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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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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
Condo, Development, Retail

109 Condo Units Planned for East Broadway

Porte Homes has submitted their rezoning application for a full block site at the Northeast corner of East Broadway and Garden Drive in East Vancouver.

The site at 2406-2488 Garden Drive is an assembly of eight single family homes that combined create a site 33,867 SF in size. The site actually falls within two different subareas of the Grandview Woodland Plan. The North half of the site is located within the Grandview Transition Area, which allows consideration for up to 6 storeys and up to 2.65 FSR. The South half of the site is located within the Commercial Broadway Station precinct which allows up to 6 storeys with commercial at grade and up to 3.0 FSR density.

The combined proposal for the block consists of two 6-storey buildings over two levels of underground parking with:

  • 109 condo units;
    • 24 studios, 30 one-bedrooms, 38 two-bedrooms & 17 three-bedrooms;
  • 5,900 SF of retail fronting East Broadway;
  • a building height of 70 ft.;
  • a total density of 2.83 FSR;
  • 118 parking spaces and 261 bicycle spaces.

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

The architect for the project is Integra Architecture.

Porte assembled the site in 2018 for $24,900,000 or $258 per buildable SF based on the application.

The full rezoning application can be viewed here: https://rezoning.vancouver.ca/applications/2406-2488gardendrive/index.htm

September 3, 2019by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

174-Units Planned for Richmond Land Assembly

A rezoning application has been submitted to the City of Richmond for permission to rezone a 3.14 acre site in the West Cambie area for a new mixed-use development. The site comprises an assembly of six single family lots (all demolished and vacant) at 9080, 9086, 9100, 9180 Odlin Road and 4420, 4440 Garden City Road.

The subject site is designated “Mixed Use Employment-Residential” in the Alexandra Neighbourhood Land Use Map of the West Cambie Area Plan.

The proposed rezoning would permit the development of a 4-storey commercial building fronting Garden City Road and two 5-storey residential buildings facing Odlin Road and Dubbert Street, all over a common parkade.

Details include:

  • 174 total residential units, including:
    • 9 affordable housing units;
    • 15 Modest Market Rent Controlled Units, and;
    • 17 Market Rental units.
  • 13,260 SF of retail
  • 50,763 SF of office;
  • a total density of 1.88 FAR;
  • 224 residential and 164 commercial parking stalls.

The architect for the project is GBL Architects.

The site was assembled in 2016 for $19,017,500, or $84 per buildable SF based on the application.

September 3, 2019by david.taylor@colliers.com
Apartment, Development, Retail

63-Unit Rental Building Proposed for East Hastings

A rezoning application has been submitted by Chard Development to the City of Vancouver for the development of a new 6-storey mixed use rental building at the northeast corner of East Hastings Street and Slocan Street under the Rental 100 program.

The site is currently improved with an older 2-storey commercial building.

Plans for the 16,100 SF site include:

  • 63 market rental units;
    • 28 one-bedrooms, 20 two-bedrooms & 5 three-bedrooms;
  • 5,622 SF of retail space at grade;
  • a total density of 3.68 FSR;
  • a total building height of 69 ft.; and
  • 61 underground parking stalls and 126 bike spaces.

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

The design features an interior courtyard, explained in the application: “To increase the number of family units, maintain an efficiency of unit planning, and to maximize density, the project is configured in a courtyard form. With the courtyard, two-bedroom units along the north side of the building are able to have a bedroom facing the exterior to the north and a second bedroom facing the interior courtyard. Furthermore, the courtyard brings social benefits and improved livability by supporting spontaneous interactions among residents and providing greater access to daylight and cross ventilation for many of the units. In addition, mechanical units have the ability to draw fresh air from the courtyard as opposed to the busy street.”

The architect for the project is BHA Architecture.

Chard acquired the site in 2017 for $11,000,000, or $185 per buildable SF based on the application.

September 3, 2019by david.taylor@colliers.com
Condo, Development, Retail

Redevelopment of Kerrisdale Lumber to Include 64 Condos Above Retail

Gryphon Development has applied to the City of Vancouver for permission to redevelop the 6100 Block of West Boulevard in Kerrisdale between West 45th Avenue and West 46th Avenue, also known as the Stanley Ernest Peters (S.E.P.) block, which is partially occupied by Kerrisdale Lumber. Kerrisdale Lumber is moving two blocks South into Cressey’s new project McKinnon.

Gryphon acquired the 35,316 SF block in two separate transactions in 2017 totaling $54,748,000. The site is zoned C-2.

The proposal for the block’s redevelopment is a new 5-storey concrete mixed use building that includes:

  • 64 condo units;
    • 1 one-bedroom, 56 two-bedrooms & 7 three-bedrooms;
  • 19,204 SF of ground floor retail (including 9 CRUs & a restaurant);
  • a building height of 65 ft.;
  • a total density of 2.75 FSR (inclusive of Heritage Density Bonus – 10%);
  • two levels of underground parking providing 199 parking spaces.

The proposal also involves the preservation and restoration of portions of the existing buildings including some frontages and entryways. In exchance the developer is seeking some height and density relaxations.

The architect for the project is Yamamoto Architecture.

The full development application can be viewed here: https://development.vancouver.ca/6103wblvd/index.htm

August 27, 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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