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

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
Apartment, Development, Retail

Apartment Building Planned on Small East Van Lot

Rejoyce Investment Corp. has submitted a rezoning application to rezone a single 38 x 112 ft. commercial lot at 4459 Rupert Street, between East 28th and East 29th Avenue. The building is to be called “The Monad on Rupert Street”, modeled after a similar 5-unit building constructed in Kits in 2010. 

The existing zoning of the 4,270 SF site is C-1 (Commercial), and the plan is to redevelop  site with  a 4-storey mixed-use building. This is a concurrent rezoning and development permit application.

The proposal includes:

    • 14 rental apartment units;
    • Four studios, 5 one-bedrooms & 5 two-bedrooms;
    • 2,424 SF of retail space;
    • A total density of 2.40 FSR;
    • A building height of 49 ft.; and
    • 9 parking spaces and 30 bicycle parking spaces.

4459 Rupert 4459 Rupert_2 4459 Rupert_12nd Floor Plan

2nd Floor Plan

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

The architect for the project is Lang Wilson Practice in Architecture Culture (LWPAC).

July 4, 2017by david.taylor@colliers.com
Development, Retail

Rezoning Application Submitted for Brickhouse Chinatown Site

The much anticipated rezoning application has been formally submitted to the City of Vancouver for the Brickhouse site at the corner of Main and Union on the Southern edge of Chinatown. The rezoning had been displayed in late last year and into this year at public open houses.  

The plan for the site at 728-796 Main Street is to rezone from the existing HA-1A District to a CD-1 to allow for a 15-storey mixed-use development that includes:

  • commercial space on the ground level and mezzanine;
  • 19 social housing units, located on mezzanine and second levels, to replace existing Single Room Accommodation (SRA) units on site (social housing to be owned by the City);
  • a building height of 150 ft.;
  • a density of 8.12 FSR;
  • 99 market residential units from levels 3 to 15; and
  • four levels of underground parking

728 Main (1)728 Main (2) 728 Main (3) 728 Main (4) The application is made under the Rezoning Policy for Chinatown South (HA-1A).

The architect for the project is Studio One Architecture.

June 30, 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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