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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, Rental, Retail

Three Tower Mixed Use Rezoning Proposal Unveiled for Great Northern Way Site

PCI Group and Low Tide Properties have submitted their formal rezoning application for 455-485 Great Northern Way, located directly West of Emily Carr.

The proposal envisions a 20-storey office building with a 4-storey podium and two 35-storey rental towers. Details include:

  • 548 rental units;
  • 20% below market;
  • 71,000 SF of retail space;
  • 344,000 SF of office space;
  • a total density of 6.41 FSR;
  • A maximum building height of 373 ft.;
  • A publicly accessible open space integrated with the future Emily Carr SkyTrain station;
  • A childcare facility (94 spaces) dedicated turnkey to the City; and
  • 470 vehicle parking spaces and 1,848 bicycle spaces.

This application is being considered under the Broadway Plan.

The architect for the project is Perkins & Will.

The full application package can be viewed here: https://www.shapeyourcity.ca/455-565-great-northern-way-and-1850-thornton-st

June 18, 2024by david.taylor@colliers.com
Condo, Development, Rental

Phase One of Concert’s Cottonwood Lands Project to Include Two Towers, 649 Condos & Rental Units

Concert Properties has submitted a development application for the first phase of their 550 Cottonwood Avenue project in the Burquitlam area of Coquitlam.

A master plan for the 6.7 acre site, which is currently improved with 12 walkup apartment buidlings, was originally approved in 2019. It envisions two rental towers, four condo towers, a daycare and amenity building, and park dedication.

The plan for Phase 1 of the project is two towers :

  • a 37-storey tower with 347 market rental units (incl. 54 non-market units)
  • a 30-storey tower with 275 condos;
  • a 2-storey amenity/daycare building;
  • 1.67 FAR (on entire site area – 5.50 FAR max for the site)
  • an extension of Cottonwood Park.
  • $3.6 Million in DCCs
  • $4.8 Million in density bonuses.

Phase one is located in the Northeast corner of the site.

The architect for the project is Rafii Architects.

June 17, 2024by david.taylor@colliers.com
Apartment, Development, Rental

Rental Tower Planned for Mount Pleasant Site

The latest Broadway Plan rezoning application is a site on East 16th in Mount Pleasant, between Quebec and Ontario Streets. The site is one of many tower sites in the Broadway Plan owned by Five Mile Holdings.

The 132′ x 122′ (16,154 SF) site is located mid-block and is designated in the Broadway Plan under the Mount Pleasant South Apartment Area – Area ‘B’ [MSAB] subarea.

The proposal is to allow for the development of a 17-storey rental tower and includes:

  • 145 rental units;
  • 20% below-market rental units;
  • 4,900 SF of retail space on the ground floor;
  • a total density of 6.80 FSR; and
  • A building height of 184 ft.

This application is being considered under the Broadway Plan.

The architect for the project is Studio One Architecture.

The full rezoning application can be viewed here: https://www.shapeyourcity.ca/45-e-16-ave

June 13, 2024by david.taylor@colliers.com
Apartment, Development, Rental

17-Rental Tower Proposed for Broadway Plan Site

A rezoning application has been submitted under the Broadway Plan for a 12,498 SF (100′ x 125′) site at 1171 West 12th Avenue, between Spruce Street and Alder Street in the Fairview neighbourhood.

The proposal is for a 17-storey rental tower that includes:

  • 111 rental units;
  • 20% below market units;
  • 55 studio units, 6 one-bedrooms, 39 two-bedrooms & 11 three-bedrooms;
  • a total density of 6.50 FSR;
  • A building height of 186 ft.
  • 58 underground parking stalls.

This application is being considered under the Broadway Plan.

The architect for the project is Stuart Howard.

June 13, 2024by david.taylor@colliers.com
Apartment, Development, Rental, Retail

Two Tower, 446-Unit Rental Project Slated for City Centre Motel Site on Main

Nicola Wealth Real Estate has submitted their rezoning application for the former City Centre Motel site at 2111 Main Street, on the West side of Main between East 5th and East 6th Avenues in Mount Pleasant.

Nicola acquired the 35,000 SF site in late 2020 and it has operated at an artists lodge since. The original motel, which occupies a full city block, was built in the early 1960s.

The site is located in Mount Pleasant Centre (MCE) subarea of the Broadway Plan.

The proposal is for two rental towers at 24-storeys and 22-storeys, and includes:

  • 446 rental units;
  • 22% studios, 38% one-bedrooms, 31% two-bedrooms & 10% three-bedrooms;
  • 20% of units below market;
  • 5,000 SF of arts & cultural space;
  • 14,710 SF of retail;
  • a total density of 9.93 FSR;
  • 197 below-grade parking stalls;
  • 1065 class A bicycle stalls;
  • 40% family housing (2 to 3-bedroom units)
  • A building height of 231 ft. with additional height for rooftop amenity space.

This application is being considered under the Broadway Plan.

The architect for the project is Musson Cattell Mackey Partnership.

The full application can be viewed here: https://www.shapeyourcity.ca/2111-main-st

June 10, 2024by 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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