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

540-Units Planned for North Road Site

Onni has submitted their formal rezoning application for a site at 3249-3355 North Road on the Burnaby side of North Road in the Lougheed Town Centre area plan. The site sits immediately north of Shape’s City of Lougheed project.

The 151,116 SF site is comprised of a 1980’s era strip mall with office space, as well as a vacant lot. The plan for redevelopment of the property includes:

  • A 32-storey north condo tower & 36-storey south condo tower
  • A 14-storey office building with 160,000 SF of office space;
  • A 2-storey commercial podium fronting North Road;
  • 17,000 SF of retail space;
  • 540 total units;
  • 110 studios, 171 one-bedrooms, 196 two-bedrooms & 63 three-bedrooms;
  • A total density of 4.88 FAR;
  • A pedestrian plaza at the corner of North Road and Cameron Street
  • 1,100 parking space on 4 levels of underground parking.

3249 North Rd

May 29, 2017by david.taylor@colliers.com
Apartment, Development, Retail

Rental 100 Project Planned for Main & 51st Corner

SKA Property Inc. has submitted a rezoning application under Rental 100  for a 7,712 SF site at the corner of Main and 51st Avenue in the Punjabi Market neighbourhood. The site is currently home to an older 3-storey building that is vacant.

The plan for the site at 6679 Main Street is to rezone from the existing C-2 zoning to allow a 6-storey mixed use building with commercial space at grade, including:

  • 28 rental apartment units;
  • 2 studios, 13 one bedrooms, 9 two bedrooms and 4 three-bedrooms;
  • 3,071 SF of ground floor retail space;
  • a total density of 3.62 FSR;
  • a building height of 70 ft.; and
  • 28 vehicle parking spaces.

6679 Main 6679 Main_16679 Main_36679 Main_2The application notes that the developer’s team are East Indian and intend on using the ground floor for their family business: a vegetarian grocery store.

The application is being considered under the Secured Market Rental Housing (R100) Policy.

The architect for the project is F. Adab Architects Inc.

May 24, 2017by david.taylor@colliers.com
Development, Office, Retail

Redevelopment Coming for Prominent Broadway & Cambie Corner

Pacific Crown Management Company Ltd. has applied to the City of Vancouver for permission to develop the Southwest corner of Broadway and Cambie with a new office and retail building.

Most people will know the site as the Original Joe’s building with the Starbucks on the ground floor.

The proposal for the new development is for a 7-storey office building that includes:

  • retail, restaurant and financial institution uses on the ground and second floors
  • office use on the third to seventh floors;
  • 61,381 SF of total floor area;
  • a total density of 3.30 FSR;
  • a total building height of 93 ft; and
  • two levels of underground parking accessed from the lane.

510 West Broadway510 West Broadway_2 510 West Broadway_1 510 West BroadwayUnder the site’s existing C3-A zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Development Permit Board.

The architect for the project is W.T. Leung Architects Inc.

May 23, 2017by david.taylor@colliers.com
Development, Office, Retail

24-Storey Office Tower Planned for Budget Site

Westbank‘s rezoning application for the Budget Car Rental site at 400 West Georgia Street has been submitted to the City. The site is located at the corner of West Georgia and Homer Street, across from the Central Library Branch. The letter of intent submitted by Westbank, suggests that the building will be built “on spec”.

The plan for the 20,992 SF (175′ x 120′) site calls for rezoning from Downtown (DD) District to Comprehensive Development (CD-1) District to allow for a 24-storey office building. The proposal includes:

  • 350,000 SF of office space;
  • 5,775 SF of retail space;
  • a building height of 301 ft.;
  • a total density 17.51 FSR;
  • steel construction;
  • six levels of underground parking; and
  • 125 bicycle parking spaces.

400 W Georgia400 W Georgia_5 400 W Georgia_4 400 W Georgia_3 400 W Georgia_2 400 W Georgia_1Design features will include triple-paned curtain wall, openable windows, large spans of column free space, glass floors. It will also incorporate a 4-storey high lobby.

The application describes the design rationale:

“The building is conceived as a cluster of white cubes that are bound by lush gardens. Pristine boxes project outward from the crevices filled with thick vegetation. The greenery is as expressive as the geometry is abstract. Together they merge into a staggered silhouette that is neither a tower nor warehouse, but a 3-dimensional campus.”
 
“The proposed building will be utilizing a concrete core with structural steel beams and steel decking c/w concrete topping. The steel construction seemed better suited to the architectural design and provides the desirable aesthetic of seeing the buildings structure visible through the transparent exterior glazing. The “truss” elements are cantilevering from 6 large column supports extending up through the entire building resulting in large open / column free interior spaces allowing flexible internal office planning configurations.”
 
This rezoning application is being considered under the Rezoning Policy for the Central Business District (CBD) and CBD Shoulder.

The architect for the project is Merrick Architecture.

May 10, 2017by david.taylor@colliers.com
Development, Retail

35-Unit ‘Midtown 3’ Project Planned for East Broadway

Port Living has applied to the City of Vancouver for permission to develop a four-storey, mixed-use building at 702 East Broadway, at the Southeast corner of Broadway and Fraser in the Mount Pleasant area.

Project details include:

  • 35 condo units in a 4-storey woodframe building
  • 20 studio units, 9 one-bedrooms and 6 two-bedrooms
  • 2 retail CRU’s at ground level totaling 5,761 SF
  • a total density of 3.0 FSR
  • 2 levels of underground parking

702 East Broadway_2702 East Broadway_3702 East Broadway702 East Broadway_1Under the site’s existing C-2C 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 Studio B Architects.

The development application can be viewed in detail here: http://development.vancouver.ca/pc702ebroadway/index.htm

April 21, 2017by david.taylor@colliers.com
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David Taylor Personal Real Estate Corporation

Colliers International

DT

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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