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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, Rental

22-Storey Rental Tower Proposed for South Granville Site

Palmar Properties has submitted a rezoning application under the Broadway Plan for a site at West 11th and Pine Street in the Fairview/South Granville area.

The site comprises an assembly of three older lowrise walkup apartment buildings built between 1955 and 1980. Together, the site has 22 rental units currently.

The 18,750 SF site at 1665-1685 West 11th Ave is designated in the Broadway Plan subarea of Fairview South – Area A, (FSOA). The FSOA Policy Area permits tower forms up to a maximum height of 20 storeys and a maximum density of 6.5 FSR for sites with a minimum frontage of 150 ft. Minor increases in height and density can be considered for delivery of ground-level local-serving retail/service uses or childcare. The application is seeking these increases with initial staff support.

The proposal for the site is a 22-storey rental tower that includes:

  • 190 rental units;
  • 152 market rentals;
  • 38 below market rentals (20%);
  • A 25-space private childcare facility;
  • A total density of 6.80 FSR;
  • A building height of 248 ft.
  • 44 parking stalls.

This application is being considered under the Broadway Plan.

The architect for the project is Acton Ostry.

February 16, 2024by david.taylor@colliers.com
Apartment, Development, Rental, Retail

116-Rental Tower Latest Broadway Plan Application

A new rezoning application has been submitted for a site in the South Granville area of the Broadway Plan.

The 12,507 SF mid-block site is located at 1365 West 12th Avenue, on the North side of West 12th between Hemlock and Birch Streets. The site is currently improved with a 3-storey walkup apartment building with 19 units known as Shamrock Manor.

The proposal is to allow for the development of a 20-storey rental building that includes:

  • 116 market rental units;
  • 20% below market rental units (approximately 23 units);
  • 14 studios, 34 one-bedrooms, 56 two-bedrooms & 12 three-bedrooms;
  • 2,300 SF of retail space on the ground floor;
  • A total density of 6.50 FSR;
  • A building height of 222 ft.

This application is being considered under the Broadway Plan.

The architect for the project is Sea to Sky Architecture.

The site was acquired in February 2022 for $9,450,000 or $116 per buildable SF based on the application.

February 16, 2024by david.taylor@colliers.com
Rental

22-Rental Units Proposed for Westside Site

A rezoning application has been submitted to the City of Vancouver for a new rental development at the corner of Macdonald and West 16th on the Westside of Vancouver.

The existing property is located on a 7,541 SF site at 3215 McDonald Street and is improved with a one level Remax Crest Realty office.

The proposal is to allow for the development of a 5-storey mixed-use building over one level of underground parking and includes:

  • 22 market rental units;
    • 5 studios, 8 one-bedrooms, 8 two-bedrooms & 1 three-bedroom;
  • 2,800 SF of retail space;
  • A density of 2.72 FSR; and
  • A building height of 55 ft.
  • 10 parking stalls.

This application is being considered under the Secured Rental Policy.

The architect for the project is Proscenium Architecture and Interiors Inc.

February 9, 2024by david.taylor@colliers.com
Land, Rental

Westside Rental Site Sells in $14 Million Deal

Strand has completed on the acquisition of a lowrise rental site on Vancouver’s Westside. The site is a two-lot single family assembly totaling 26,300 SF at 6065-6075 Collingwood Place, near the intersection of Dunbar and SW Marine Drive.

Strand passed public hearing in November on a rezoning proposal under the Secured Rental Policy (“SRP”) to allow a 5-storey, 34-unit rental building.

Under the SRP, the site is located on an eligible arterial road and is able to rezone under the RR-2A (four-storey), RR-2B (five-storey) and RR-2C (six-storey with 20% of residential floor area secured as below-market rental units) zones. Out of the eligible options, Strand chose to rezone to RR-2B which permits rental units up to five-storeys in height and 2.20 FSR.

The $14,170,000 purchase price equates to $225/buildable SF based on the approved rezoning application.

February 7, 2024by david.taylor@colliers.com
Condo, Development, Rental

Amazing Brentwood One of First to Amend Master Plan Due to TOA Policy

Shape Properties has submitted a rezoning application to amend the master plan for their 28-acre ‘Amazing Brentwood‘ site in the Brentwood Town Centre area of Burnaby.

The master plan for the Amazing Brentwood site was originally approved in 2013 and included 11 residential towers in addition to substantial retail and commercial space. Subsequently, five towers have been completed (or under construction), with two further towers in the application phase. The remaining density on site is now subject to the City of Burnaby’s Rental Use Zoning Policy (RUZP), adopted in 2021.

Furthermore, on November 30, 2023, the BC Legislature granted Royal Assent to Bill 47- 2023
Housing Statutes (Transit-Oriented Areas) Amendment Act 2023. Bill 47 enables the Province to mandate specific densities, size, and/or dimensions of buildings within transit-oriented areas (TOAs) based on specific distances to transit stations, and restrictions on residential off-street requirements within these
TOAs. The Amazing Brentwood site is within a 200m radius of the Skytrain Station, thereby requiring the City of Burnaby to permit a minimum 5.0 FAR density for the site.

Shape is now proposing a variety of amendments to the Master Plan to accommodate the required additional nonmarket inclusionary rental density, associated offset density and new TOA policy.

The proposed changes are summarized as follows:

  • Increased tower heights up to 80-storeys at centre of site;
  • An additional 4.7 Million SF of residential density (2.4M SF minimum rental);
  • No additional commercial floor area (the RUZP allows 50% of comm density as rental residential);
  • Addition of childcare space;
  • Additional green space.
January 25, 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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