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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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

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
Development, Office, Retail

145,000 SF Office Building Proposed for False Creek Flats Site

Porte Communities and Reliance Properties have applied to rezone a 48,072 SF site in the False Creek Flats area for a new office building.

The plan for the site at 339 East 1st Avenue, adjacent the Red Truck Brewery, is to rezone from the current I-3 zoning to allow development of a 6-storey office building. The proposal includes:

  • general office space on floors 2-6;
  • ground floor retail;
  • a total floor area of 144,216 SF;
  • a total density of 3.0 FSR;
  • a building height of 100 ft; and
  • two levels of underground parking accessed from E 1st Avenue, with 275 vehicle parking spaces, 46 bicycle parking stalls and six loading spaces.

339 East 1st Ave339 East 1st Ave_3 339 East 1st Ave_4 339 East 1st Ave_1 339 East 1st Ave_2339 East 1st Ave_5

The I3 zoning schedule permits the density and built form being proposed, but restricts uses, so the rezoning is required to allow general office use.

The rezoning application describes the design rationale: “On the roof tops are amenity spaces to provide the building occupants with an easily accessible green space. This is in addition to the landscaped areas fronting Brewery Creek. The building facade colour is meant to invoke both typical rail engine colour schemes as well as colours of autumn. Distributions in glazing on the facade are meant to create a horizontal movement along the building exterior as well as solar heat gain control due to its 50:50 ratio. On the South and West elevations of the building, there are also diagonal solar shading devices which serve not only for sun control but as distinctive design elements.”

The architect for the project is IBI Group.

The full rezoning application can be viewed here:  http://rezoning.vancouver.ca/applications/339e1st/index.htm 

July 25, 2017by david.taylor@colliers.com
Development, Retail

Mixed-Use Building Planned for Ambleside Area of West Van

Atti Group has applied to the District of West Vancouver for a development permit for a 15,636 SF site at 1327 Marine Drive. The site is located on the North side of Marine Drive, just West of 13th Street in between the Shell Gas Station site and an older lowrise commercial building to the West.

The proposal is for a new 3-storey mixed use development that includes:

  • 16 residential units;
  • 5 one-bedrooms and 11 two-bedrooms;
  • Unit sizes of 600 – 1,400 SF;
  • 5,167 SF of ground-floor retail;
  • 38 underground parking spaces (13 for commercial, 25 for residential) on 3 levels;
  • a total density of 1.59 FSR
  • a total amenity unit payment of $273,000 

1327 Marine1327 Marine_2 1327 Marine_11327 Marine_3The proposal is generally consistent with the Ambleside Village Centre Development Permit Guidelines and OCP.

The architect for the project is Karl Gustavson.

July 20, 2017by david.taylor@colliers.com
Apartment, Development, Office, Retail

Sapperton Green Project Moves Closer to Reality

The preliminary master plan concept for the 38.5 acre Sapperton Green site has now been approved by the City of New Westminster, allowing the project to move forward to public consultation and eventual rezoning.

Plans to rezone and redevelop the current industrial property first came forward several years ago, with an application by Quadreal for OCP amendment approved in November 2015.

The site sits on the Eastern edge of New Westminster and is adjacent to Braid Skytrain Station. The site is currently improved with older industrial buildings currently used by Amazon.

Details of the proposed development within the preliminary master plan include:

  • 13 to 14 residential towers with midrises and townhouses
  • Approx. 3,700 units (half condo / half rental)
  • 3,400,000 SF of residential space
  • 800,000 to 1,150,000 SF of office space (mostly along Braid near the station)
  • 150,000 SF of retail space
  • 35,000 SF community centre facility
  • a central greenway running through the site in addition to a road network
  • park dedication equal to approx. 12% of the gross site area
  • a CAC to be determined

Sapperton GreenSapperton Green_5 Sapperton Green_2 Sapperton Green_1 Sapperton Green_4 Sapperton Green_3The first phase of the project would occur on the South and East portions of the site, the subsequent three phases would require demolition of the existing Amazon building.

It is anticipated that the rezoning application would be sent to public hearing in the Spring of 2018.

July 12, 2017by 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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