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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, Office, Retail

4-Storey Mixed-Use Building Proposed for Kerrisdale

A development application has been submitted for a site on West 41st Avenue in Kerrisdale, just West of East Boulevard. The site at 2074 West 41st Avenue is currently improved with an older 2-storey retail and apartment building. 

The plan for redevelopment of the 13,100 SF C-2 zoned site is a new four-storey concrete mixed-use building, consisting of:

  • Retail on the ground floor;
  • Offices on the 2nd and 3rd floors;
  • A 7-room hotel on the 4th floor;
  • A total density of 2.50 FSR;
  • A common garden and green roof on the rooftop level;
  • three levels of underground parking having vehicular access from the lane.

The application describes the design rationale: “The architecture is classic, in recognition of the history of Kerrisdale and its image as an upscale community. The building is generally symmetrical. The exterior materials include manufactured stone facing, metal windows, architectural detailing and a masonry balustrade on the fourth level patio facing West 41st. Canvas awnings above the first level retail add interest and delight.”

The site was sold to Canada Golden Land Holdings in 2016 for $18,000,000.

The architect for the project is Rositch Hemphill Architects.

March 7, 2018by david.taylor@colliers.com
Development, Office, Retail

New Mixed-Use Development Slated for Central Lonsdale Site

Rezoning and OCP amendment applications have been submitted for the Northmount Medical Centre site, located at 123-145 East 13th Street in the Central Lonsdale area of North Vancouver. The site is directly across the street from Onni’s recently completed Centreview project, and just East of Wesgroup’s The Prescott, completed a few years ago.

The one acre site, currently improved with two older medical office buildings, one at 4-storeys and the other at 9-storeys, sold in 2017 to the Millenium Development for $43,500,000. The site is one of only a handful that will allow taller buildings in the Central Lonsdale area.

The proposed redevelopment includes:

  • an 18-storey tower on the Eastern side of the site;
  • a 7-storey midrise on the Western side;
  • 162 residential units;
  • 1 studio, 61 one-bedrooms; 53 two-bedrooms and 34 three-bedrooms;
  • 18,331 SF of ground floor retail;
  • 31,718 SF of office space on the 2nd and 3rd floors;
  • a total density of 4.95 FSR;
  • a total building height of 187 feet;
  • 279 underground parking stalls;
  • a total community benefits package of $6.4 Million.

The architect for the project is Chris Dikeakos.

 

March 5, 2018by david.taylor@colliers.com
Development, Retail

6-storey Building Proposed for Revitalized Hollywood Theatre Site

A proposal has been submitted to the City of Vancouver to restore and revive the Hollywood Theatre. 4184 Investments Ltd. has applied for a development permit to add a 6-storey residential building while restoring the adjacent theatre building. The combined site area is 16,743 SF and the site is zoned C-2C which allows a density up to 3.0 FSR and 4-storeys.

The Hollywood Theatre building was originally built in 1935 and closed in 2011 after the building was finally sold by the Fairleigh family. There have been various community efforts to save the theatre since that time.

 The current proposal includes the following:

    • 40 condo units – “The Hollywood Residences”;
    • 6 studios, 13 one-bedrooms, 16 two-bedrooms & 5 three-bedrooms;
    • 4,423 SF of new ground floor retail space;
    • A total density of 3.19 FSR;
    • Building height of 67 ft.;
    • A restored theatre building;
    • Two levels of underground parking accessed from the lane with a total of 47 parking spaces.

Within the application, the owners provide an overview of the plan for the new theatre: “We will re-introduce The Hollywood Theatre back into Vancouver’s consciousness by creating and operating a beautifully renovated, state-of-the-art performing arts centre dedicated to bringing the creative arts to the local community.

As well as live entertainment ticketed events such as live music performances, live theatre, movie screenings, tech events and corporate and private functions we welcome local community producers, non-profit organizations and special interest groups wishing to hold their event at the Hollywood Theatre. This will also include hosting special free to-the public events produced by local producers.”

Full details on their proposed operating plan can be viewed here: http://development.vancouver.ca/3133wbroadway/documents/perspectiveoperatorsbusinessplan.pdf

Under the site’s existing C2-C zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Development Permit Board. The full development application can be viewed here: http://development.vancouver.ca/3133wbroadway/index.htm

The architect for the project is Marianne Amodio Architecture Studio, Inc.

February 27, 2018by david.taylor@colliers.com
Development, Retail

32-Units Above Retail Planned for Alma & 10th Corner

A development application has been submitted by Landa Global for their site at the Southeast corner of West 10th and Alma Street. The 23,300 SF, C-2 zoned site is now vacant and was previously an Esso gas station before Landa bought the site in 2015 for $18 Million (or $313 per buildable SF).

The plan for the site is a 4-storey, mixed-use commercial and residential building that includes:

  • 32 market residential units;
  • A total density of 2.48 FSR;
  • A building height of 57,762 SF;
  • 7 retail units at grade;
  • 80 underground parking on two levels accessed from the rear 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 Rafii Architects.

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

Infill Building Proposed for Cambie Street

A development application has been submitted for a 4,659 SF lot on the West side of Cambie between West 18th and West 19th Avenues.

The site is currently occupied by Pronto Restaurant and sister bar Prontino. The imminent closure of the restaurant was featured in Global News.

The development proposal involves the development of a new 4-storey, mixed commercial and residential building consisting of:

  • Dental office on the ground floor;
  • 5 residential units above;
  • 1 level of underground parking, having vehicular access from Tupper Street;
  • A proposed building height of 44 ft;
  • A total density of 2.16 FSR.

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 building sold in 2016 for $4,388,000, or $436 per buildable SF based on the development application.

February 8, 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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