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

10-Storey Building Planned for Granville & 68th

Westland Corporation has submitted a rezoning application for a 20,030 SF site at the corner of 68th and Granville, next to the Safeway. The plan for 1506 West 68th Avenue is to rezone from C-2 and C-2C (Commercial) District to CD-1 to allow a 10-storey mixed-use building that includes:

  • 45 market residential units;
  • 11 one-bedrooms, 26 two-bedrooms and 8 three-bedrooms;
  • a total of 12,603 SF of retail at grade;
  • a total of 15,477 SF of office space on the 2nd floor;
  • a total density of 3.60 FSR;
  • a maximum building height of 135 ft. from grade;
  • 138 underground vehicle parking spaces and 112 bicycle parking spaces.

1506 West 68th1506 West 68th_2 1506 West 68th_3 1506 West 68th_41506 West 68th_1

The application is being considered under the Marpole Community Plan.

The architect for the project is IBI Group.

Westland acquired the site in January 2016 for $19,855,000, or $275 per buildable SF based on the rezoning application.

October 18, 2017by david.taylor@colliers.com
Development, Office, Retail

9-Storey Office Building Slated for Yukon and West 6th Ave

Cressey Developments has submitted their application to rezone the 24,149 SF site they own at 425 West 6th Avenue, at the Northwest corner of Yukon and 6th, from C-3A to CD-1 to permit the development of a 9-storey office building.

The proposal includes:

    • 155,147 SF of office space;
    • 16,504 SF of ground floor retail;
    • A total density of 7.11 FSR;
    • A building height of 131.35 ft.;
    • 298 underground parking spaces and 40 bicycle spaces on 5 levels; and
    • 2 Class A and 5 Class B loading spaces.

425 W 6th425 W 6th_1 425 W 6th_3 425 W 16th_2This application is being considered under the Metro Core Jobs and Economy Land Use Plan.

Cressey acquired the site in 2013 for $14,500,000, or $85 per buildable SF based on the rezoning application.

The architect for the project is IBI Group.

October 18, 2017by david.taylor@colliers.com
Apartment, Development, Retail

237-Unit Project Planned for Uptown Area of New Westminster

Orr Development has submitted their rezoning and development permit applications for a 34,801 SF site at the corner of Sixth Street and Seventh Avenue in the Uptown neighbourhood of New Westminster. The site is currently improved with older two-storey commercial buildings. 

The proposal for 616-640 Sixth Street is for a 30-storey mixed use development that includes:

  • 169 market residential strata units (on levels 8-30)
  • 68 secured market rental housing units (on levels 2-7)
  • 14,439 SF of retail at grade;
  • a total density of 6.03 FSR;
  • a total building height of 305 ft.
  • 299 underground parking spaces;
  • common outdoor amenity area located on the forth level on top of the podium roof.

616 Sixth616 Sixth_1616 Sixth_2The site is designated as (UC) Uptown Commercial in the current Official Community Plan. The Rezoning application entails changing the zoning of the property from Community Commercial Districts (High Rise) (C-3) to a new Comprehensive Development District (CD). The Development Permit application is to facilitate the review of the form and character of the proposal in accordance with Official Community Plan Development Permit Area Guidelines.

The architect for the project is Yamamoto Architecture.

October 16, 2017by david.taylor@colliers.com
Development, Office, Retail

Mixed-Use Building Planned for Chinatown Site

A development application has been submitted to the City of Vancouver for permission to develop a 50′ x 122′ site in Chinatown with a new 8-storey mixed use building. The site is located mid-block on the North side of Keefer Street between Main Street and Gore Avenue. The existing building on site is a single-storey retail building that is vacant.

Details of the proposed development include:

  • 29 residential units;
  • 23 one-bedrooms and 6 two-bedrooms
  • 2,838 SF of ground-floor retail space
  • 12,022 SF of office space on the 2nd and 3rd floors;
  • a total density of 5.35 FSR;
  • 20 parking stalls on two underground levels accessed via car elevator.

239 Keefer239 Keefer_1 239 Keefer_2

Under the site’s existing HA-1A zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Development Permit Board.

The site sold in June 2016 for $6,350,000 or $194 per buildable SF based on the application.

The architect for the project is Mallen Gowing Berzins Architecture.

August 29, 2017by david.taylor@colliers.com
Development, Office, Retail

Application for Prominent Cambie & 41st Site for 3-Storey Office Building

Coromandel Properties has submitted a development application for a prominent former Esso gas station site, now vacant, at the Northeast corner of 41st and Cambie. 

The site falls within the City of Vancouver’s recently released vision for the Cambie Corridor Oakridge Municipal Centre, which would allow a rezoning for a mixed-use/residential tower potentially as high as 20-storeys for the site. 

The development permit application now submitted for the 130′ x 122′ site indicates plan for a new 3-storey, mixed-use building, consisting of:

  • Retail & restaurant uses on the ground floor;
  • Office uses on the 2nd and 3rd floor;
  • A total building size of 26,686 SF;
  • A total density of 1.7 FSR;
  • Peak Height: 59 ft.; and
  • 48 underground parking spaces on 1 1/2 levels all having vehicular access from the lane.

495 W 41st_2 495 W 41st_1 495 W 41st

It’s unclear if this potential development plan is simply an effort to secure a permit now under the existing zoning, or if the potential for a tower rezoning is still in the long term plan. Under the site’s existing C-2 zoning which allows 2.5 FSR, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning.

Coromandel acquired the site in October 2014 for $15,800,000, or $398 per buildable SF based on the existing C-2 zoning of the site, or $592 per buildable SF based on the proposed plan.

The architect for the project is McFarlane Biggar Architects and Designers .

July 28, 2017by david.taylor@colliers.com
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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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