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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Development, Office, Retail

7,000 SF Commercial Building Planned for Lower Lonsdale Site

A rezoning application for a 2,752 SF site at the corner of Carrie Cates Court and Lonsdale, directly across the street from Lonsdale Quay. 1 Lonsdale Avenue is currently occupied by an italian restaurant, Gusto Di Quattro. The site has been owned by the Babalos family since 1941 and they are the developers. 

The application seeks to amend a previous CD zoning to support a new 3-storey passive house commercial building that would consist of a ground floor restaurant and two levels of office space above. Due to the site’s small size, off-street parking is not possible and the applicant is requesting a waiver.

Details of the proposal include:

  • a total floor area of 6,963 SF;
  • 2,159 SF of restaurant space;
  • 4,804 SF of office space;
  • a density of 2.53 FSR;
  • a building height of 39 feet.

The architect for the project is John Hemsworth.

July 13, 2018by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

Third Burrard Place Tower to Include 233 Units

Reliance Properties has submitted a development permit application to the City of Vancouver for permission to develop “Tower C” at Burrard Place. The first two towers included a 55-storey residential tower with 444 units, sold out in 2016, and a 130,000 SF office tower on Burrard. The third tower is located mid-block on Hornby Street, at 1261 Hornby. 

The plan for the third tower includes a 35 storey mixed
use building, including the following:

  • 206 condo units;
    • 105 one-bedrooms, 100 two-bedrooms and one three-bedroom;
  • 27 market rental units;
    • 16 studios and 11 one bedrooms;
  • 5,120 SF of retail;
  • 40,252 SF of office;
  • A building height of 368 ft;
  • 9 levels of underground parking accessed from the lane with a total 375 parking spaces.

The application describes the design rationale: “Like most towers in Vancouver, Tower C’s massing is heavily shaped by zoning conditions, which in this case produces a simple volume with a nearly square plan of 36 stories. Our approach to the image of the building therefore has been influenced by this simple prismatic quality and by the fact that the neighboring towers are lighter in overall color and tone. To this end, we have developed a kind of supergrid of “modules”, here articulated by dark gray metals
against low iron glazing, that reads distinctly different than the lighter grids of Tower A and the punched white brick façade of Tower D.

Like cells in an analogue film strip, these modules track up the building in four bays, each slipping past one another, suggesting motion and revealing the “action” within each module. This composition plays in elevation with the symmetry of the typical floor plan through the interlocking material logic of clear / silver glazing systems and the gray metal panel system. To further refine this supergrid, black ceramic frit is used as a kind of graphic tailoring that includes radiused and thickened corners.”

The architects for the project are Neil Denari and IBI Group.

July 11, 2018by david.taylor@colliers.com
Condo, Investment, Office, Retail

Five Towers, 1,386 Units, Planned for Coquitlam Inn Site

Anthem Properties is proposing to rezone a 6.0 acre site at 319 North Road for their upcoming project, entitled “SOCO“. The site is currently home to the Best Western Plus Coquitlam Inn Convention Centre and liquor store. 

The application to the City of Coquitlam proposes to rezone the site from the existing C-2 General Commercial and RS-l One-Family Residential to C-7 Transit Village Commercial to accommodate a phased, mixed-use development.

The site is located within the Burquitlam-Lougheed Neighbourhood Plan (BLNP)
and the Burquitlam-Lougheed ‘Core’ area in the TDS. The current OCP land use
designation on 319 North Road is Transit Village Commercial, and the current
designation on 566 Lougheed Highway is High Density Apartment Residential.

The proposed development includes 1,386 market condo units in five towers,
along with retail, restaurant, and office space. The overall gross buildable area can be up to a maximum of 1,185,607 SF.

The first phase of the project is located along North Road, and includes two towers (27 and 31 storeys) with condo units above a podium with a large restaurant space, commercial retail units, indoor and outdoor amenity space, and office space. 

The other three towers, to be built in three further phases, include tower heights of 24, 34 & 44 storeys.

Details of the first phase include:

  • 494 condo units;
  • 50 studios, 192 one-bedrooms and 252 two-bedroom units;
  • 7,501 SF of restaurant space;
  • 7,990 SF of retail space;
  • 50,316 SF of office space;
  • a total site density up to 4.5 FAR;
  • 843 parking spaces;
  • a new East-West collector and North-South Road;
  • $45.9 Million in density bonus funds and CACs.

The architect for the project is IBI Group.

July 9, 2018by david.taylor@colliers.com
Apartment, Condo, Development, Retail

50-Storey Tower Proposed for Burquitlam Site

Ledingham McAllister has submitted a rezoning and development permit application to the City of Coquitlam for a 1.50 acre site at the southeast corner of Clarke
Road and Smith Avenue in the Burquitlam area of Coquitlam. The project is entitled “Highpoint“.

The site consists of three lots, two of which are vacant and a third which contains a 2-storey commercial building. The site is designated Transit Village Commercial in the Burquitlam-Lougheed Neighbourhood Plan (BLNP) and is located within the “Core” area in the Transit- Oriented Development Strategy (TDS). The proposed rezoning to CD is based on the C-7 Zone.

Details of the proposal include a 50-storey mixed use tower with a podium and includes:

  • 415 residential units:
    • 295 market condo units;
      • 97 one-bedrooms, 168 two-bedrooms;  30 three-bedrooms;
    • 105 purpose built rental units;
    • 15 below / non-market rental units ;
  • 7 commercial retail units (16,000 SF);
  • a total density of 6.1 FAR;
  • a building height of 406 ft.;
  • 15,900 SF of market condo common amenity space;
  • 8,900 SF of rental unit common amenity space; and
  • 527 parking spaces.

The application describes the building program: “The podium fronting Clarke Road is ten storeys in height and is characterized by an eight storey podium atop a double height commercial podium. All CRUs provide abundant transparent windows to ensure views from the street. Levels three through ten of the podium contain all of the 120 proposed rental units. Much of the floor area at the fourth level and adjacent the SkyTrain guide way consists of a bike storage and amenity area. This area will be screened with perforated metal panels, and will have accent lighting.”

The architect for the project is Rositch Hemphill Architects.

July 9, 2018by david.taylor@colliers.com
Apartment, Development

225-Unit Rental Building Proposed for Central Lonsdale

Anthem Properties has submitted a rezoning application to the City of North Vancouver for a 28,000 SF site at 143 East 17th Street and 1600 -1640 Eastern Avenue, just East of Lonsdale in the Central Lonsdale neighbourhood. The site sits just East of Anthem’s condo tower project “Local on Lonsdale“, completed in 2013.

The site is designated as Residential Level 6 (High Density) in the OCP, and currently consists of five parcels; each with a building that was constructed between 1954 and 1956. All five buildings combine for a total of 55 rental units.

The plan for the site is a new 13 storey rental apartment building with ground oriented
units at its base. Details include:

  • 225 rental units (including 32 at below market rents);
  • 24 studios, 134 one-bedrooms, 53 two-bedrooms and 14 three-bedrooms;
  • a total density of 3.30 FSR;
  • a new 18,595 SF public park on the South end of the site;
  • a total building height of 121 feet;
  • 177 parking spaces.

The application describes the design rationale: “Attention was placed on the development’s four edges to ensure the relationship between building and street and
the public realm are strengthened. The Eastern Avenue and lane edges strive to promote a friendly pedestrian streetscape and pleasant relationship between resident and the street, to create a sense of entry and privacy for residents. The building edge facing East 17th Avenue is designed to feature an expressive entry element to the
building, a double height volume that is architecturally articulated. The indoor fitness and health amenity space is strategically located to animate the street and lane edge and sits by the entrance for convenient access to promote an active lifestyle.”

The architect for the project is DYS Architecture.

July 6, 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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