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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, Retail

Mixed-Use Building Proposed to Replace Part of Burnt Down Kits Site

A development application has been filed for a 50 lot which was part of a multiple building fire in Kits in July 2018. The site, formerly occupied by Euro-Line Appliances, is the Western 50 ft. lot and has been sitting vacant since that time.
 
The new development, entitled ‘The Highbury’ envisions a three-and-a-half -storey mixed-use building with residential above retail under the site’s C-2 zoning, having vehicular access from the lane. The proposal includes the following:
 
  • 4 residential units;
  • 3,175 SF of retail in two CRUs;
  • a total density of 2.33 FSR;
  • a building height of 45 ft.
  • four parking spaces at the lane.

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 BURO47 architecture inc.

April 4, 2019by david.taylor@colliers.com
Condo, Development, Office, Retail

47-Storey Proposed for Burrard and Davie

A rezoning application has been submitted by Prima Properties for 1157 Burrard Street, a former gas station site at the Northwest corner of Burrard and Davie Streets that has been used as a community garden for several years.

The 21,605 SF site was designated for rezoning in 2014 under the West End Community Plan. It is currently zoned DD (Downtown District) and C-5 (Commercial).

The plan for the site is a 47-storey mixed-use tower that includes:

  •  236 condo units;
  • 50 hotel units or 50 more residential units; 
    • 65 studios, 111 one bedrooms & 110 two-bedrooms;
  • building height of 480 ft.;
  • a total density of 13.99 FSR;
  • 25,000 SF of commercial space, including;
    • 17,000 SF of office space;
  • a 37-space public childcare facility
  • 265 vehicle parking stalls and 400 bicycle spaces.

The application describes the design rationale: “The project proposes a new benchmark for site and city-specific architectural creativity and excellence through several distinctive measures. The west façade is proposed as a dynamic ever-changing mosaic responding to solar movement. In the morning when no direct sun falls on the elevation, the façade forms a sleek glass envelope animated by balconies. As the sun comes around to the south and west, exterior vertical solar control blinds start to animate the façade, with the sun exposure lowering them sequentially. As the sun rotates further to the west, the
blinds gradually form a veil, a pixilated abstraction of the Westcoast landscape ground to sea to sky. As afternoon turns to evening, the blinds retract once again to reveal the glowing glass envelope by night, as lights illuminate from the inside. The blinds have both an aesthetic and a sustainable design role, reducing solar heat gain and glare from low angle west sun. The concept is inspired by the Electra, the former BC Hydro building on Burrard Street. Electra makes explicit reference to the Westcoast landscape in its design and ornamentation, a major innovation at the time the tower was built.

In addition to the dynamic nature of the west façade–visible from both Burrard Street and Davie Village– the building is shaped like a flatiron as you approach the Downtown along Burrard Street. Consequently, the building is exceptionally slender compared to other towers. The balconies along the leading edge further animate this impression, by faceting towards the west as the tower rises. This shape forms an invitation towards Davie Village
and the West End as the tower addresses ceremonial Burrard Street. At grade, the corner plaza provides a public destination, welcoming visitors to Davie Village. The building canopy gathers rainwater and directs it to a small symbolic wetland at the corner, providing a pleasant place to gather and evoking the Westcoast landscape concept of the building. The project elevators offer outlook to Burrard Street in the podium and at the rooftop, providing spectacular views out for building users. At the rooftop a viewing platform forms part of the Residential Amenity with vistas to the fireworks of English Bay.”

This application is being considered under the West End Community Plan and the Rezoning Policy for the West End.

The architect for the project is Merrick Architecture.

The full application can be viewed here: https://rezoning.vancouver.ca/applications/1157burrard/index.htm

March 18, 2019by david.taylor@colliers.com
Condo, Development, Retail

47-Unit Condo Building Proposed for Kerrisdale Site

Kenstone Properties has submitted their development application to the City of Vancouver for permission to develop a 28,227 SF C-2 zoned site at 6020-6040 East Boulevard in Kerrisdale. 

Kenstone acquired the properties in 2017 for $26,000,000. The properties are currently improved with two older walkup apartment buildings.

The plan for the site is for a new 4-storey building that includes:

  • 47 condo units;
    • 12 one-bedrooms, 18 two-bedrooms, 16 three-bedrooms & 1 four-bedroom;
    • 9 units accessed from the laneway frontage;
  • 8,831 SF of retail space in 9 CRU units;
  • a total density of 2.50 FSR;
  • a building height of approximately 45.3 ft; and
  • 123 parking stalls on two levels of underground parking providing vehicular access from the lane.

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 McFarlane Biggar Architects & Designers.

March 13, 2019by david.taylor@colliers.com
Condo, Development, Retail

51-Unit Condo Building Slated for West 49th Site

A rezoning application has been submitted by Killarney Enterprises for a three lot land assembly at the Northwest corner of West 49th Avenue and Alberta Street, near Langara College. The site at 319-359 West 49th Avenue totals 21,662 SF.

The proposal consists of a 4-storey mixed-use building that includes:

  • 51 condo units;
    • 10 studios, 25 one-bedrooms, 11 two-bedrooms & 5 three-bedrooms;
  • 8,174 SF of retail space;
  • a total density of 2.24 FSR;
  • an amenity roof deck;
  • a building height of 45 ft.; and
  • two levels of underground parking with 56 vehicle parking spaces, and 72 bicycle spaces.

The application describes the design rationale: “The building massing are compose of blocks stacked vertically, which are differentiates by step setbacks. First block is the ground level, clad by light coloured bricks and commercial storefront. The same brick is use on the side along Alberta Street and wraps around through the residential units at grade along Lane. Residential entry lobby is highlighted with wood grain finish cladding to distinguish from the commercial frontage. Second and Third floor level comprises the mid block. This block is accentuated with square forms that separate unit balconies for privacy. Larger windows were provided on the south and east side of the mid block and smaller residential windows on the north side. Top most level is futher setback to provide a hidden storey to scale down the building mass. Amenity deck is located away from the roof edge, so it will not be visible at road level. Roof deck outdoor amenity creates a more private open space for the unit owners.”

The application is being considered under the Cambie Corridor Plan.

The architect for the project is Matthew Cheng Architects.

February 28, 2019by david.taylor@colliers.com
Apartment, Development, Retail

104-Unit Rental Building Proposed for Fraser & 19th

Rize Alliance has submitted a rezoning application for a site at the corner of Fraser Street and East 19th Avenue in East Vancouver. The site, currently zoned C-2, is currently developed with an older 2-storey commercial building and a parking lot. 

The proposal calls for a new 6-storey rental building, including:

    • 104 market rental units;
      • 33 studios, 32 one-bedrooms, 28 two-bedrooms & 11 three-bedrooms;
    • 13,027 SF of retail space;
    • a total density of 3.43 FSR;
    • a building height of 71 ft.; and
    • 112 underground parking spaces and 213 bicycle spaces.

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

The architect for the project is Yamamoto Architecture.

February 22, 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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