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

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
Condo, Development, Retail

35-Unit Building Planned for Site Across from Langara College

A rezoning application has been submitted for a 17,935 SF, three lot land assembly at the corner of West 49th Avenue and Manitoba Street, directly North from Langara College. The project is entitled Langara House.

The site is currently zoned RS-1 (One-Family Dwelling). The proposal consists of a 4-storey woodframe mixed-used building and includes:

  • 35 condo units;
    • 1 studio, 16 one-bedrooms, 14 two-bedrooms & 4 three-bedrooms;
  • 5,700 SF of retail space;
  • a total density of 2.27 FSR;
  • a building height of 61 ft.; and
  • 53 underground parking spaces and 44 bicycle spaces.

This rezoning application is being considered under the Cambie Corridor Plan.

The architect for the project is Billard Architecture.

August 12, 2019by david.taylor@colliers.com
Apartment, Development, Office, Retail

Previously Approved Rental 100 Project Revised Under Moderate Income Policy

A rezoning application has been submitted for a site in Mount Pleasant that was previously approved for rezoning under Rental 100.

445 Kingsway and 2935 St. George Street, currently the Destination Hyundai dealership, received rezoning approval from City of Vancouver council in 2016 for a 109-unit rental apartment project with a new Honda dealership at grade. The rezoning was never enacted, and a new application has surfaced in its place.

The new application is being made under the City’s Moderate Income Rental Housing Pilot Program, which allows proposals up to 14-storeys on arterials. The existing 46,576 SF site is zoned C-2.

The proposal calls for two 14-storey towers above a podium, and includes:

  • 215 rental units (with 20% of the residential floor area assigned to moderate income households);
  • 54 studios, 86 one-bedrooms, 54 two-bedrooms & 21 three-bedrooms;
  • 31,000 SF of retail and office space;
  • 96,000 SF commercial car wash and vehicle storage in the underground parkade;
  • a total density of 4.84 FSR (above grade);
  • a building height of 150 ft.; and
  • 224 underground parking stalls and 443 bike spaces (including underground vehicle storage).

The commercial car wash is intended to serve the nearby Kingsway Honda dealership and service centre located at the Stella mixed-use development at Kingsway and East 12th Avenue.

The application is being considered under the Moderate Income Rental Housing Pilot Program.

The architect for the project is Acton Ostry.

August 7, 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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