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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Apartment, Condo, Development, Office, Retail

Mixed-Use Development Planned for 4.9 Acre Richmond Site

A formal rezoning application has been submitted to the City of Richmond for permission to develop the project called “Atmosphere” at the corner of No. 3 Road and Alderbridge, across from Lansdowne Shopping Centre. The developer is South Street Development Group.

The 4.9 acre site at 7960 Alderbridge Way and 5333 & 5411 No.3 Road is in the City Centre High Density Mixed Use (Urban Centre T6) designation area of Richmond’s City Centre plan and allows for rezoning for residential and commercial uses.

The project envisions a podium and tower form of development with three levels of below grade parking, ground level commercial, one office tower and six residential towers.

Full details of the rezoning application include:

  • a total of 872,585 SF;
  • 824 residential units;
    • 674 condos;
    • 112 market rental units;
    • 38 affordable housing units;
  • 71,163 SF of retail space;
  • 129,172 SF of office space;
  • a total density of 3.89 FAR;
  • improvements to No. 3 Road & Alderbridge.
  • a new North-South Road.
  • 1,161 parking spaces.

The site sold in September 2017 for $113,000,000, or $130 per buildable SF based on gbl arthe application.

The architect for the project is GBL Architects, and the marketing company is Magnum Projects.

June 22, 2018by david.taylor@colliers.com
Apartment, Development, Office, Retail

2.3 Million SF Mixed Use “North Shore Innovation District” Planned

Darwin Properties, in conjunction with the Tsleil-Waututh Nation have submitted a rezoning application to the District of North Vancouver for the “North Shore Innovation District”, a 45-acre site located on Dollarton Highway.

Details can be viewed on the project’s website: https://www.darwinconstruction.ca/nsidlands

The site is currently vacant and treed, save for the Canadian International College property (also part of the proposal) which has been leased by Capilano University for student housing.

Darwin’s ambitious vision for the property is a mixed-used “innovation district” which includes a mix of light industrial commercial, institutional, recreational and residential uses concentrated within a compact employment hub to co-locate people and jobs. The proposal is in keeping with the Official Community Plan and the Maplewood Village Centre and Innovation District Implementation Plan and Design and Guidelines which was passed by council earlier this year.

Details of the proposed rezoning include:

  • 18 buildings ranging in height from 2 to 8-storeys;
  • 1,424,905 SF of employment floor space;
  • 713,544 SF of residential floor space;
  • 680 rental units (450 affordable & 230 market);
  • 220 condo units with discount to site employees;
  • 200,000 SF of student/faculty housing;
  • 56,295 SF of hotel space;
  • 73,459 SF of live-work space;
  • child care space;
  • a 52,000 SF central plaza;
  • a new Berkley Road connector linking Dollarton and Mount Seymour Parkway;
  • a maximum density of 1.1 FAR;
  • a new 1.17 acre “Hillside Park”;
  • 6.5 kms of multi-use trails;
  • a $7.5 Million CAC in addition to offsite improvements and DCC’s.

The application describes the site layout: “The project includes two specific character areas with different uses which generally align with the OCP designations: the “Upper Bench” and the “District Heart” as shown on the map below. The District Heart and the Upper Bench are divided by the Berkley Road and Internal Road A alignments. The central part of the site is anchored by a public plaza, surrounded by industrial, office and retail uses. A new creek channel for the existing seasonal watercourses runs north/south through the site and divides the site into east and west portions.”

Upper Bench
The “Upper Bench” or northern portion of the site is proposed to include mixed-use residential with commercial/ industrial buildings and live-work units at grade.

District Heart
The “District Heart” is the primary site for employment uses within the Maplewood Innovation District. It is located on the south portion ofthe site immediately north of Dollarton Highway across form the Maplewood Conservation Area and east of Berkley Road.

Central Plaza
The central plaza is the focus of the public realm and is designed to be programmed for a variety of events, activities, and seasonal uses such as a water play park in summer, outdoor skating in the winter, and opportunities for concerts, markets, and festivals. Industrial uses and retail use at-grade provide vibrancy to the public space and help attract a wide range of people.

The project will be built in a number of phases with a minimum of 50% of the employment space being in the first phase.

June 21, 2018by david.taylor@colliers.com
Development, Office, Retail

Mixed-Use Building Proposed for Brighouse Village Area of Richmond

An rezoning application has been submitted to the City of Richmond for a 109,969 SF site in the Brighouse Village area of Richmond’s City Centre.

The site, located at the intersection of Park Road and Buswell Street, is currently occupied by lowrise commercial buildings including the strip retail plaza “Park Village”. it is slated for rezoning under the City of Richmond’s City Centre Area Plan which designates the site as Urban Core T6, allowing a conditional density up to 4.0 FAR.

The owners of the site are Grand Long Holdings Canada Ltd. & Park Village Investments Ltd.

The plan for the site calls for a large mixed-use development including two residential towers and one office/residential tower on a commercial podium with street-oriented commercial and retail uses fronting Park Road and Buswell Street at ground level. Further details include:

  • 339 residential units including 21 affordable rental units;
  • 58,605 SF of office space;
  • 43,791 SF of retail and restaurant space;
  • A total density of 3.86 FAR;
  • A new 4,000 SF public plaza on the South side of the property;
  • 618 total parking spaces.

The architect for the project is WT Leung Architects.

 

 

June 6, 2018by david.taylor@colliers.com
Development, Office, Retail

Mixed-use Development Planned for Brighouse Village Area of Richmond

Bene Richmond Development Ltd. has applied to the City of Richmond to rezone a site at 6560 – 6700 No.3 Road from the “Downtown Commercial (CDT1)” zone to a new site-specific zone in order to permit the development of a new mixed-use development in the City Centre’s Brighouse Village. The Official Community Plan (OCP) designates the subject site as “Downtown Mixed Use”. 

The 47,286 SF site is currently improved with a single-storey strip retail plaza known as Time Square. The site sits directly across from Richmond Centre, which is currently embarking on an ambitious redevelopment plan.

The proposed project would see two residential towers (8 & 11-storeys) all above a 4-storey podium containing parking, office, retail and restaurant uses.

Details of the proposal include:

  • 166 residential units (157 market and 9 affordable housing)
  • 14,278 SF of retail and restaurant space;
  • 33,008 SF of office space;
  • A total density of 4.0 FAR.

 

The architect for the project is Dialog.

May 17, 2018by david.taylor@colliers.com
Development, Retail

Details of Heather Lands Redevelopment Include 12 Towers, 2.3 Million SF

The City of Vancouver has released the Policy Statement for the Heather Lands site, a 21 acre site located just West of Cambie Street, between West 33rd and West 37th. The site is jointly owned by Canada Lands Company,  the Musqueam Indian Band, Squamish Nation and Tsleil-Waututh Nation (the “MST Nations”). It was previously occupied by the RCMP, which moved to a new headquarters in Surrey in 2012. There remains a heritage building on site, the Fairmont building.

A comprehensive planning program was initiated for the site in 2016, which aligned with the recently adopted Cambie Corridor Phase 3 planning program. Several stakeholder and community consultations sessions and open houses occurred over 2017, culminating with the Policy Statement which will guide the future rezoning and redevelopment of individual parcels within the overall Heather Lands site, similar to processes for other large sites like Pearson Dogwood, Oakridge Transit Centre Site, and Langara Gardens.

An important aspect guiding the policy statement has been reconciliation with the MST Nations.

Details of the overall land use policy include:

  • An overall maximum density of 2.50 FSR (2,296,000 SF);
  • Approx. 2,500 residential units;
  • Heights from 3 to 24-storeys;
  • A minimum of 20% of units for affordable housing (approx. 530 units);
  • 20% of units as ‘attainable home ownership’ (approx. 530 units);
  • 20,000 – 60,000 SF of local serving retail & service uses (ie. cafe, small grocery, pharmacy, medical office);
  • One acre site for potential 4-storey Conseil Scolaire Francophone school;
  • Minimum 4 acres of secured park and open space (min. 2 acres public park);
  • A new 69-space childcare facility;
  • A cultural centre (minimum 15,000 SF);
  • Potential demolition or relocation of the Fairmont building;
  • New 35th Avenue connection through site;
  • A new neighbourhood commercial street inside the site;
  • Extension of Baillie Street and Manson Streets into the site;
  • Redesign of Heather Street to accommodate new Heather Street bikeway.

The Policy Statement describes the built form: “The Heather Lands will be characterized by a variety of building forms, including lower forms and townhouses framing parks and open spaces, mid-rise buildings along the streets and some taller buildings organically located to follow the forest trail. The cultural centre and childcare facility will be prominently located on the site, anchoring the neighbourhood heart.”

The full policy report can be viewed here: http://council.vancouver.ca/20180515/documents/rr3.pdf

May 10, 2018by 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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