Flats area through robust materials, service access and overhead doors. To the west and south interfaces of the building, a dynamic landscape design connects to the Great Northern Way Greenway and park spaces located to the south of the site. With the building lobby prominently located at the south-west corner of the site at Keith Drive and East 6th Ave, the building engages with the streetscape through a highly-glazed first floor facade that steps to match a series of landscaped terraces that animate the public realm at street level. Above the landscape-oriented ground floor, the building is constructed with mass-timber, a contemporary update of the typology of mass-timber buildings that were historically built for commerce and industry in East Vancouver.

The structural design of the building utilizes an innovative perimeter structural system of diagonally oriented braces which are integrated into the architecture of the building to create the primary expression of the building.”

Under the site’s I-3 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 Dialog.

The site was sold in 2016 for $17,530,000, or $142 per buildable SF.

August 27, 2018by david.taylor@colliers.com
Condo, Development, Office, Retail

28-Storey Tower Proposed for Robson Street

VivaGrand Developments has applied to the City of Vancouver for permission to develop 1555 Robson Street, a site at the corner of Robson and Cardero Streets in Downtown Vancouver. The 132 x 131 ft site is located in the West End Community Plan which rezoned the property to C-6, which conditionally allows for a market residential highrise if social housing and commercial space is included.

The site sits directly south of 1550 Alberni, a 43-storey condo tower by Westbank currently under construction.

The proposal is for a 28-storey tower that includes:

  • 177 residential units including 24 units of social housing;
  • Retail on the ground floor;
  • Office space on floors 2-3;
  • Social housing on floors 2-7;
  • Condos on floors 8-28;
  • A total density of 9.63 FSR:
  • A building height of approximately 300 ft.

Vivagrand acquired the site in October 2017 for $79,500,000 or $455 per buildable SF based on the gross floor area in the application.

The architect for the project is IBI Group.

The full development application can be viewed here: https://development.vancouver.ca/1555robson/index.htm

August 23, 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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