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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, Retail

Polygon Proposing 8 Towers, 2,600 Units for Former Coquitlam School Site

Polygon has submitted their formal development application for the former Coronation Park Elementary School site that they own on the Western border of Coquitlam, adjacent Port Moody’s municipal boundary.

Polygon acquired the 10-acre site, which includes the former school and an assembly of 7 adjacent single family lots to the South, in 2016. It is designated for high density residential use in the City of Coquitlam’s City Centre Area Plan.

The site is directly East of another major master plan community in the works by Wesgroup, at Coronation Park on the Port Moody side. The site is about 350 metres from Inlet Centre Station.

Polygon’s preliminary proposal for the site includes eight towers in a multi-phased and predominantly residential development. Details of the overall plan include:

  • Up to 8 project phases;
  • 6 condo towers and 2 market rental towers ranging from approx. 30-50 storeys in height;
  • 2,558 total residential units;
    • 1,968 condos;
    • 590 rental units including 98 units below market;
  • a total density of 5.22 FAR;
  • a one acre public park in the Northwest corner of the site;
  • a new north/south road that connects Barnet Highway to Palmer Avenue;
  • 3,600 sq ft of retail space in Phase 1;
  • a 24,000 sq. ft. standalone amenity building;
  • a 6,000 sq. ft. childcare facility (capacity for approximately 37 children) in Phase 4.

The estimated full build out date for the project is 2038.

The application could proceed for consideration of First Reading by council sometime in mid-2022 and may include refinement related to the location of the daycare and the amount of rental housing.

October 22, 2021by david.taylor@colliers.com
Condo, Development, Retail

4-Storey Condo/Retail Building Planned for Dunbar & 41st

Gryphon Development has applied to the City of Vancouver for permission to develop the former Scotiabank property at 5659 Dunbar Street, a 16,376 SF site at the Northwest corner of Dunbar and West 41st.

The site has been used as a presentation centre by Gryphon since their acquisition of the site in 2017.

The plan for redevelopment of the site is a 5-storey mixed-use building containing retail uses on the first and second floor and condos above, with:

  • 25 condo units;
  • 4 one-bedrooms, 14 two-bedrooms & 7 three-bedrooms;
  • 10,321 sq ft. of retail space;
  • a total density of 2.50 FSR;
  • A building height of 45.3 ft.;
  • Two levels of underground parking providing 48 parking stalls.

Under the site’s existing C-2 zoning(External link), 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 IBI Group.

The full development application can be viewed here: https://shapeyourcity.ca/5659-dunbar-st

October 18, 2021by david.taylor@colliers.com
Apartment, Development, Retail

60-unit Rental Building Slated for Main Street Site

Locarno Development has submitted a rezoning application for a site at 3970-3998 Main Street. The site is currently occupied by two older lowrise commercial buildings.

The proposal is to allow for the development of a 6-storey market rental building that includes:

  • 60 market rental units;
    • 15 studios, 20 one-bedrooms, 21 two-bedrooms & 4 three-bedrooms;
  • 6,600 sq ft of retail space at grade;
  • A total density of 3.97 FSR;
  • A building height of 83 ft.;
  • 53 vehicle parking spaces and 128 bicycle parking spaces.

The application is being considered under the Secured Rental Policy.

The architect for the project is Yamamoto Architecture.

October 14, 2021by david.taylor@colliers.com
Apartment, Condo, Office, Retail

Morguard Proposing 2,175 Condo & Rental Units for Burquitlam Plaza Site

Morguard has submitted a significant high density mixed-use project, in the
Burquitlam-Lougheed Neighbourhood Plan area of Coquitlam, immediately adjacent to the Burquitlam SkyTrain Station.

Their development application for redevelopment of the 7.9 acre Burquitlam Plaza Shopping Centre site, located at the northeast corner of Clarke Road and Smith Avenue, goes to council for preliminary approval next week.

The project includes 6 residential towers, of 53, 43, 33, 33, 29 & 29-storeys in height, with retail and office space. The proposal includes:

  • 2,195 residential units (potentially all rental, or condo & rental);
  • 84,626 sq ft of office & retail space;
  • a total density of 5.50 FAR;
  • a total density of 1.9 Million SF;
  • a one acre, at grade urban courtyard.

Given the scope of the project and the number of elements to be addressed, it is estimated that the application could proceed for consideration of First Reading at Council in the second half of 2022.

September 24, 2021by david.taylor@colliers.com
Development, Office, Retail

Office & Industrial Development Proposed for SW Marine Drive Site

Hungerford Properties have submitted their rezoning application for the Kia Dealership site that they own at 396 SW Marine Drive in the Marpole area of Vancouver.

The proposal for the 3.2 acre site is to allow a 680,000 sq ft. mixed-employment redevelopment with industrial, office, daycare, and retail uses. The proposed form of development is a 10-storey and 19-storey building above a 3-storey podium. The overall proposal includes:

  • 396,000 sq ft of office space;
  • 100,000 sq ft of retail/commercial space;
  • 200,000 sq ft of light industrial space;
    • incl. basement, multi-storey & storefront industrial;
  • 37-space childcare facility;
  • A total density of 4.50 FSR;
  • An east building height of 165 ft. and west building height of 250 ft.;
  • Three levels of underground parking, including 674 vehicle spaces and 349 bicycle spaces.

The application is being considered under the Marpole Community Plan and the Employment Lands & Economy Review Phase 2 Report.

The architect for the project is HDR Inc.

September 23, 2021by 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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