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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Condo, Development, Retail

91-Units Proposed for East Broadway Site

Reliance Properties has submitted their development application for 471 East Broadway; a site that they acquired last year for $33 Million.

The site is located on the North side of Broadway encompassing the Eastern half of the block bounded on the West by Guelph Street and on the East by St. George Street.

The proposal for the 28,670 SF C-2C zoned site is a new 5-storey building that includes:

  • 91 condo units;
  • 40 studios, 27 one-bedrooms, 22 two-bedrooms & 2 three-bedrooms;
  • 16,000 SF of retail at grade;
  • a total density of 2.99 FSR;
  • a building height of 48 ft.;
  • 75 parking spaces on two levels of underground parking.

The application describes the design rationale: “Architecturally, the commercial ground plane forms a lightweight podium with a continuous glass canopy datum line accentuating the commercial base. A 24’ wide ‘urban room’ creates an indent to the building massing, creating the illusion of 2 buildings. This strategy is enhanced by the application of different materials to the two forms on Broadway; the West portion is brick clad with recessed or ‘carved-out’ balconies, while the East portion at the corner of St. George Street is clad in a light fibre cement panel system with an increasing gradation in visual weight towards the corner with punched windows with projecting eyebrow elements replacing carved-out balconies. This provides a more incremental expression to the overall development of the building frontage. The St. George elevation introduces the step down to the lane required by the C-2C zoning height envelope. This façade introduces materials symbiotic with the related RM-4 development to the North. On the lane, brick is introduced again to the townhouse form, reflecting its distinct residential character.”

The architect for the project is Integra Architecture.

June 12, 2020by david.taylor@colliers.com
Condo, Development, Office, Retail

More Office Added to Final Tower at Solo District

Appia Development has applied to the City of Burnaby to amend the plan for the fourth and final tower at Solo District in Brentwood. The four tower project is over half completed with the first two towers complete and the third tower, Cirrus well into construction. The second tower, Altus, includes 12 floors and 260,000 SF of office space.

The approved master plan for the site envisioned a 48-storey residential tower for the Southeast corner of the site fronting Willingdon, with a small amount of restaurant space.

The revised proposal increases the office portion of the tower from a 4-storey podium to a 18-storey podium, an increase of 160,000 SF of office space.

The fourth tower will now be 40 feet taller, but slightly shorter than Altus.

Details of the proposed changes include:

  • Increase in the office podium from 4-storeys to 18-storeys;
  • Increased in office space from 46,837 SF to 187,127 SF;
  • Total increase in height from 48 to 52-storeys;
  • No change in residential unit count (319);
  • Increase in retail space from 4,754 SF to 11,945 SF;
  • Change of restaurant use to retail CRU.
June 10, 2020by david.taylor@colliers.com
Condo, Development, Retail

Port Moody Site Slated for 204 Units + Retail

A rezoning application has been submitted by Mosaic Homes for a new development at 3015-3093 Murray Street in the Moody Centre area of Port Moody. The site is located on lands with the relatively new “Mixed Employment” OCP land use designation.

The 100,000 SF site currently vacant and being used for construction storage. This area has traditionally been an industrial area in transition. The site is in close proximity to the Moody Centre SkyTrain and West Coast Express station, though access is currently only possible via two circuitous routes, the pedestrian overpass accessed off Klahanie Drive or the Murray Street overpass, both of which are approximately one kilometre. If and when on overpass is constructed over the CPR line from the station area, the site will be between 200-300 metres from the station.

Mosaic is proposing to rezone the site from Light Industrial (M1) to allow three 6-storey mixed-use buildings located on a two-storey parkade that acts as a podium to the south abutting the CPR rail line and is wrapped with commercial retail units on the Murray Street and Electronic Avenue

Details include:

  • 204 condo units;
  • 102 one-bedrooms & 102 two-bedrooms;
  • 17,900 SF of ground floor retail;
  • a total density of 2.02 FAR;
  • 301 parking spaces;
  • 43,000 SF of outdoor amenity space on the parkade podium.

The application may require an OCP amendment as the intent of the Mixed-Employment designation was to include light industrial uses or second floor office space.

The architect for the project is Michael Green Architecture.

Mosaic acquired the site in 2017 for $18,300,000 or $88 per buildable SF based on the application.

May 27, 2020by david.taylor@colliers.com
Apartment, Condo, Development, Retail

2,800 Unit Master Plan Project Envisioned for Coronation Park

Wesgroup has submitted a pre-application for an OCP amendment and rezoning for a 15-acre, 59 single family lot land assembly in the Coronation Park neighbourhood on the Eastern edge of Port Moody.

In 2017, the City of Port Moody amended their OCP to include the Coronation Park Neighbourhood, thereby allowing a significant amount of potential new density. A number of assembly efforts emerged in the following couple of years, with Wesgroup emerging now having 48 of the 59 lots under contract.

Six properties to the north of Guilford Drive, including the large townhouse site (Balmoral Place) and the Esso gas station are not included in the assembly.

Wesgroup’s preliminary proposal for the 645,301 SF site includes:

  • Six highrise towers (32-36 storeys), five lowrises
  • Approximately 2,800 residential units;
  • 450 market rental units and 50 affordable units;
  • 12,000 SF of retail;
  • a total density of 4.40 FAR;
  • one acre of park space;
  • a road network based largely on existing site grades.

In it’s application cover, Wesgroup notes that they have until June 2022 to enact a rezoning as part of their agreements with owners. They also note contingency plans to deal with remaining holdout owners.

The next step for the project will be to move to a formal OCP Amendment and Rezoning Application later this year.

The architect for the project is Ciccozzi Architecture.

May 22, 2020by david.taylor@colliers.com
Development, Retail

6-Storey Building Planned for Granville & Drake Corner Lot

A development application has been submitted for the Northeast corner of Granville and Drake Streets in Downtown Vancouver. The corner has long been home to 7-Eleven.

The 50 foot (6,000 SF) corner lot was sold in February 2019 for $8,000,000. The zoning is DD.

The plan for redevelopment of the site is a 6-storey, mixed-use building that includes:

  • 29 residential units;
  • 24 one-bedrooms & 5 two-bedrooms;
  • 1,300 SF of retail space;
  • a total density of 3.50 FSR;
  • a building height of 70 ft.;
  • 3 at grade parking spaces having vehicular access from the rear lane.

The application describes the design rationale: “The proposal seeks to develop a single linear corner site to accommodate a stacked 6-storey building comprising of a single level of commercial use on the ground floor and five levels of residential units above. The building will be serviced by a single basement level housing bicycle parking, bulk-storage lockers, and service rooms.

As per the guidelines, there is zero building setback along the Granville and Drake Street sides, and a 15’ building setback along the lane edge. The main commercial space on the ground floor is located on the corner of Granville and Drake, allowing for continuous commercial continuity along Granville and a strong anchoring exposure to the corner of the street intersection. This commercial space is serviced by a Class B loading bay at the lane side, connected via a loading corridor that runs along the firewall edge of the building.


The residential entry is accessed off the quieter Drake Street side, providing clear visual identity away from the commercial corner. The five residential levels above house a total of 29 units consisting of junior one bedroom unit, regular one bedroom units, and larger two bedroom units. Each unit has access to a private balcony and a designated bulk-storage locker in the basement.”

The architect for the project is GBL Architects.

May 15, 2020by 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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