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

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
Apartment, Development, Retail

21-Storey Rental Tower Proposed for Robson Street

GWL Realty Advisors have applied to the City of Vancouver for permission to develop a 99′ x 131′ site at 1500 Robson Street (at the Southwest corner of Robson and Nicola). The plan is  for a new 21 storey market rental tower.  The proposal includes the following:

  • 127 market rental apartment units;
  • 33 studios, 52 one-bedrooms, 42 two and three bedrooms;
  • 5,469 SF of retail on the ground floor;
  • a total density of 7.70 FSR;
  • a building height of 210 ft.;  and
  • 84 parking stalls four levels of underground parking accessed from the lane.

1500 Robson1500 Robson_1 1500 Robson_2The site was rezoned to the current C-5A zoning under the West End Community Plan, adopted in 2014. The application is “conditional” so it may be permitted; however, it requires the decision of the Development Permit Board.

The Development Permit Application can be viewed here: http://development.vancouver.ca/1500robson/index.htm

The architect for the project is IBI Group.

April 17, 2017by david.taylor@colliers.com
Apartment, Development, Retail

193 Units Planned for Maplewood Village Area

The owners of a 1.7 acre site in the Maplewood Village area of North Vancouver have submitted a rezoning application and OCP amendment to redevelop the existing property, known as Maplewood Plaza.

The site is currently built as a smaller mixed use commercial plaza with two commercial spaces and 28 rental units. The site is designated Commercial Mixed Use Level 1  in the OCP which allows for densities up to 1.75 FSR. The proposed OCP amendment would change the designation for these two properties to Commercial Mixed Use Level 2 which allows for densities up to 2.50 FSR.

The proposed redevelopment is for two 6-storey buildings, including:   

  • 193 units (21 townhouses and 172 lowrise units)
  • 38 rental units
  • 85 one-bedrooms, 99 two-bedrooms and 9 three-bedrooms
  • 10,743 SF of retail space
  • a total density of 2.49 FSR
  • 255 underground parking stalls on two levels
  • $200,000 voluntary CAC payment

229 Seymour River229 Seymour River_1229 Seymour River_2229-seymour-place-northeast229-seymour-place-northwestThe architect for the project is Rositch Hemphill.

April 6, 2017by david.taylor@colliers.com
Development, Office, Retail

Oxford Planning New Office Building on West Georgia Site

401wgeorgiastvanfjan12Oxford Properties has applied to the City of Vancouver for permission to build a brand new infill office building on an underutilized portion of a 59,000 SF lot and existing 22-storey office building property they own at 401 West Georgia (built in 1987) , which runs along Homer Street all the way to Dunsmuir Street on the North, where the new building will be located.

The plan is to build a new 9-storey office building on the North part of the property facing Dunsmuir Street. Details include:

  • retail and office use on the ground floor and office use on the 2nd-9th floors;
  • 4,654 SF of new retail space
  • 147,000 SF of new office space
  • Office floorplates of 14,000 – 19,000 SF
  • 6,600 SF of amenity space, 2,300 SF conference centre & 4,300 SF fitness facility
  • a building height of 139.4 feet
  • two levels of underground parking accessed from the lane; and
  • retention of the existing commercial building on the south portion of the site.

401 West Georgia

401 West Georgia_3 401 West Georgia_2 401 West Georgia_1 401 West Georgia_4The project is being proposed under the existing DD zoning and so only requires a development permit as opposed to rezoning.

The architect for the project is B + H Architects Inc.

March 22, 2017by david.taylor@colliers.com
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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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