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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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Apartment, Development, Office, Retail

Ambitious Plans Envisioned for 31-Acre Flavelle Mill Site

The owner of the 31-acre Flavelle mill waterfront property in Port Moody has formally submitted their application to amend the Official Community Plan in order to redesignate the site to allow a new high-density mixed-use waterfront development.
 
Flavelle Oceanfront Development, which owns the site, is the real estate division of Mill & Timber Products, a family business based in Surrey that acquired the cedar sawmill operation in 2000. To date, they have proceeded with development plans on their own rather than entertaining a sale or partnership arrangement.
 
A redevelopment of the site, occupied for over 100 years by the Flavelle Sawmill Company, has been in the works for several years in conjunction with the City of Port Moody’s new OCP, which was adopted in 2014.
 
flavelle-oceanfront_7A point of contention had been the site’s designation in Metro Vancouver’s Regional Growth Strategy (RGS) as industrial use. Its conversion to residential uses can only happen with Metro Vancouver’s approval to remove its industrial designation. The Board previously declined to amend the RGS designation for the site in 2014 – partially due to what they viewed as an incomplete development plan. Further community and stakeholder consultation coupled with the completion of the Evergreen Skytrain extension has created a renewed impetus to move forward with redevelopment.
 
Flavelle had previously applied in June 2015 to amend the OCP land use designation, and then held open houses in early 2016 to present their preliminary redevelopment plans to the public, and subsequently to stakeholders such as the Port of Vancouver, Translink and  Metro Vancouver in addition to 24 other organizations for feedback. Brook Pooni Associates has been working with the owners on the urban planning and public communication phase. Wensley Architecture has contributed to the design work to date.
 
A full land use plan has now been developed for the City of Port Moody’s consideration. Details of the current proposal include:
 
  • 3,397 residential units
  • total density of 3,850,000 SF
  • 3,260,000 SF of residential density (including 55,000 SF of rental)
  • 99,000 SF of office space
  • 103,000 SF of light industrial space
  • 72,000 SF of retail
  • total density of 2.82 FSR
  • 11 towers ranging from 16 to 38-storeys in height
  • a mix of  light industrial, commercial, office, private indoor amenity space, and possibly a congregate care facility and a hotel.
  • Approximately 7.53 acres publicly dedicated as parks and open space
  • Upon full build out – resident population 7,000 people and over 1,000 jobs

flavelle-oceanfront_1flavelle-oceanfront_2flavelle-oceanfront_4flavelle-oceanfront_3flavelle-oceanfront_6 flavelle-oceanfront_5If the OCP amendment is approved by the City of Port Moody, and subsequent approval is obtained from Metro Vancouver, a more detailed rezoning application would then be submitted to the City.

Several developers have approached Flavelle to sell the site in the past. It remains to be seen whether Flavelle will proceed to develop the full site on their own, in partnership with a developer, or whether they will ultimately dispose of the site, which will be worth a considerable amount once the OCP amendment and Metro Vancouver approvals are obtained.

The project has a website with further information: http://www.flavelleoceanfront.ca/

January 17, 2017by david.taylor@colliers.com
Development, Office, Retail

Mixed-use Development Planned for Cambie & 42nd

Viva Grand Developments has applied to rezone a site that they own at Cambie Street and West 42nd Avenue, across from Oakridge Centre. The plan for the 31,194 SF site at 5812-5888 Cambie Street is to rezone from the existing C-2 to CD under the Cambie Corridor Plan to allow a 10 and 8-storey mixed-use development, including:

  • a total of 117 residential units;
  • 20 studios, 28 one-bedrooms, 50 two-bedrooms & 11 three-bedrooms
  • 8 live work units at the lane;
  • 6 commercial units at grade totaling 14,700 SF;
  • 21,000 SF of office space;
  • a maximum building height of 116 ft.;
  • a total density of 5.22 FSR; and
  • 215 underground vehicle parking spaces and bicycle spaces.

5812-cambie5812-cambie_2 5812-cambie_1Viva Grand had acquired the site, currently occupied by single storey retail, in 2013 for $26,000,000.

The architect for the project is IBI Group.

The full rezoning package can be viewed here: http://rezoning.vancouver.ca/applications/5812-5888cambie/index.htm

January 9, 2017by david.taylor@colliers.com
Development, Retail

16-Unit Building Planned for West 17th & Heather

GBL Architects Inc. has applied to the City of Vancouver for permission to develop an 11,484 SF, C-2 zoned site at the corner of West 17th Avenue and Heather Street. The site is currently improved with a 3-storey walkup apartment building with ground floor retail.

Basic plan details consist of a 4-storey mixed use building with:

    • one level of Retail and four levels of Residential
    • 16 units
    • 10 two-bedrooms and 6 three-bedrooms
    • total density of 2.44 FSR
    • 2 levels of underground parking, having vehicular access from the lane.

711-west-17th_2711-west-17th711-west-17th_1Under the site’s existing C-2 zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning.

The site was listed for sale in early 2016 and sold to a numbered company for $9,100,000, or $325 per buildable SF.

December 9, 2016by david.taylor@colliers.com
Apartment, Development, Retail

Rental Building Planned for Downtown Eastside Parking Lot

Plans have emerged for a site owned by Holborn Group at the Northeast corner of Abbott Street and Hastings Street near Victory Square and across the street from Woodwards. The site has long been unimproved and used a surface parking lot. The lot is 99′ x 132′ and is currently zoned DD.

Holborn has now submitted a rezoning application for a 10-storey mixed-use building with:

  • 132 rental units
  • 83 studio units, 4 one-bedrooms and 45 two-bedrooms
  • 5,494 SF of commercial space on the ground floor
  • a total density of 7.62 FSR
  • 74 vehicle parking spaces on one level of underground parking
  • 167 bicycle parking spaces
  • a building height of 105 ft.

95-w-hastings95-w-hastings_195-w-hastings_395-w-hastings_2


The application describes the design rationale:

“Our key place making and built form strategies reinforce the prevailing context through contemporary architectural expression, recognizing and strengthening the historic form and scale with an emphasis on appropriate frontage and modulating heights that provide a transitional scale from the Paris Block to Woodward’s. The residential entry is on Abbott
Street.
The Hastings Street massing provides varying material treatments approximating the historic lot sizes, with no continuous elevation treatment greater than 75 feet. The contextual fit of the building is based on an analysis and reinterpretation of the historic building typologies in the area. The east 7 storey segment of the Hastings Street elevation aligns with the Paris Block 2 lots over, while the west 8 storey segment aligns with the historic Woodward’s façade across Abbott Street. Levels 8-10 of the east segment are set back 8 feet from the street, while levels 9 and 10 of the west segment are recessed one foot from the lower façade.
The Abbott Street facade has the same materiality and setback at levels 9 and 10 as the Hasting Street façade; however, there is no vertical saw tooth as this is a minor street. The retail facades on both Hastings an d Abbott Street are articulated i nto small bays. In order to not encroach upon existing mature trees on Abbott and Hastings Streets, we have provided a 5’ wide canopy on both Abbott and Hastings Streets major facades.”

The architect for the project is Gair Williamson.
December 2, 2016by david.taylor@colliers.com
Development, Retail

55-Unit Project Planned for Lower Lonsdale

Anthem Properties is seeking approval at City of North Vancouver council for a Development Application for a mixed use development at 177 West 3rd Street, a former gas station and car wash that has been sitting vacant for several years due to remediation work. The site is located on the Southeast corner of 3rd Street and Chesterfield, just West of Lonsdale.

The proposed new development includes a 5-storey concrete condo building, including:

  • 55 condo units
  • 10,000 SF of ground floor retail space
  • a total density of 2.68 FSR
  • total building height of 52.50 ft
  • one and a half levels of underground parking with 74 total stalls
  • a CAC of $2,383,720, equivalent to $30 per SF

The site is located in an area designated in the OCP as Mixed Use Level 3, which permits 2.30 FSR density with provision for a bonus density of an additional 0.50 FSR that may be granted at council discretion.

177-west-3rd177-west-3rd_2 177-west-3rd_1

 

November 14, 2016by 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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