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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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Apartment, Development, Retail

Redevelopment of Dunbar Theatre Site to Include 45 Rental Units

A development application has been submitted to the City of Vancouver for the Dunbar Theatre site at 4555 Dunbar Street, at the corner of West 30th Avenue.

The proposal calls for the redevelopment of the 19,700 SF corner site with a new 5-storey, mixed-use building containing retail use on the first level and residential on levels 2 through 5.

The proposal includes the following:

  • 45 rental units;
    • 2 studios, 24 one bedrooms, 13 two-bedrooms & 6 three bedrooms;
  • 6,702 SF of theatre space;
  • 4,944 SF of retail space including a coffee shop and restaurant;
  • a total density of 2.89 FSR;
  • a building height of 68 ft.
  • Two levels of underground parking having vehicular access from the lane.

The proposal includes heritage designation of the retained exterior and structure of the Dunbar Theatre, originally constructed in 1935 and expanded and altered in 1964. The plan includes retaining the historic façade, theatre lobby, and select interior elements of the auditorium that are reinstated or replicated to match the original.

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 Giant Union Design Architecture & Planning Ltd.

The site was assembled between 2017 & 2018 for a combined $30,180,000 or $558 per buildable SF based on the application.

August 1, 2023by david.taylor@colliers.com
Apartment, Condo, Development, Retail

632 Units Proposed for ‘Seylynn Centre’ Site in North Van

A preliminary rezoning application has been reviewed by the District of North Vancouver for ‘Seylynn Centre’, a 3.1 acre assembly of 24 lots previously single family homes demolished in 2018. The site, owned by Denna Homes, is now being used as the construction staging for the neighbouring ‘Apex’ tower by Denna across Fern Street from the site.

A previous proposal was submitted in 2017 that envisioned a 19-storey tower and 6-storey building with 412 units and a density of 2.90 FSR.

The revised proposal for the site includes a 22-storey tower and 6-storey podium in the eastern portion of the site (“Phase 1”) and a 29-storey tower and 6-storey podium in the western portion of the site (“Phase 2”).

Details include:

  • 334 condo units;
  • 146 market rental units;
  • 152 student housing units;
  • 17,825 SF of retail space;
  • a total density of 3.90 FSR;
  • a public plaza on the southern portion of the site;
  • 597 parking spaces.

The current proposal includes a density of 3.9 FSR, exceeding the site’s envisioned density of 2.9 FSR, and the “CRMU3” land use designation which supports a density up to approximately 3.5 FSR. The applicant is seeking an OCP amendment for the additional density, with the provision of non-market student housing, which equates to 1 FSR and 24% of the proposal’s residential component, provided in support of this request.

Further information about the preliminary proposal can be viewed here: https://www.dnv.org/property-development/1505-1571-fern-st-520-540-mountain-highway-1514-1568-hunter-st-seylynn-centre

July 13, 2023by david.taylor@colliers.com
Development, Office, Retail

6-Storey Retail & Office Building Planned for Port Moody Site

A rezoning application has been submitted to the City of Port Moody for a 17,247 SF assembly of two single family lots on St. Johns Street to allow a new office building.

The site is designated Mixed Use – Moody Centre in the Official Community Plan, allowing for development up to 6-storeys.

The proposal for the site includes:

  • 24,014 SF of retail space on the lower 3 floors;
  • 19,041 SF of office space on the upper 3 floors;
  • 5,253 SF of restaurant space on the top 2 floors;
  • a total density of 3.48 FAR;
  • 103 parking spaces on 3 underground levels.

The architect for the project is Mara + Natha Architecture.

July 6, 2023by david.taylor@colliers.com
Apartment, Development, Retail

Rezoning Plan Unveiled for PCI’s Broadway & Arbutus Project

The detailed rezoning application for 2096 West Broadway & 2560-2576 Arbutus Street, on the East side of Arbutus, has been submitted by PCI Group in partnership with Translink to the City of Vancouver. The site sits directly across Broadway from the Arbutus station currently under construction.

The project was first announced in May of this year. is to allow for the development of a 30-storey mixed use building. The zoning would change from C-3A and C-8 and includes:

  • 260 market rental units, 20% at below market rates;
  • 7,600 SF of retail space;
  • 7,100 SF of space for the Ohel Ya’akov Community Kollel;
  • A secondary Broadway Subway station entrance for Arbutus Station;
  • A total density of 11.40 FSR’
  • A building height of 298 ft.; and
  • 191 vehicle parking spaces and 489 bicycle parking spaces.

This application is being considered under the Broadway Plan.

The architect for the project is MCM.

July 6, 2023by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

Up to 4,000 Units Envisioned for Columbia Square Site in New Westminster

A preliminary rezoning application has been submitted by Edgar Developments for the 7.2 acre Columbia Square Plaza Shopping Centre site in New Westminster.

The site at 88 Tenth Street is a large triangular shaped lot located in the Downtown neighbourhood bounded by Royal Avenue and Columbia and Tenth Streets. It is located about 100 meters from the New Westminster Skytrain Station.

The existing strip mall includes Save-On-Foods, BC Liquor Store, several banks and Pharmasave.

The site is designated Mixed Use High Density within the Downtown Community Plan and the general form of development is expected to be tower residential with a mix of retail, office and residential podiums interfacing with grade.

The proposal seeks to establish a master plan that would facilitate a multi-phased high density development that includes:

  • 6 to 8 residential towers;
  • replacement of existing retail;
  • minimum 120,000 SF of office space;
  • between 1.7-3.0 Million SF of residential space;
  • 2,200 to 4,000 units;
  • 10% inclusionary units;
  • community and public spaces.

The application is still preliminary and requires Council direction to authorize planning staff to work with the owners to refine the proposal before a formal rezoning application will be considered.

The site was acquired by Edgar in 2022 for $136,000,000.

June 9, 2023by 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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