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.
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

Market Spotlight: North Vancouver Proposals

Here is a look at some of the current preliminary development proposals that are in the works in the District of North Vancouver.

1080 Marine Drive

Staburn Group is planning a new 4-storey residential and retail building on this site which has been a Blueshore Financial location.

The proposal includes 32 condos above 6,896 SF of retail space with 76 parking spaces (62 for residents, 14 for retail customers). The Official Community Plan designates this site as Commercial Residential Mixed-Use Level 1 (CRMU1). The total proposed density is 1.75 FSR.

The retail component is actively being marketed for sale or lease by Colliers.

Staburn acquired the site from Blueshore in 2017 for $7,600,000.


1235 Marine Drive

This former Subaru dealership is proposed to be redeveloped to allow a new 4-storey condo above retail project consistent with the OCP for the Marine Drive corridor.

The rezoning application proposes 39 condos above 6,772 SF of retail space with 62 parking spaces. Similar to 1080 Marine Drive, the proposal seeks a density of 1.75 FAR.

The architect for this project is Proscenium Architecture.


1900-1950 Sandown Place

This application is for an assembly of three single family lots on Sandown Place, just West of Capilano Road in the Lions Gate Village townhouse area.

The application as submitted proposes 22 townhomes in a three-storey building with 44 parking spots in an underground parkade. The total density is 1.20 FAR.

The architect for this project is Matthew Cheng Architect Inc.


2045-2075 Old Dollarton Road

A rezoning application has been submitted for this 12,368 SF site in the Maplewood Village area of North Vancouver.

The application as submitted proposes 36 condos above 4,148 SF of commercial space in a 5-storey building with 60 parking spaces (41 for residents, 9 for visitors, 10 for retail customers). The total density is 2.50 FAR.

The site sold in 2018 for $5,500,000, and more recently has been listed for sale by CBRE.


3700-3718 Edgemont Boulevard

The owner of this heritage fourplex on Edgemont Boulevard between Edgemont Village and Capilano Road has submitted a prelinary application to redevelop the site.

The application proposes relocating the existing heritage fourplex on the site, and then adding either: 

  • an additional 25 duplex homes (for a total of 29 homes) plus 40 parking stalls in an underground parkade, or
  • an additional 33 row homes (for a total of 37 homes) plus 51 parking stalls in an underground parkade
  • a total density of 0.84 FAR in either scenario.

In both options, the relocated fourplex would be fully restored, designated as a heritage resource, and secured as below-market rental housing for low to moderate income families for a minimum of 10 years.

The site sold in 2018 for $5,120,000.

March 25, 2020by david.taylor@colliers.com
Apartment, Development, Retail

Redevelopment of Ashley Mar Co-Op to Include 528 Units

Intracorp has submitted their formal rezoning application for the Ashley Mar Co-Op property at 8460 Ash Street and 8495 Cambie Street. The one acre site is home to a 54 unit co-op.

The proposal consists of a mixed-use development with three towers at 15, 24, and 27 storeys. Details include:

  • 1-for-1 replacement of the existing 54 Co-operative units;
  • 71 additional non-market housing units;
  • 457 secured market rental units;
  • 1 commercial-retail unit;
  • a total density of 7.54 FSR;
  • a maximum building height of 267 ft.; and
  • 309 underground parking spaces and 1,162 bicycle spaces.

The application is being considered under the Marpole Community Plan. On February 11, 2020, Council approved the recommendations of an Issues Report seeking permission for staff to consider accepting and begin the review process of a rezoning application with building heights beyond those envisaged in the Marpole Community Plan.

The architect for the project is Perkins & Will.

March 4, 2020by david.taylor@colliers.com
Apartment, Development, Retail

43-Unit Rental Building Planned for Kingsway

The latest Rental 100 application is for a site at 1265-1281 Kingsway, next door to another application from December 2019 for a 43-unit project at 1247 Kingsway.

The site is currently zoned C-2 but the rezoning would allow for the development of a 6-storey mixed-use residential building including:

  • 43 market rental units;
    • 20 studios, 5 one-bedrooms, 16 two-bedrooms & 2 three-bedrooms;
  • 3 retail units at grade;
  • a total density of 3.70 FSR;
  • a maximum height of 69 ft.; and
  • 51 underground parking stalls and 89 bicycle spaces.

The application is being considered under the Secured Market Rental Housing (Rental 100) Policy.

As with the project next door, the architect for this one is Stuart Howard.

The full rezoning application can be viewed here: https://rezoning.vancouver.ca/applications/1265-1281kingsway/index.htm

March 1, 2020by david.taylor@colliers.com
Apartment, Condo, Development, Retail

Large Scale Redevelopment Proposed for Port Moody Site

A 2,344 unit residential development has been proposed by Edgar Development for a 23 acre site they own in Port Moody.

The site, known as ‘Woodland Park‘, is located at Cecil Drive and Angela Drive in the College Park neighbourhood on the Western part of Port Moody. The site is currently improved with older lowrise rental apartment buildings totaling 200 units in 19 buildings scattered across the site.

Edgar acquired the site in 2018 for $97,500,000.

The site is designated Multi-Family Residential in the OCP, which permits various building forms from three, up to a maximum of six storeys in height. The site is located outside the Evergreen Line Sub-areas and therefore has not been specifically designated for development forms higher than six storeys.

The OCP and Rezoning Application contemplates a master planned redevelopment with 18 buildings from 4 to 26-storeys in height, that includes:

  • 2,344 total units
  • 2,319 condo units;
  • 325 below market rental units for BC Housing;
  • 10,000 SF of community use space;
  • 5,000 SF of retail space;
  • a total density of 2.15 FAR;
  • neighbourhood park, play area & multi-use path around the perimeter of the property;
  • seven phases to be developed over 16 years.

70% of the site is proposed to be retained as environmentally sensitive areas/green space.

The rezoning application is still in the early stages at the Community Planning Advisory Committee. Input from the committee will determine whether the application moves forward on it’s own, or as part of a larger OCP review for the area.

The proposal would join the Flavelle Oceanfront project as by far the two largest development proposals in Port Moody history.

The architect for the Woodland Park project is Acton Ostry.

February 27, 2020by david.taylor@colliers.com
Office, Retail

West 4th Commercial Building Sells in $10.5 Million Deal

A 13,700 SF retail and office building on West 4th Avenue near Alma Street has sold for $10,500,000. The building is 2-storeys with office above retail and the site, measuring 11,191 SF is zoned C-2 commercial.

The sale equates to a price per SF of $768 for the building, or $375 per buildable SF based on the zoning. The cap rate equates to 2.8%.

The property had been listed with Macdonald Commercial.

February 26, 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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