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, 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
Development, Retail

New Retail Building Planned for West 4th

A development application has been filed by Yenik Realty for the site at 2350 West 4th Avenue in Kitsilano, comprising a total of 150 ft. of frontage currently improved with older single-storey retail buildings. The plan calls for a new retail building on this C-2B zoned site, including a relocated Shopper’s Drug Mart, which is currently located further down this block.

Details of the development proposal include:

  • a two-storey Shopper’s Drug Mart;
  • three additional retail stores on the ground floor;
  • a total density of 1.24 FSR,
  • approximately 19,563 SF of retail space
  • an overall building height of approximately 37.67 feet; and
  • 69 underground parking spaces on two levels

2350 West 4th Ave_2 2350 West 4th Ave_1 2350 West 4th AveThe architect for the project is Proscenium Architecture + Interiors Inc.

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

Mixed-Use Project Planned for No.3 Road & Anderson Site

1004732 BC Ltd. has applied to the City of Richmond to rezone a 52,541 SF site at the Northeast corner of No. 3 Road and Anderson Road for a new mixed-use project. The site is located in Richmond’s City Centre Brighouse Village area plan.
 
The proposed rezoning includes a new residential tower and new office tower with a commercial podium including:
 
  • 75 condo units in a 10-storey building fronting Anderson Rd
  • 12,371 SF of retail space on the ground level
  • 105,420 SF of office space in a 12-storey building fronting No.3 Road
  • a total density of 3.00 FAR
  • 237 underground parking spaces
6840 No.3 Road_1 6840 No. 3 RoadThe architect for the project is GBL Architects.
January 19, 2017by david.taylor@colliers.com
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
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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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