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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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

Townhouse Project Planned for Lynn Creek Area

A rezoning application has been filed with the District of North Vancouver for a 9-unit townhouse project in the Lynn Creek area, specifically on Forsman Road, just North of the Highway near the Seymour/Keith Road interchange. The plan is to replace two single family lots that are designated as Residential Level 3, with townhouses. Details include:

  • 9 3-storey townhouses in three buildings
  • All 3-bedroom units ranging from 1,644 SF to 1,816 SF
  • Total density of 0.7 FSR
  • Building heights of 40.5 ft
  • 20 total parking stalls (garage stalls)

756 Forsman_2756 Forsman_1 756 Forsman

November 3, 2015by david.taylor@colliers.com
Investment, Office

1128 Hornby Street Sells in $25.5MM Deal

A 42,000 SF, C-Class office building on Hornby Street has sold to Bene Development for $25,500,000, or approximately $625 per SF. The building is currently occupied by Copeman Healthcare, among other tenants. The building sits on a 12,000 SF site.

1128 Hornby

October 28, 2015by david.taylor@colliers.com
Development

Two More Towers Coming to Brentwood

In what has become one of the most rapidly densifying areas of Metro Vancouver, two more tower proposals are closer to reality in the Brentwood Town Centre area of Burnaby. Both projects were introduced previously but are now at first reading with the City of Burnaby.

1846-1904 Gilmore Avenue

1846 Gilmore_1This 58,234 SF site at the corner of Gilmore and Halifax was originally proposed for rezoning back in 2012, but the application was withdrawn. The current proposal includes:

 

  • a 46-storey condo tower
  • a 3-storey townhouse podium on Halifax
  • 340 units
  • a total density of 5.0 FAR
  • 408 underground parking spaces
  • outdoor swimming pool

2338-2440 Madison Avenue

2338 Madison_3Polygon Homes is proposing a new project entitled ‘Fulton House’ on an 80,967 SF site on Madison Avenue, South of Lougheed. The plan was originally for a 35-storey tower in 2014, but the revised proposal now includes:

 

  • a 41-storey condo tower
  • below and above-ground structured parking
  • 300 units
  • a total density of 3.6 FAR
  • 349 parking spaces

 

October 26, 2015by david.taylor@colliers.com
Development

26-Unit Townhouse Project Planned for Granville Street

Intracorp has filed an application for an RM-8N zoned, 5-lot land assembly on Granville Street at Park Drive/West 59th Ave that was rezoned in the Marpole Community Plan in 2014. The plan for the site includes:

  • five 2.5 storey courtyard townhouse buildings
  • 26 three-bedroom townhouse units
  • one level of underground parking
  • 41,095 SF
  • a total density of 1.20 FSR

The architect for the project is SHIFT architecture.

7428 Granville_1

7428 Granville

October 23, 2015by david.taylor@colliers.com
Development, Office

Two More Proposals Signal Strength of “Mt. Pixel” Area

Two current applications continue a recent trend of redevelopment of older I-1 zoned properties in the Mt. Pleasant area, referred to more recently by some as “Mt. Pixel” because of the many tech companies that are locating in the area. The I-1 zone was amended by the City in 2013 to be more flexible in allowing office uses up to 3.0 FSR in density, and this has spurred several land sales; primarily to developers, either for speculative development or build-to-suits. The pace of recent development applications points to the demand for general office use in an area that was traditionally limited to light-industrial uses.

The two projects are outlined below:

22 East 5th Avenue

This proposal for this site at the Southeast corner of East 5th and Ontario envisions restoring the facade of the existing one-storey industrial building on site, and adding a new 6-storey retail and office building with parking on the first and second floor (due to site slope). Details include:

  • manufacturing and retail uses on the main floor
  • office space on the 3rd to 6th floors
  • total density of 54,389 SF (3.0 FSR)
  • 46,537 SF of office space
  • a building height of 80 ft.
  • 70 parking stalls on the main and 2nd floor
22 East 5th Avenue_1

Existing Site Condition

22 East 5th AvenueThe architect for this project is Christopher Bozyk.


 

34 West 7th Avenue

An application has also been filed by Chard Development for a site at 34 West 7th, which was purchased for $8,150,000 earlier this year. Preliminary plans call for a 4-storey building with clothing manufacturing uses on the ground floor and office uses on the 2nd to 4th floors, and two levels of underground parking. The total density is not known at this time, but the site would allow for up to 54,350 SF (3.0 FSR).

34 West 7th Ave

The architect for this project is Proscenium Architecture.

October 23, 2015by 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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