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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, Rental

First Application Under New TOA Rezoning Policy Seeks 6-Storey Rental In Place of Approved Townhouses

Sightline Properties has submitted the first rezoning application under the City of Vancouver’s TOA Rezoning Policy, adopted by City Council in June 2024 following the Provincial TOA legislation.

The 50,013 SF site at 520-590 West 29th Avenue is a full city block land assembly between Cambie and Ash Street. The site was previously approved in 2022 as a 46-unit townhouse project under the RM-8A zoning under the Cambie Corridor Plan.

As the site is located 500 metres from the King Edward Canada Line Station and under the TOA Rezoning Policy, will allow up to 3.0 FSR (80% market rental, 20% below market rental).

The proposal envisions two 6-storey woodframe rental buildings, with townhouses on the lane. It includes:

  • 230 rental units (20% below-market);
  • a total density of 3.0 FSR;
  • A building height of 69 ft.;
  • an 1,800 SF gym on the parkade level with natural light from clerestory windows;
  • a single level of underground parking.

The massing and project setbacks are based off of the City’s existing RR-2C District Schedule.

The application is being considered under the Transit-Oriented Areas Rezoning Policy.

The architect for the project is Yamamoto Architecture.

October 22, 2024by david.taylor@colliers.com
Apartment, Development, Rental, Retail

Plans Unveiled for PCI’s Spring Street Development in Port Moody

The formal rezoning application for PCI‘s Spring Street application has been released. The preliminary application for the 2.9 acre site was submitted in 2023 and has now been revised for full submission following the TOA legislation.

The site is located east of the Moody Centre SkyTrain Station north of Spring Street and east of Williams Street and consists of four lots, three of which are owned by PCI and the fourth by the Ministry of the Transportation and Infrastructure (MoTI). MoTI intends to retain ownership of this lot, with a long-term lease to PCI for use as a plaza along with four levels of below-grade parking connected to the below grade parking on the PCI owned properties.

The overall plan for the site includes:

  • 865 rental units including 44 below market units;
  • 67,000 SF of commercial space including a 41,000 SF grocery store;
  • a total density of 6.96 FSR;
  • 4,000 SF as ground level ‘artist space’;
  • a new pedestrian overpass;
  • a minimum of 400 parking stalls.

The architect for the project is Perkins + Will.

October 19, 2024by david.taylor@colliers.com
Apartment, Rental, Retail

14-Unit Rental Project Planned for 33 ft. Commercial Drive Lot

A development application has been submitted for a small lot at the Northeast corner of Commercial Drive and East 14th Avenue in East Vancouver.

2954 Commercial Drive is a 3,797 SF lot (33′ x 115′) that is zoned C-2C1. The site is now vacant but was previously home to the Scribes Rugby Club.

The proposal for the site is a 6-storey mixed use building with rental above retail, including:

  • 14 rental units;
    • 4 studios, 4 one-bedrooms & 6 two-bedrooms;
  • Retail space at grade;
  • a total density of 3.49 FSR;
  • A proposed height of approximately 68.0 ft.;
  • 6 vehicle parking spaces located down the block at 1725 East 13th (off the lane).

The architect for the project is MA + HG Architects.

September 27, 2024by david.taylor@colliers.com
Condo, Development, Rental, Retail

Bosa’s Revised Plan for Alberni Site Includes More Height, Units

Bosa Properties has submitted their revised rezoning application for 1706-1738 Alberni Street in the West End.

The site has had two previous applications/design iterations, with the first in 2020 and a subsequent design in 2021. The two designs had featured international architects and were presumably costly builds.

In July 2024, Vancouver Council approved amendments to the City’s view cone policy that relaxed a view cone (20.1) that previously restricted the Alberni site. Now, the building heights have been increased.

The proposal for the site is two mixed-use buildings at 44-storeys (east tower) and 41-storeys (west tower) above a 6-storey podium. The more conventional proposal includes:

  • 236 condo units (west tower);
  • 377 rental units (east tower);
  • 5,000 SF of retail space;
  • A total density of 16.11 FSR (east tower) and 14.60 FSR (west tower); and
  • Building heights of 385 ft. with additional height for rooftop amenity space.

This application is being considered under the West End Rezoning Policy.

The architect for the project is Henriquez Partners.

The full application can be viewed here: https://www.shapeyourcity.ca/1706-1738-alberni-st-and-735-bidwell-st

September 20, 2024by david.taylor@colliers.com
Development, Rental

Proposal for Main Street McDonald’s Site Includes 371 Rental Units

Greystar has submitted their rezoning application for the 50,362 SF McDonald’s site at 1527 Main Street that they acquired last year for $80 Million.

The proposal is to allow for the development of a 22-storey and 18-storey rental building with a seven-storey podium and includes:

  • 371 market rental units;
  • a new 7,800 SF McDonalds on the ground floor’
  • a total density of 5.97 FSR;
  • A building height of 230 ft. with additional height for rooftop amenity space.

This application is being considered under the Secured Rental Policy and Southeast False Creek Official Development Plan.

The architect for the project is Dialog.

September 16, 2024by david.taylor@colliers.com
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First Capital REIT acquired by Choice Properties and KingSett for $5.2-billion

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First Capital REIT --> Choice Properties REIT and Kingsett Capital are teaming up to acquire the Canadian real estate company in a deal valued at over $9 billion, including assumed debt. Choice Properties will acquire roughly five billion dollars worth of shopping centres, while

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West Vancouver condo project in receivership, causing 'heartbreak' in Dundarave

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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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