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, Development, Retail

127-Unit Rental Building Planned for Vacant Kingsway Site

A rezoning application has been submitted by Kerkhoff for the long vacant gas station site at the corner of Kingsway and Rupert Street in East Vancouver.

The 25,000 SF triangular site at 2970 Kingsway is zoned C-2 and has sat vacant for several years. The new rezoning proposal is a 6-storey rental building with retail at grade, and includes:

  • 127 market rental units;
  • 36 studios, 46 one-bedrooms, 39 two-bedrooms & 6 three-bedrooms;
  • 13,000 SF of ground floor retail space;
  • A total density of 3.96 FSR;
  • A building height of 78 ft.;
  • rooftop amenity space;
  • 99 vehicle parking spaces and 254 bicycle parking spaces.

The application describes the design rationale: “The proposed massing carries the full 6-storeys at both Kingsway facing corners, with the building form overhanging the commercial units below. This strategy articulates the corners as urban markers, responding to the presence of the street intersection in a unique manner, and further accentuated by wrapping building form and extending residential balconies.

The Kingsway frontage of the property is over 345’-0” / 105m long, so breaking this facade into smaller components is a fundamental requirement. By varying the unit types along this facade (and hence the unit widths) and exploring different balcony conditions, a significant amount of relief and interest in the building massing is created. This infill portion, book-ended by the larger massing components at the corners, is planar with the commercial units below, but setback at the top floor.”

The application is being considered under the Secured Rental Policy.

The architect for the project is Formosis Architecture.

The site had been listed for sale in 2019 with an asking price of $9,750,000 or roughly $100 per buildable sq ft based on the application.

August 6, 2021by david.taylor@colliers.com
Apartment, Development, Retail

9-Storey Rental Building Planned for Granville Street Site

A development application has been submitted to the City of Vancouver to develop a new mixed-use rental apartment building on the Granville Strip. The site at 1250 Granville Street is 8,998 sq ft and is currently occupied by the National Rental Car building and parking lot.

The redevelopment plan for the site is a 9-storey passive house rental apartment building with retail on the ground floor.

The application comes following the City’s current planning work to consider allowing more rental housing on the two block stretch of Granville between Helmcken and Drake Streets. Previous policy allowed a maximum of 3.50 FSR.

Details of the proposal include:

  • 61 market rental units;
  • 46 one-bedrooms & 15 two-bedroom units;
  • 2,425 sq ft of ground floor retail space;
  • a total density of 4.54 FSR;
  • a building height of 95 ft.;
  • shared rooftop amenity space;
  • 22 parking stalls on one level of underground parking having vehicular access from the lane.

Under the site’s existing DD-K3 zoning, 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 Lang Wilson Practice in Architecture Culture.

August 5, 2021by david.taylor@colliers.com
Apartment, Development, Office, Retail

City to Consider Early Rezoning Proposal for PCI’s Broadway & Granville Site

Next week the City of Vancouver will consider allowing a rezoning enquiry for PCI Group‘s site at the Northeast corner of Broadway & Granville to move ahead to the application stage.

PCI already secured a Development Permit for the site at 1477 West Broadway in 2019 for a project including 6 floors of underground parking and storage, retail uses, a subway station entrance, and three floors of office above. The project is already under construction at the P5 parking level.

Existing Development Concept

A higher density rezoning had been contemplated for several years, although the forthcoming Broadway Plan had essentially placed a moratorium on new rezoning applications. PCI’s rezoning inquiry will now be considered as an exceptional circumstance under the Broadway
Plan Interim Rezoning Policy given impacts on the station entrance construction should the project be delayed beyond the station construction timeline.

The preliminary proposal is a rental residential tower above a retail and office podium with integrated station entrance, to a height and density
significantly above what is permitted under existing zoning. Overall, it includes:

  • additional retail capacity including a grocery store;
  • additional office space;
  • market rental residential units including 20% moderate income units.

The rezoning application is expected to pause the current construction, although it is expected to save significant delays later on thereby minimizing impacts on circulation and access to the South Granville station when the Broadway Subway opens in 2025.

The City report can be viewed here: https://council.vancouver.ca/20210721/documents/cfsc3.pdf

The leasing brochure for the existing project can be viewed here: https://www.cbre.ca/properties/search/office/details/CA-Plus-298159/1477-w-broadway-vancouver-v6h-1h6?view=isLetting

July 15, 2021by david.taylor@colliers.com
Condo, Development, Retail

231-Unit Condo Project Slated for Oak Street Site

A rezoning application has been submitted by Enrich Developments to the City of Vancouver for a 68,313 sq ft. site at the Southwest corner of Oak Street and West 64th Avenue in Marpole.

The site is an assembly of 12 single family homes.

The proposal calls for the development of three buildings of 6 to 8-storeys in height, and includes:

  • 231 condo units;
  • 1 studio, 106 one-bedrooms, 102 two-bedrooms & 22 three-bedrooms;
  • 11,000 sq ft of ground floor retail space;
  • A total density of 3.10 FSR;
  • Building heights of 70 ft, 75 ft. and 95 ft.;
  • 272 vehicle parking spaces and 497 bicycle parking spaces.

The application is being considered under the Marpole Community Plan.

The architect for the project is Arno Matis Architecture.

The site was sold in 2017 for $57,000,000 or $269 per buildable sq ft based on the rezoning application.

July 14, 2021by david.taylor@colliers.com
Condo, Development, Office, Retail

38-Storey Condo Tower Planned for Burquitlam

Marcon has submitted a rezoning and development permit application to the City of Coquitlam for a site at the Northwest corner of Clarke Road and Como Lake Avenue in the Burquitlam area.

The site comprises 5 parcels totaling 1.20 acres. Two of the lots are owned by Marcon and three of the lots are currently owned by the City.

The development proposal, entitled ‘Elmwood‘ is a 38-storey condo tower that includes:

  • 333 condo units;
  • 63 studios, 176 one-bedrooms, 97 two-bedrooms & 37 three-bedrooms;
  • 11,356 sq ft of retail space;
  • 25,779 sq ft of office space;
  • a density of 5.38 FAR;
  • a total building height of 416 ft.;
  • 449 underground parking spaces.

The architect for the project is Shift Architecture.

July 9, 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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