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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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Condo, Development, Office, Retail

Application for 6th Phase of Oakridge Vancouver

QuadReal and Westbank have submitted their development application for the 6th phase of the Oakridge Vancouver redevelopment.

This phase is for the central portion of the overall site and completes the interior facing portion of the mall as well as the 9-acre park above it, and an area called The Commons, which is intended as a hub of outdoor activity
adjacent to a wide variety of restaurants and eating places around it.

This phase also includes a single storey of retail use, 1 storey of mixed retail and office use, 3-storey office podium, and a 27-storey condo tower (‘Tower 12’), over three storeys of underground parking.

The rooftops over the retail and office spaces are fully landscaped and include a public park with a variety of spaces for events, recreation, a dog run, and an 800-metre running-walking loop.

Details include:

  • 171 condo units;
  • 139,000 sq ft of office space;
  • 148,000 sq ft of retail space;
  • 4,500 sq ft of restaurant space;
  • a tower height of 338 ft.;
  • 556 underground parking stalls.

The architect for the project is Henriquez Partners Architects.

July 6, 2021by david.taylor@colliers.com
Development, Office, Retail

24-Storey Office Tower Slated for West Broadway Site

Yuanheng has submitted their rezoning application for the Pattison Toyota site at the Northeast corner Broadway and Hemlock (1395 West Broadway).

The proposal is a 24-storey office building that includes:

  • 273,442 SF of office space;
  • 24,000 SF of retail and restaurant space at grade;
  • A total density of 8.64 FSR;
  • A building height of 300 ft.;
  • 392 underground parking spaces and 172 bicycle spaces.

The application is being considered under the Metro Core Jobs & Economy Land Use Plan and Policy on Consideration of Rezoning Applications during the Broadway Planning Process.

Yuanheng acquired the site in 2012 for $30,000,000 or $101 per buildable sq ft. based on the application.

The architect for the project is Andrew Cheung Architects.

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

Anthem Proposing 66-Storey Metrotown Tower

Anthem Properties has submitted their rezoning application for a 56,000 sq ft site in the 4600 block of Kingsway and Hazel Street in the Metrotown area of Burnaby. The site includes the Cactus Club building fronting Kingsway.

The project is entitled “Metro King”.

The proposal is 66-storey high-rise residential tower set above a 9-storey
commercial component, with a 7-storey office podium atop a double-height ground floor restaurant and cafe space.

The overall project includes:

  • 645 residential units;
  • 372 condos;
  • 200 market rental units;
  • 73 non-market rental units;
  • a total density of 11.64 FAR;
  • 144,000 sq ft of office space;
  • 5,000 sq ft of retail space;
  • a building height of 692 ft.;
  • 18,000 sq ft of amenity space;
  • 876 underground parking spaces.

The Plan designates the subject site for high-density mixed-use development under the CD Comprehensive Development District utilizing the RM5s/RM5r Multiple Family Residential District and C3 General Commercial District as guidelines.

The architect for the project is Chris Dikeakos.

June 27, 2021by david.taylor@colliers.com
Apartment, Development, Retail

4-Storey Rental Building Proposed for Commercial Drive

Headwater Projects has applied to the City of Vancouver for permission to develop a site they own at 2886 Commercial Drive, at the Northeast corner of Commercial and East 13th in East Vancouver.

The site is 14,000 sq ft and zoned C-2C1. It is currently occupied by a single storey Auto Centre with a large surface parking lot.

Detail of the proposal include:

  • 47 market rental units;
  • 21 studios, 17 one-bedrooms & 9 two-bedroom units;
  • 6,800 sq ft. of retail on the ground floor;
  • A proposed Height of 45 ft.;
  • A total density of 2.59 FSR;
  • One level of underground parking w/24 stalls.

Under the site’s existing C-2C1 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 Musson Cattell Mackey.

The full development application can be viewed here: https://shapeyourcity.ca/2886-commercial-dr

June 25, 2021by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

Tower 6 at ‘Amazing Brentwood’ to Include 443 Units

This rezoning application by Shape Properties is for the detailed design
and construction of the sixth tower in the overall Amazing Brentwood Project. The overall master plan for the project was approved in 2013 and the first five towers are at various stages from completed and occupied to under construction.

Tower 6 will be located at the Northwest corner of the site, fronting Willingdon. It is currently surface parking.

The proposal for Tower 6 is a 39 storey residential tower, inclusive of a 4 storey rental podium with commercial at grade. Details include:

  • 443 residential units;
  • 369 condos;
  • 21 market rental units;
  • 53 non-market rental units;
  • 20,000 sq ft of office space;
  • 11,900 sq ft of retail space fronting Willingdon & Brentwood Blvd;
  • an overall density of 9.67 FAR.
  • a total building height of 417 ft.

The architect for the project is IBI Group.

June 18, 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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