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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Development

23-Storey Tower Proposed for Brentwood

Amacon‘s proposed rezoning of a 40,000 SF site in the Brentwood Town Centre area of Burnaby is seeking approval to move to public hearing. The site at 2285 Willingdon is comprised of an assembly of four older industrial buildings, and is located at the Northwest corner of Willingdon Avenue and Juneau Street. The proposed project anticipates rezoning under the RM4s designation. The plan calls for a 23-storey condo tower above underground parking including:

  • 147 condo units
  • 39 one-bedrooms, 92 two-bedrooms & 16 three-bedrooms (including 5 townhouses)
  • total density of 3.6 FAR
  • amenities including rooftop deck, game room, gym, spin room, yoga studio
  • 5,181 SF of amenity space
  • 201 parking spaces
  • 21 electric vehicle charge stations

2285 Willingdon

June 27, 2016by david.taylor@colliers.com
Development, Market Research

City of Coquitlam to Expand CAC Program

The City of Coquitlam is likely to approve an expansion to their Community Amenity Contribution (CAC) program, as a result of several findings by City planning staff since late 2015 when they began exploring the idea of a policy regarding city-wide CACs.

Discussion topics from City staff included:

  • Impact on Housing Affordability – it was determined based on previous studies that a new Citywide CAC would not have significant impact on housing affordability
  • In-kind Contributions – this will be the standard approach at council’s discretion
  • Citywide CAC versus Area-specific CACs – City doesn’t want to have different target rates in different areas thereby creating an uneven playing field for development. CACs are intended to be used in each area.

The new fixed target CAC rates will be as follows:

  1. $3.00 per SF for the gross floor area of all new multifamily;
  2. $5,500 per parcel for all new one-family residential lots over 375 m2;
  3. $4,800 per parcel for all new one-family residential lots under 375 m2.

The new CAC program is set to take effect July 1, 2016, though project applications already in process will be exempt.

June 27, 2016by david.taylor@colliers.com
Apartment, Development, Retail

Mixed-Use Building Proposed for Commercial Drive

A development application has been filed for a site at 928 Commercial Drive, mid-block just South of Venables Street. The plan for the 33 x 121 ft site is to build a new infill building including:

  • a 5-storey, mixed use building
  • retail on first floor and residential above (2nd to 5th floors)
  • 12 rental aparment units
  • 3 parking spaces having vehicular access from the lane.

Under the site’s existing C-2C1 zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning.

928 Commercial

The architect, Matthew Cheng, explains the design rationale:

“The existing building on the subject property is a single family building built in 1904. In order to improve the neighborhood in Grandview-Woodland community and provide more affordable residential units, a brand new 5-storey mix-use building is proposed to replace the existing single detached dwelling. The new building with rental units will not only improve the 900 block Commercial Drive streetscape but also ease the tough rental market in the “Drive area”.
The proposed new building is designed as a wood frame building with a concrete ground / second level. Residential units are location on level three to five. There are 2 compacted unit types provided, studio and one-bedroom, in order to introduce more affordable rental option for the demographic in the neighborhood., Bicycle room, coin laundry room and other residential services are location on the ground and second level. Elevator is provided so that residents and handicap people can access to every level easily.”
928 Commercial_2 928 Commercial_1
June 22, 2016by david.taylor@colliers.com
Apartment, Development

Construction Update: 1155 Thurlow Street

Here is a brief update on a project in the West End that was originally envisioned prior to the West End Community Plan having been adopted in 2014.

The project is a partnership between Bosa Properties and Central Presbyterian Church, which used to worship on this property for many years. The property was rezoned in 2014 to allow a new 22-storey building that includes 168 units of market rental apartments and 45 units of non-market rental apartments, as well as retail space, a new church and a preschool.1155 Thurlow_2

1155 Thurlow_3Excavation was recently completed and a crane is scheduled for installation on June 25th. Completion of the project is scheduled for April 2018.

1155 Thurlow_4

photo courtesy mcminsen http://po.st/ZegImX via @imageshack

June 22, 2016by david.taylor@colliers.com
Apartment, Investment

Reliance Properties Acquires 1770 Davie St. in $43MM Deal

Reliance Properties has acquired a landmark apartment and retail property in the West End for $43,000,000. The building was built in 1958 and includes a 58-unit 16-storey concrete apartment highrise and three retail units including Milestones, and is prominently located at the intersection of Denman and Davie.

1770 DavieThe building had been listed for sale by Avison Young without an asking price and sold after receiving multiple offers.

June 15, 2016by 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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