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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Development, Office, Retail

Lululemon HQ Proposal Includes Over 500,000 SF of Office Space

lululemon has submitted their formal rezoning application for their proposed new headquarters on Great Northern Way in the False Creek Flats. The company currently has four offices around the City, including the existing Cornwall Street building, and these will be consolidated. It is expected that the new building will accommodate about 4,000 people.

The plan for the new development at 1980 Foley Street was made public back in the Spring when the rezoning proposal was referenced in a City of Vancouver Policy Report.

The site is currently CD-1 (402) (Comprehensive Development) District as part of a 1999 rezoning of the Great Northern Way Campus lands. The current zoning only allows a building up to 120 feet, and so the rezoning is required to allow greater height and density. The site also falls under the False Creek Flats Plan area, which allows employment uses for the site.

The formal proposal is for a 13-storey office building (or “Store Support Centre”), to with ground-floor retail and cafe/restaurant use. The proposal includes:

  • 511,448 SF of office space;
  • 6,157 SF of retail space;
  • 4,358 SF of cafe/restaurant space;
  • a total density of 4.56 FSR;
  • 64,536 SF of amenity area;
  • A building height of 214.2 feet;
  • Landscaped terraces at levels 4, 7, and 13 offer outdoor social spaces
  • 840 parking stalls on five underground parking levels.

The application describes the design rationale: ” lululmeon’s love for design and attention to detail will be exemplified through a new, state-of-the-art destination facility in the community. The design of the building is organized around a central atrium space that will bring daylight and connectivity to the heart of the building. The building is established with a six-storey podium that reflects the scale of neighbouring properties and reinforces the streetscape. The upper levels are set back and creates an opportunity for landscape terraces that reflect Vancouver’s natural environment and China Creek Park. The building’s façade is carved into three main green spaces: a covered entry off Foley Street, a new public plaza along Great Northern Way, and a northwest corner enhanced with view of Downtown Vancouver and the North Shore Mountains. The public realm along Great Northern Way will be enhanced and activated with a new public plaza with opportunities for a café and outdoor seating, and lush planting along the eastern edge to reflect the legacy of China Creek. ”

This application is being considered under the False Creek Flats Plan.

The architect for the project is Morphosis Architects, in partnership with Francl Architecture.

August 7, 2019by david.taylor@colliers.com
Apartment, Development, Retail

128-Unit Rental Building Planned for Kingsway Site

Peterson Group has submitted their rezoning application under the Moderate Income Rental Housing Pilot Program (“MIRHPP”) for 1111-1123 Kingsway, a 19,211 SF site currently improved with single storey auto repair shops at the corner of Kingsway and Glen Drive in East Vancouver.

The plan for the site is for a new 13-storey mixed-use building that includes:

  • 128 rental units (23 units are designated as MIRHPP units);
    • 29 studios, 53 one-bedrooms, 43 two-bedrooms & 3 three-bedrooms;
  • DCL waiver maximum rents;
  • 7,330 SF of retail space at grade;
  • a total density of 5.39 FSR;
  • a maximum height of 133 ft.; and
  • 97 underground parking stalls and 260 bike spaces.

The application describes the design rationale: “The main residential lobby is located on Glen Drive allowing retail space to be maximized on the ground floor along Kingsway. The 7th floor includes an interior amenity space and access to a south facing amenity roof terrace that maximizes access to natural light and mitigates overlook. These amenity spaces will be designed in accordance with the High-Density for Families with Children Guidelines and will include elements such as children’s play and common social spaces. Where possible, the project will seek to incorporate additional building amenities, such as urban agriculture. The retail space is oriented to Kingsway on the ground floor and the corner in a contiguous space that has been designed to permit a flexible retail configuration that will animate the public realm.”

The architect for the project is MCMP Architects.

Peterson acquired the site in 2018 for $14,800,000 or $143 per buildable SF based on the application.

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

Rental Building Proposed for East Broadway Site

A development application has been submitted to the City of Vancouver for a new market rental building on a site at 731-743 East Broadway, located mid-block between Fraser Street and Prince Albert Street, on the north side of Broadway. The site is 12,093 (122′ x 99′) and is zoned C2-C.

The proposal anticipates rehabilitation and heritage designation of the existing building at 741 East Broadway, owned and occupied by Raymar Realty. Also planned is a new 5- storey mixed-use building to the West. Overall, the proposal includes:

  • 45 market rental units;
    • 29 studios, 3 one-bedrooms, 12 two-bedrooms and 1 three-bedroom;
  • 3,198 SF of retail space;
  • 1,695 SF of restaurant space;
  • a total density of 3.00 FSR;
  • a maximum building height of approximately 63.42 ft; and
  • 1 level of underground parking with 20 stalls accessed from the rear lane.

The application describes the design rationale: “The first step in generating the design was establishing the basic relationships on the site. The primary criteria was that the existing Heritage asset at #741-745 E Broadway be retained as completely as possible. All major “character defining” elements would need to be retained & restored, and in some cases reconstructed. The goal in developing the massing of the new portion of the development was to create a complementary, non-competing contemporary structure which would emphasize the prominence of the Heritage asset on the streetwall. Thus. the new development is set back from the face of the Heritage structure – a ~9’ indent in the street wall creates a “forecourt” in front of the new development, and allows us to retain the three-dimensional reading of the Heritage building when viewed from E Broadway.”

Under the site’s existing C-2C 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 Gair Williamson Architects.

July 24, 2019by david.taylor@colliers.com
Condo, Development, Retail

219 Condos Proposed for Kingsway Site

Coromandel Properties has applied to rezone the former Harvey’s Furniture site at 2725-2751 Kingsway, at the Northwest corner of Duke Street. The 49,893 SF site is zoned C-2 and RS-1 but is located in the Norquay Village Neighbourhood Centre Plan which allows rezoning for higher density.

The proposal consists of a mixed-use building at 4-, 5-, and 10-storeys over three levels of underground parking with:

  • 219 condo units;
    • 1 studio, 118 one-bedrooms, 78 two-bedrooms & 22 three-bedrooms;
  • 18,137 SF of retail on the ground floor;
  • A total density of 3.78 FSR;
  • A maximum building height of 116 ft.; and
  • 259 underground parking spaces and 414 Class A bicycle spaces.

The application describes a unique aspect of the building’s lighting strategy: ” Much like how the old lit signs along Kingsway changed between day and night, the intention of the project is to have lighting integrated into architectural components (balconies) to transform the project throughout the day. Without lighting elements, the building fit into the context of the neighbourhood, however, as day turns to night, the intention is that the project transforms and visually marks this special site in the Norquay Village Neighbourhood Plan.”

The application is being considered under the Norquay Village Neighbourhood Centre Plan.

The architect for the project is GBL Architects.

Coromandel assembled the site in 2017 for a combined $40,000,000, or $212 per buildable SF.

July 24, 2019by david.taylor@colliers.com
Condo, Development, Retail

Application for Next Phase of Cambie Gardens Envisions Three Towers at Cambie & 57th

Onni has applied to the City of Vancouver for a development permit for the next portion of their Cambie Gardens project (the former Pearson Dogwood site). 
 
The overall Cambie Gardens project recieved rezoning in 2017, and individual development applications were approved in the past year for the first phase, including Parcels A, C & E which combined comprise four buildings, 548 condos, 138 social housing units and 50 Pearson supportive units, as well as a community health centre.
 
Parcel D is 2.9 acres and located at the Northeastern corner of the site, at the corner of Cambie Street and West 57th Avenue. This parcel acts as the main gateway to the overall Cambie Gardens site.
 
Details of the proposal for Parcel D include:
 
  • Three residential towers – two at 28 storeys & one at 24-storeys;
  • 488 condo units;
    • 5 studios, 228 one-bedrooms, 231 two-bedrooms & 24 three-bedrooms;
  • 223 non-market rental units;
    • 67 studios, 46 one-bedrooms, 66 two-bedrooms & 44 three-bedrooms;
  • 30 Pearson supportive units;
  • 85,019 SF of retail space;
  • a significant public plaza at the Northeast corner to accomodate a potential future Canada Line Station;
  • tower heights of 243 ft. & 285 ft.
  • 5 levels of underground parking accessed from Paulson Street.

The application describes the design rationale: “The northern portion of the block has a single tower marking the corner of West 57th Ave. and Internal Street 2 with a mid-rise extension parallel to West 57th Ave. The northern and southern edges of the north building offer commercial spaces along West 57th Ave. and the internal public plaza. The southern block has two towers, each with a mid-rise extension. One tower sites at the southern edge of the transit plaza, serving as a landmark and reinforcing the plaza as the site gateway.”

The remaining phases comprise over one million square feet of additional market and non-market density.

The architect for Cambie Gardens is IBI Group.

June 28, 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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