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

49-Unit, 4-Storey Infill Building Planned for Kingsway Site

A development application has been submitted for a 17,970 SF site on Kingsway in East Vancouver, on the South side of the Street between East 19th and East 20th Avenues. The site at 1050 Kingsway is improved with an older 2-storey commercial building and is zoned C-2 which allows a maximum density of 2.50 FSR.

The proposal for the site includes a 4-storey mixed-use building consisting of retail, restaurant and residential on the main storey, and residential use on the second to fourth storeys. Details include:

  • 49 residential units;
    • 6 studios, 31 one-bedrooms & 12 two-bedrooms;
  • 7,307 SF of retail space;
  • a total density of 2.47 FSR;
  • a total building height of 50 ft.;
  • two levels of underground parking with 78 spaces;
  • a roof deck with amenity space.

Under the site’s existing C-2 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 Matthew Cheng.

August 26, 2019by david.taylor@colliers.com
Apartment, Condo, Development, Retail

Revised Plan for Oakridge Transit Centre Site to Include

The formal rezoning application has been submitted to the City of Vancouver for the Oakridge Transit Centre (“OTC”) site sold by Translink in 2016 to a group led by Modern Green Development. The project is slated to be named “Oak Green“.

A policy statement for the 14 acre site was approved in 2017 after three years of planning and neighbourhood consultation for the site. An additional three single family lots on Willow Street have also been added totaling half an acre.

The specific details of the development parameters for the site are now laid out in the rezoning application, and allow for a slight increase in height and density in exchange for an increase in social housing and rental housing.

Details include:

  • 1,149 condo units;
  • 180 secured market rental units, including 45 Moderate Income Rental Units;
  • 300 social housing units;
  • a total density of 2.30 FSR;
  • approx. 15,000 SF of retail space along West 41st;
  • building heights up to 230 ft (23 storeys).
  • an 8,500 SF childcare facility;
  • a new 2.34-acre public park.

The project is planned to be constructed in five phases, with Phase 1 (along West 41st) starting in 2020, and the final phase to be completed in 2031.

The application is being considered under the Oakridge Transit Centre and Adjacent Sites Policy Statement referenced above. The site is also subject to the Rezoning Policy for Sustainable Large Developments and Green Buildings Policy for Rezonings.

The architect for the project is James Cheng.

Link to the full rezoning application: https://rezoning.vancouver.ca/applications/949w41stave/index.htm

August 26, 2019by david.taylor@colliers.com
Condo, Development, Retail

131-Condo Building Proposed for East Hastings Site

Reliance Properties has submitted a rezoning application for a site on East Hastings Street in the Grandview Woodland area of East Vancouver.

The 29,158 SF site, 1943-1967 East Hastings Street, is located at the northwest corner of Semlin Drive and East Hastings Street, three blocks from Commercial Drive. It is currently zoned MC-2 and improved with one-storey commercial buildings including: an auto repair shop, sushi restaurant, pharmacy and social club.

The proposal consists of an 8-storey mixed-use building over three levels of underground parking and includes:

  • 131 condo units;
    • 65 studios, 21 one-bedrooms, 39 two-bedrooms & 13 three-bedrooms;
  • 18,246 SF of commercial space at grade;
  • a total density of 4.01 FSR;
  • a maximum building height of 86 ft.; and
  • 169 underground parking spaces and 300 bicycle spaces.

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

The architect for the project is Dialog.

August 22, 2019by david.taylor@colliers.com
Apartment, Development, Retail

7-Storey Mixed Market/Social Housing Building Proposed for Downtown Eastside

A development application has been submitted to the City of Vancouver for permission to develop a 25 ft. lot in the Downtown Eastside at 436 East Hastings Street. The site is currently improved with an older single storey commercial building.

Plans for the 3,050 SF site show a new 7-storey building that includes:

  • 22 affordable studio units, including:
    • 8 units of market rental housing;
    • 14 units of social housing;
  • 1,113 SF of ground floor retail;
  • a total density of 5.0 FSR;
  • 1 car share space.

This application is being processed through the Social Housing or Rental Tenure (SHORT) program. Under the site’s existing DEOD zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Development Permit Board.

The architect for the project is Wilson Chang.

August 21, 2019by david.taylor@colliers.com
Development, Office, Retail

7-Storey Building Planned for Railtown Site

A development application has been submitted by PortLiving for ‘Railtown Station’, a project at 711 Alexander Street, a triangular shaped site in Railtown totaling 11,438 SF in size. The site is bounded by CP railway tracks to the North and the Heatley Avenue overpass to the West.

Plans for the site include a new 7-storey light manufacturing, office, mixed use building including:

  • 48,238 SF of manufacturing space;
  • 5,380 SF of office space;
  • 3,572 SF of retail space;
  • A total density of 5.0 FSR;
  • A proposed height of 104 ft.; and
  • Three levels of underground parking providing 56 parking spaces having vehicular access from Heatley Avenue.

Under the site’s existing M-2 zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning.

The project had been pre-leasing through Avison Young under a previous design plan for the site:

The architect for the project is Formosis Architecture.

The site was acquired by PortLiving in 2017 for $5,100,000 or $89 per buildable SF based on the application.

August 19, 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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