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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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
Apartment, Condo, Retail

184-Unit Project Planned for Port Moody Site

Placemaker Development has submitted an OCP Amendment, Heritage Revitalization Agreement and Development Permit application for the 2400 Block between Clarke and Spring Streets and between Kyle and Queens Streets in Port Moody.

The proposal involves: an amendment to the OCP to increase the maximum height to six storeys for those portions of the block currently limited to three storeys; approval of a Heritage Revitalization Agreement to enable the relocation of a heritage building at 2419 Clarke Street; and, issuance of a development permit for the new buildings.

This proposal includes:

  • two, 6 storey, mixed use residential/commercial buildings separated by a pedestrian mews;
  • 184 residential units consisting of:
    • 110 condo units
    • 60 market rental units and,
    • 14 below market rental units, including 13 live/work units;
  • 24,405 SF of commercial space;
  • a total density of 3.22 FSR;
  • 252 vehicle parking spaces on 2 underground levels, 273 residential and commercial bicycle spaces; and
  • relocation of the existing heritage building presently located at 2419 Clarke Street to the corner of Clarke Street and Queens Street Plaza to be used for commercial purposes.

The architect for the project is GBL Architects.

November 1, 2022by david.taylor@colliers.com
Condo, Development, Retail

73 Condo Units Slated for East Broadway Site

Enso Group has submitted a rezoning application for a 5-lot land assembly on East Broadway and Semlin, near Commercial Drive. The proposal for the 20,000 SF site at 1961-1995 E Broadway and 2465 Semlin is to allow for the development of a 6-storey mixed-use building with retail space at grade.

The application is being made under the Grandview-Woodland Community Plan.

Details include:

  • 73 condo units;
    • 46 one-bedrooms, 20 two-bedrooms & 7 three-bedrooms;
  • A total density of 3.0 FSR;
  • A building height of 23 m (75.3 ft.); and
  • 91 vehicle parking spaces and 150 bicycle parking spaces.

The architect for the project is Urban Solutions Architecture Ltd.

October 28, 2022by david.taylor@colliers.com
Apartment, Development, Retail

One of First Broadway Plan Rezonings Proposes 25-Storey Rental Tower for Main

Westbank Corp. has submitted their formal rezoning application for a site at the Southwest corner of Main & 4th. This is one of the first rezoning applications to be put forward under the Broadway Plan.

The project, entitled ‘Prototype’ is envisioned as a case study of open-source mass timber construction and ‘Net Zero Lifecycle Carbon’. The concept was unveiled last year as a 21-storey tower and has since been refined, with an increased building height and fewer units.

The proposal is to allow for the development of a 25-storey mass-timber building on the southern portion of the site. The proposal includes:

  • 210 total rental units;
  • 168 market rental units;
  • 42 below market rental units;
  • 3,800 SF of retail space at grade;
  • A total density of 6.22 FSR;
  • A building height of 256 ft. with additional height for a rooftop amenity space;
  • No vehicle parking spaces and 377 bicycle parking spaces;
  • Mass timber construction; and
  • Retention of the existing building on the northern portion of the site.

The application is being considered under the Broadway Plan.

The architect for the project is Henriquez Partners.

The application describes a potential second phase on the North portion of the site that WeWork currently occupies:

“The overall site is proposed to be redeveloped in two phases, with the surface parking lot redeveloped as part of Phase 1 and the existing office building to be redeveloped as part of a future Phase 2. The Phase 1 redevelopment of the surface parking lot at the south portion of the site is the subject of this rezoning application.

We are proposing a hybrid mass timber rental housing tower with a density of 4.59 FSR for the residential tower, and a total of 6.22 FSR for Phase 1 (this rezoning application) including the existing M1 office building on the site. A future rezoning application for Phase 2 will include the demolition of the existing M1 building, to be replaced by a new retail podium and M6 tower, up to the maximum permitted 8.5 FSR.”

October 18, 2022by david.taylor@colliers.com
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David Taylor Personal Real Estate Corporation

Colliers International

DT

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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