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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Apartment, Development, Retail

Rezoning Proposal for Former MEC Broadway Site Unveiled

Reliance Properties and Quadreal have submitted their long-anticipated rezoning application for the former MEC site at 130 West Broadway. MEC moved into a new purpose built facility on West 2nd Avenue.

The site is owned by Quadreal and Reliance in a 50/50 partnership. Despite having acquired the site over five years ago and originally submitted a rezoning enquiry in 2017, the rezoning application was delayed as a result of the Broadway Plan process.

Located within the Broadway Shoulder Area (East) neighbourhood sub-area of the Broadway Plan, the project site encompasses a significant portion of the south side of the block between Columbia and Manitoba Streets, on West Broadway.

The rezoning proposal is to allow for a two-tower rental apartment complex that includes:

  • two towers, 29 & 28-storeys in height;
  • 524 secured market rental units;
  • Commercial space at grade and on level 2;
  • A 37-space child care facility;
  • A total density of 8.46 FSR;
  • significant rooftop amenity spaces;
  • Building heights of 328 ft. (east tower) and 325 ft. (west tower); and
  • 372 vehicle parking spaces and 1,151 bicycle parking spaces.

The application is being considered under the Broadway Plan.

The architects for the project are NMDA and Arcadis/IBI Group.

The full rezoning application can be viewed here: https://www.shapeyourcity.ca/130-w-broadway

February 15, 2023by david.taylor@colliers.com
Development, Office, Retail

CIBT Planning Hotel and Office Complex for Richmond Site

CIBT Education Group has applied to the City of Richmond for permission to rezone a site at 7780, 7800, 7804, 7820 and 7840 River Road in Richmond.

The 77,000 SF site is an assembly of underutilized commercial and industrial parcels. It is designated in the City of Richmond’s OCP as Urban Centre T5, which allows up to 3.0 FAR plus a bonus.

The proposal for the site includes:

  • an 11-storey hotel with 183 guest rooms;
  • an 8-storey office building with retail and restaurant space;
  • 2 ½ levels of underground parking;
  • a total density of 3.23 FAR (232,687 SF);
  • dike upgrades to City’s current standard (15 ft.)

The architect for the project is Urban Solutions Architecture.

January 29, 2023by david.taylor@colliers.com
Apartment, Development, Retail

110 Rental Units Planned for Fraser St. Site

Anthem Properties has submitted a rezoning application for a site sold by our team in 2022 at the Northwest corner of Fraser and East 17th Avenue in East Vancouver.

A portion of the site had a previous development application under the existing C-2 zoning for a 4-storey condo building.

The proposal is to allow for the development of a 14-storey rental apartment building that includes:

  • 110 market rental units (20 units assigned to moderate income households);
    • 25 studios, 33 one-bedrooms & 32 two-bedrooms;
  • 5,035 SF of retail space at grade;
  • A total density of 6.90 FSR;
  • A building height of 156 ft.; and
  • 69 vehicle parking spaces and 213 bicycle parking spaces.

The application is being considered under the Moderate Income Rental Housing Pilot Program (MIRHPP) Rezoning Policy.

The architect for the project is BHA Architecture Inc.

January 18, 2023by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

High-Density Mixed Use Redevelopment Proposed for 5000 Kingsway

McCarthy Properties have submitted a Master Plan Concept to the City of Burnaby for the redevelopment of McCarthy Plaza, a full city block property on Kingsway in the Metrotown area.

The 3.83 acre site is comprised of four parcels, occupied with a number of older lowrise retail and medical/office buildings, collectively known as the Plaza 5000 complex.

The McCarthy Plaza site is located within the Metro Downtown Neighbourhood of the Metrotown Downtown Plan area which designates site for high-density mixed-use residential development under the RM5s Multiple Family, RM5r Multiple Family Residential District, and C3 General Commercial Districts.

The preliminary concept includes three mixed use towers above podiums to be built in four phases, as well as a new North-South public street “McCarthy Way”. The overall project will include approx. 1.8 Million SF.

Phase 1 includes a 70-storey signature landmark tower that includes:

  • 820,000 SF;
  • 425,000 SF of residential including 160,000 SF of rental in the lowrise.
  • 500 total residential units;
  • retail and office space;
  • substantial amenity space including daycare space, meeting spaces; gardens, bowling alley, fitness centre, basketball court and first nations art gallery.

The second and third phase anticipate a 54-storey mixed-use tower, and a 45-51 storey tower respectively. Phase 3 includes options for residential or commercial uses. Phase 4 includes a smaller lowrise commercial building.

The formal rezoning application for the project is expected in early 2023 and will include concurrent applications for the overall master plan and Phase 1 of the project.

The architect for the project is Dialog.

December 7, 2022by david.taylor@colliers.com
Apartment, Development, Retail

80 Rental Units Proposed for Downtown Site

A rezoning application has been submitted for a 50 ft. lot at 430-440 W Pender Street in Downtown Vancouver.

The proposal is wedged between two other rental proposals and calls for a 12-storey building that includes:

  • 80 market rental units;
    • 60 studios & 20 two-bedrooms;
  • Retail space at grade;
  • 1,324 sq. ft. of cultural amenity space on level 12;
  • A density of 8.20 FSR;
  • A building height of 115 ft.; and
  • 2 car share parking spaces and 159 bicycle parking spaces.

The application is being considered under the Downtown Eastside Plan and the Rezoning Policy for the Downtown Eastside.

The architect for the project is Architectural Collective.

The site sold for $8,977,000 in 2021, or $175 per buildable SF based on the application.

November 7, 2022by 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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