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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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Development, Office, Retail

Plans Proceeding for Second Phase of Burrard Place

Reliance Properties has submitted their formal development application for the second phase of Burrard Place. The first phase includes a 54-storey condo tower that was sold out in 2015 and is now being excavated.

The second phase of the project, located at the corner of Burrard and Drake, includes a 13-storey office building, including:

  • Restaurant on the ground floor,
  • A 3-storey auto dealership (to be the replacement of Downtown Toyota – Pattison is a partner in the deal)
  • Office space on floors 4-13
  • 5 levels of underground parking and underground vehicle repair space;
  • Overall height of approximately 182 ft; and
  • Overall density of 7.86 FSR.

The overall concept was already approved via rezoning application in November 2013.

1280-burrard_2 1280-burrard_1

A third phase includes a 36-storey condo tower fronting Hornby Street just north of the first tower.

1280-burrard_3 1280-burrard

The architect, IBI Group, explains the design rationale:

“Tower B is the “front door” of the proposed mixed-use development. It anchors the critical and highly visible corner of Burrard and Drake Street. As the lowest of the three towers in the development with an important architectural mandate, Tower B unifies the expression of its two primary uses as an office building and a car display showroom in one distinctive built-form. This deliberate gesture sets it apart from the podium/tower expression of the rest of the development. The Toyota showroom, occupying the lower 3 levels of the building, is highly transparent visible from Burrard st, Drake and lane. The entrance of the Toyota showroom is strategically located at the corner of Burrard and Drake where the Drake Street elevation showcases a 3-storey and highly transparent street wall acting like a giant display window of cars which are uniquely arranged on multi- levels of display showroom. The office tower is anchor ed by a cylindrical volume at the plaza level unfolds into a fluid glass wall above, fronting on Burrard Street. Three spiral shaped elements revolve dow n the west façade marking the office entrance on Burrard Street. Around the corner on Drake Street, a tapering glass wall exemplifies the vertical dimension of the tower giving it a sculptural and slim profile. For privacy and comfort, the glass skin of the entire building will be articulated with “random” placement of insulated spandrels, fritted and vision glass, further animating the appearance of the building. The new centralized core of the office floor plate simplifies the structural system and at the same time provides a high level of flexibility for either single or multi-tenant use. The sculptural building form with its articulated glass skin defines Tower B truly as a “jewel box” in downtown Vancouver.

The mixed use activities of this tower extend below grade where the Toyota Service Centre and office parking are located. To provide separation and clarity between these two principal uses, a doubletreaded helix parking has been proposed with each tread having adiscrete circulation system that continuously loops down to their spaces below grade. The loops are tied together with cross overs that allow for shared exiting and access to services.”
October 14, 2016by david.taylor@colliers.com
Apartment, Investment, Retail

For Sale: East Vancouver Investment Opportunity

We are pleased to introduce this Kingsway apartment/retail building. Please contact us for further details.

1574-kingsway

 

1574 Kingsway Brochure

September 23, 2016by david.taylor@colliers.com
Apartment, Development, Retail

Plan for Burritt Bros Site Includes 45 Rental Units

Landa Global has submitted their development application for the Burritt Bros site at Main Street and 20th in East Vancouver. Landa acquired the site at 3594 Main Street in a bid process in September 2015, for $11,400,000. Landa was featured in the Globe and Mail at the time of sale.

The plans for the 16,963 SF, C-2 zoned site includes:

    • a 4-storey building
    • 6,275 SF of ground floor retail
    • 45 rental apartment units
    • “high percentage” of family-friendly two-bedroom units
    • 2.5 FSR density
    • one level of underground parking with access from the lane

3594-main3594-main_1The architect for the project is Yamamoto Architecture.

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

4-Storey Building Proposed for Kingsway

A development application has been filed with the City of Vancouver for permission to develop a 5,829 SF site at the corner of Kingsway and Welwyn St. in East Vancouver. The site is currently improved with an older single-storey retail building. The proposed project includes:

    • a 4-storey, mixed-use development with 11 dwelling units and commercial units at grade;
    • total density of 2.48 FSR
    • one level of underground parking with 12 stalls.

1690 Kingsway_3 1690 Kingsway1690 Kingsway_1 1690 Kingsway_2

Under 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 architect for the project is Anyone Architecture. The development application can be viewed here: http://development.vancouver.ca/pc1690kingsway/index.htm

August 3, 2016by david.taylor@colliers.com
Development, Retail

Pacific Centre Expansion to Include 31,600 SF of New Space

Cadillac Fairview has applied to the City of Vancouver for permission to replace the existing rotunda at Pacific Centre with a new three-storey retail building consisting of:

    • 31,603 sq. ft. of new retail space; and
    • a peak height of 63 ft.

Under the site’s existing CD-1 (455) zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning.

701 West Georgia_2

701 West Georgia_1 701 West Georgia

The application describes the design rationale:

“Cadillac Fairview has embarked on multi-phase refresh and updating of the Pacific Centre Mall complex, creating a world class high-end retail centre in the heart of Vancouver. With the introduction of Holt Renfrew a number of years ago and its current expansion, the recently retrofitted Sears building into a new Nordstrom’s and now the reimagining of the Rotunda pavilion at Georgia and Howe. In keeping with the recent developments throughout the Pacific Centre complex, the new Georgia street retail pavilion comprises a similar family of strong timeless design moves. The new Pacific Centre, Georgia street pavilion will feature a strong and expressive roof line, a clear reading of the buildings massing elements and a restrained palate of high quality materials.
The building form consists of glazed retail frontages along Georgia and Howe Streets, Six retail ‘Lanterns’ at the second floor along Georgia Street connect the upper retail to the street and an outdoor restaurant deck at the third floor with a large cantilevered timber canopy overlooking Georgia street and a redeveloped VAG north plaza. The very visible roof-scape will use the strong geometric grid of raised planters and skylights which reflect the geometry of the building façades.
The presence of the six retail ‘Lanterns’ is intended to make more legible, to the surrounding urban environment, the social and transactional nature of the new pavilion’s intended use. Key to this design is the use of high quality cladding materials, dark stone, timber soffits, glass retail fronts and vertical screening.”
701 West Georgia_3

Perkins + Will Architects Canada are the architect for the project.

August 3, 2016by 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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