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, Rental, Retail

69-Unit Rental Building Envisioned for Point Grey Corner

Third Space Properties has submitted a development application for a site at 10th & Discovery in the Point Grey Village area of Vancouver. The plan for the site includes a new 6-storey rental building with:

  • 69 market rental units;
  • 6,200 SF of retail space;
  • a density of 3.50 FSR;
  • a building height of 72 ft.;
  • Two levels of underground parking with access off the lane.

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.

From a media release: “Residents will have access to shared indoor and outdoor amenities, including a versatile lounge and coworking area designed to provide space for gathering, studying, and working. The building design seeks to fit into the existing village scale, while serving as a gateway to Point Grey Village. Streetscapes along both 10th Avenue and Discovery Street have been carefully planned, featuring active retail and residential frontages, alongside generous setbacks to encourage comfortable movement, adding to the vibrancy of one of Vancouver’s oldest village centres, Point Grey.”

Teh architect for the project is Integra Architecture.

December 4, 2024by david.taylor@colliers.com
Apartment, Condo, Development, Land, Rental, Retail

Vision for Capilano Mall Redevelopment Includes 11 Towers, Up to 3,100 Units

QuadReal has unveiled preliminary concept plans for the redevelopment of Capilano Mall in North Vancouver. The plans are being unveiled for community input before a more detailed application in 2025, including a required OCP Amendment.

The 17-acre property has been the subject of preliminary planning on and off since 2019, but got underway again in 2023.

Overall concept details include:

  • 11 Towers, 12-40 storeys in height;
  • ~ 3,100 residential units;
  • 30% rental;
  • 10% mid-market rental;
  • 152,000 SF of retail/commercial space;
  • 1.5 acres of public/park space
  • a 20-30,000 SF community centre;
  • a total density of 4.0 FSR.
Timeline

Further info can be found on the project’s consultation website: https://www.reimaginecapilano.com/

November 29, 2024by david.taylor@colliers.com
Apartment, Rental, Retail

Robson Street Site to be Redeveloped for Two Rental Towers with 393 Units, Retail

GWL Realty Advisors Inc. has applied to the City of Vancouver for permission to redevelop the 264 ft. of frontage that they own in the 1500 Block of Robson Street at 1525-1555 Robson, at the corner of Cardero Street.

The site is an assembly of two separate site acquisitions, with the latter of the two at 1555 Robson acquired in April 2024 out of foreclosure, for $58 Million.

The plan for the combined site is two rental towers, 29-storeys and 28-storeys, with retail uses at grade. Details include:

  • 393 market rental units;
  • 40,000 SF of retail space on two levels (1.2 FSR);
  • a total density of 9.625 FSR;
  • four levels of underground parking with 251 parking stalls.

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 Arcadis.

November 14, 2024by david.taylor@colliers.com
Apartment, Development, Rental, Retail

Plans Unveiled for PCI’s Spring Street Development in Port Moody

The formal rezoning application for PCI‘s Spring Street application has been released. The preliminary application for the 2.9 acre site was submitted in 2023 and has now been revised for full submission following the TOA legislation.

The site is located east of the Moody Centre SkyTrain Station north of Spring Street and east of Williams Street and consists of four lots, three of which are owned by PCI and the fourth by the Ministry of the Transportation and Infrastructure (MoTI). MoTI intends to retain ownership of this lot, with a long-term lease to PCI for use as a plaza along with four levels of below-grade parking connected to the below grade parking on the PCI owned properties.

The overall plan for the site includes:

  • 865 rental units including 44 below market units;
  • 67,000 SF of commercial space including a 41,000 SF grocery store;
  • a total density of 6.96 FSR;
  • 4,000 SF as ground level ‘artist space’;
  • a new pedestrian overpass;
  • a minimum of 400 parking stalls.

The architect for the project is Perkins + Will.

October 19, 2024by david.taylor@colliers.com
Apartment, Rental, Retail

14-Unit Rental Project Planned for 33 ft. Commercial Drive Lot

A development application has been submitted for a small lot at the Northeast corner of Commercial Drive and East 14th Avenue in East Vancouver.

2954 Commercial Drive is a 3,797 SF lot (33′ x 115′) that is zoned C-2C1. The site is now vacant but was previously home to the Scribes Rugby Club.

The proposal for the site is a 6-storey mixed use building with rental above retail, including:

  • 14 rental units;
    • 4 studios, 4 one-bedrooms & 6 two-bedrooms;
  • Retail space at grade;
  • a total density of 3.49 FSR;
  • A proposed height of approximately 68.0 ft.;
  • 6 vehicle parking spaces located down the block at 1725 East 13th (off the lane).

The architect for the project is MA + HG Architects.

September 27, 2024by 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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