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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Apartment, Development, Retail

52 Rental Units Planned for Main & 41st

Rendition Developments has submitted a rezoning application  for a long-vacant site at the NW corner of Main and 41st. The proposal for the 11,684 SF site at 5679 Main Street is for a 6-storey mixed-use building including:

  • 52 rental apartment units;
  • 5 studios, 29 one-bedroom units, 15 two-bedrooms & 3 three-bedroom units
  • 4,089 SF of ground floor retail space
  • a total density of 3.46 FSR
  • a building height of 76 ft.; and
  • 33 underground parking spaces and 72 bicycle parking spaces.
5679 Main

Existing condition

5679 Main_15679 Main_25679 Main_3This application is being considered under the Secured Market Rental Housing (Rental 100) Program.

The site sold in May 2016 for $6,000,000, or $149 per buildable SF based on the rezoned density anticipated in the application.

EDIT: This post previously mentioned that the site was an old gas station, which is not accurate, it was previously a commercial building torn down many years ago.

March 21, 2017by david.taylor@colliers.com
Development, Retail

19-Unit Condo Building Planned for Granville

A rezoning application has been submitted for a 6,301 SF mid-block site at 8795-8803 Granville Street, near the Southern end of Granville. The proposal includes a rezoning from RM-3A to CD-1 to allow a new six-storey residential building, including:

      • 19 residential units
      • 4 studios, 8 one-bedrooms, 6 two-bedrooms and 1 three-bedroom
      • 2,306 SF of ground floor retail space
      • a total density of 2.48 FSR;
      • a building height of 66 ft.;
      • 17 underground parking spaces and 25 bicycle spaces.

8795 Granville8795 Granville_18795 Granville_2The application is being considered under the Marpole Community Plan.

The architect for the project is Matthew Cheng Architects.

March 15, 2017by david.taylor@colliers.com
Apartment, Development, Office, Retail

Concept for Port Moody Site Includes Multiple Towers, Hotel, Rental

Urbanics Consultants, on behalf of Andrew Peller Limited have applied to allow a redevelopment of the 5.0 acre Andres Wines site, a collection of lots on the West side of Port Moody’s Town Centre area, fronting both Clarke Street and Barnet Highway.

The proposal calls for an OCP amendment  and rezoning to allow for the development of a new mixed-use residential and commercial development, including:

  • one 32-storey tower, one 21-storey tower, one 12-storey tower & multiple lowrises
  • 418 residential units
  • 132 strata units, 176 rental units, 98 seniors units & 12 artist studios
  • a mix of other uses including light industrial, retail, office, 80-room hotel, clinic, athletic club, arts centre (including a daycare) and an arts village (artist work space, galleries, and residences).
  • 725,390 SF of gross floor area
  • a total density of 3.33 FAR
  • open space comprising 25% of the total site area
  • 940 parking spaces

AndresAndres_3Andres_2 Andres_1The plan is proposed to be built in one phase and at full build-out is estimated to have a resident population of 800 and will support 585 jobs.

The OCP amendment was not originally supported at City Council, but has been deferred to the Community Planning Advisory Committee for further design review to address various issues including geotechnical, traffic and parking, and site servicing, among others.

Peller operated the Andrés Winery in Port Moody for several years before shutting down about 15 years ago. The site is located not far from the Flavelle Mill site, recently announced for another large scale redevelopment.
March 6, 2017by david.taylor@colliers.com
Apartment, Development, Office, Retail

Mixed-Use Building Planned for Sapperton Area of New Westminster

I4 Property Group has applied to the City of New Westminster for a rezoning and to facilitate the development of a 15,254 SF site at 408-412 East Columbia Street, near Royal Columbian Hospital.

The Rezoning application entails changing the zoning of the property from Community
Commercial Districts (Medium Rise) (C-2A) to a new Comprehensive Development District to allow the development of a 6-storey, mixed use development that includes:
 
  • 60 secured market rental units
  • 7,000 SF of retail space at grade
  • 12,100 SF of office space on the second storey.
  • A total gross building area of 69,430 SF
  • a density of 4.53 FSR
  • 84 underground parking spaces

408 E Columbia408 E Columbia_1 408 E Columbia_2The previous OCP designation for the site is CM Commercial Main Street, which allows commercial uses at street level and office or residentail uses above. Densities in this zone are medium to high. Under the new OCP, the site is “Mixed-Use Low Rise”, allowing buildings up to 6-storeys in height.

I4PG attempted to assembled the neighbouring lot at 406 East Columbia Street, but were not successful.

The architect for the project is SUVA Architecture.

March 2, 2017by david.taylor@colliers.com
Apartment, Development, Retail

Larco Seeks Approval for 2nd Phase of Arbutus Village Project

Larco has submitted their development application to the City of Vancouver for permission to develop the second phase of the redeveloped Arbutus Village Shopping Centre property – a project plan originally conceived almost ten years ago.

The overall rezoning for the site was approved back in July 2011, with the first phase “Block A” having been approved in late 2015 and now under development to include 215 units and a new Safeway store. Each phase requires a separate development permit.

The plan for “Block B” calls for development of the Southeast corner of the 7-acre site, currently surface parking, with a 7-storey apartment building with retail at grade, including the following:

  • 170 rental apartment units
  • 37 studios, 24 one-bedrooms, 74 two-bedrooms & 35 three-bedrooms
  • 29,400 SF of retail space (including relocated BMO and BC Liquor Store)
  • two levels of underground parking accessed off of Yew Street

Block B_2 Block B_1 Block BConstruction of Block B is scheduled to complete in 2019.

The final phase of the project involves demolition and redevelopment of the existing shopping centre, with completion of the entire project targeted for 2022.

The architect for the project is Dialog.

January 27, 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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