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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Apartment, Condo, Development, Retail

539 Units, Two Towers Planned for Burquitlam Site

Townline Homes, in partnership with Quadreal, have submitted their application to the City of Coquitlam for the 1.6 acre site that they own at 675 North Road and 668 Whiting Way in the Burquitlam area. The site is located on the east side of North Road, and is bound by Whiting Way to the east, Shepherd Avenue to the south, and North Road to the west.

The site is currently improved with two older lowrise apartment buildings totaling 593 units. It is located in the Burquitlam-Lougheed Neighbourhood Plan and is designated Transit Village Commercial.

Detail of the proposal include:

  • a 45-storey condo tower & 18-storey rental tower;
  • 385 market condo units;
    • 214 one-bedrooms, 119 two-bedrooms & 52 three-bedrooms;
  • 154 rental units inclusive of 20 below-market rental units;
    • 27 studios, 58 one-bedrooms, 35 two-bedrooms & 14 three-bedrooms;
  • 17,700 SF of retail space (strata retail units);
  • 665 parking spaces;
  • 35,300 SF of common amenity space;
  • tower heights of 470 ft. and 200 ft.;
  • a total density of 6.0 FAR;
  • a new east/west pedestrian connection;
  • $16 Million in bonus density funds & $230,000 in CACs

The architect for the project is Dialog.

The site sold in 2018 for $46,000,000, or $108 per gross buildable SF.

September 27, 2019by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

Plan for East Broadway Safeway Site Includes Three Towers

Westbank has submitted their formal rezoning application for the Safeway site on East Broadway, just East of Commercial Drive.

The site at 1780 East Broadway totals 105,965 SF and is currently zoned C-3A, but was redesignated to allow a site-specific rezoning as part of the Grandview Woodland Community Plan.

The proposal consists of a mixed-use development with three residential towers (including strata, rental and social housing units), retail, office, a childcare facility, and a new public plaza.

Details include:

  • 680 total residential units;
    • 520 condos
    • 160 rental apartments;
  • a 53,000 SF Safeway store;
  • 20,000 SF of additional retail space;
  • 61,300 SF of office space;
  • a childcare facility;
  • 652 parking spaces;
  • unique “hanging gardens” in the interior courtyard;
  • a 20,000 SF public plaza running parallel to the SkyTrain station; and
  • a total combined density of 5.87 FSR.

The application is being considered under the Grandview-Woodland Community Plan.

The full rezoning application can be viewed here: https://rezoning.vancouver.ca/applications/1780ebroadway/index.htm

The architect for the project is Perkins + Will.

September 25, 2019by david.taylor@colliers.com
Development, Office, Retail

Beedie Planning 5-Storey Office/Light Industrial Building near Canada Way

Beedie has submitted a rezoning application to the City of Burnaby for a two acre site at 3133 Sumner Avenue. The site is located between Canada Way and Highway 1, just East of Gilmore and across the street from the Grand Villa Casino.

The site is currently zoned M1 but the rezoning seeks a designation based on the M2 General Industrial District, M5 Light Industrial District and C1 Neighbourhood Commercial District. The site is in the OCP for “Business Centre Development”.

The site is currently improved with an older industrial building.

The rezoning plan is to permit the construction of a 5-storey light industrial and office building with a small retail component. Details include:

  • 111,779 SF of office space;
  • 58,488 SF manufacturing/industrial space;
  • 2,577 SF of retail space;
  • 495 parking spaces;
  • a total density of 1.98 FAR.

The development concept includes “extensive glazing and architectural character. The first two floors provide a number of flexible, high-volume, industrial spaces with some common amenities on the ground floor. A ground floor commercial/restaurant space is also proposed, which would provide a commercial amenity to the area. The top three floors provide for office spaces.”

The architect for the project is Taylor Kurtz.

September 15, 2019by david.taylor@colliers.com
Apartment, Condo, Development, Retail

Master Plan for Aoyuan Brentwood Site Envisions 5 Towers, up to 2.2 Million SF

Aoyuan International has submitted the rezoning application to develop the conceptual master plan for their 9 acre site in the Brentwood Town Centre area of Burnaby.

The site, entitled ‘the Grove’, is located at the Southeast corner of Willingdon Avenue and Dawson Street. Aoyuan acquired the site, which consists of seven parcels currently improved with older industrial buildings, in 2017 for $152,000,000.

The master plan for the site establishes general built form, maximum building heights, development densities, permitted uses, public open space requirements, and proposed subdivision and phasing pattern. A further site specific rezoning application for Phase I will come at a future date.

The overall highlights of the master plan include:

  • 5 condo towers ranging from 36 to 51-storeys in height;
  • 4 lowrise affordable rental buildings of 6-storeys;
  • a new 1.14 acre City park;
  • retail and restaurant space;
  • four development phases;
  • An overall max density of 2,206,557 SF;
  • 20% inclusionary rental units at 20% below CMHC average per new Rental Use Policy.

The application describes the concept: “the Grove is a pedestrian-oriented community that reflects the strong urban design principles and an urban form unique in the City. At its heart is a new City park framed by a mix of buildings with a variety of uses that all contribute to an energetic heart for the community. The park is to be connected to the Dawson High Street via a central north-south pedestrian linkage that bisects the entire site from Alaska Street to Dawson Street. From east to west, Alpha Avenue will be connected to the mix of residential and commercial retail / restaurant uses on Willingdon Avenue, via an extension of Juneau Street through the site.”

The City of Burnaby’s recently adopted Rental Use Zoning Policy requires 20% of the proposed strata units as affordable rental housing. This provides 0.85 FAR offset density available under the RM4s District.

The maximum density outlined above equates to 8.35 FAR, which includes 3.6 FAR (RM4s), 1.7 FAR (RM4r), 0.85 FAR (offset), and 2.2 FAR (C9 – Commercial) subject to Council approval and individual rezoning applications for each phase.

September 14, 2019by david.taylor@colliers.com
Development, Office, Retail

Application Reveals Revised Office Block & Entryway for Oakridge

The latest development application for Oakridge Vancouver has been submitted and it outlines the plan for the renovation of the existing, stand-alone office buildings on West 41st Avenue, as well as the main pedestrian entrance to the renovated mall and park.

Details include:

  • renovation of the existing office building including seismic upgrades and new building envelope with curtain-wall glass;
  • minor envelope upgrades to the Terraces residential building;
  • new transit plaza gateway with covered canopy;
  • new main mall entry with exterior facing retail;
  • connection to the new 9-acre rooftop park.

The application by Henriquez Parnters architects describes the overall rationale: ” Located at the transit hub of the Cambie Street-West 41st Avenue intersection, DP-3a is the principle project access point for Canada Line users, bus riders and pedestrians. DP-3a’s location marks the project’s symbolic “front door.” This prominence is celebrated with a Transit Plaza that accommodates flexible programming for informal gathering, community events and performances. Elevated above the plaza is a large sculptural canopy that marks the entry to the public park and retail development beyond. Plants on the Northeast Office’s exterior lead visitors towards the park’s upper levels. At grade, the Transit Plaza leads retail visitors towards the mall’s grand, ceremonial doors. “

Here is the office tower as it exists today:

The full application can be viewed here: https://development.vancouver.ca/650w41stav/index.htm

September 11, 2019by 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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