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

Knox United Church Development Moving Ahead

While the site was rezoned over 5 years ago, the Knox United Church site at the Northeast corner of Balaclava and West 41st Avenue appears to be closer to reality, with a development application now submitted for the 72,174 SF site. The site was previously owned by Dubai-based Emaar Group who subsequently sold the site in 2011 to Hon Towers Kerrisdale Ltd.

The plan calls for a redevelopment of the church site and adjacent 4 single family lots with a 4-storey residential building and a 2-storey church annex with offices, multi-purpose rooms and a preschool. The south side of the site will be occupied by the 4 storey residential building. The north side of the site is occupied by the existing Knox United Church, and to the east of it is proposed a new 2 storey annex building containing church functions on the ground floor and a preschool on the upper level.

Details include:

  • 77 units targeted to seniors
  • A total density of 1.35 FSR
  • Conservation of the Knox Church listed as heritage “B”
  • One level of underground parking

knox Knox1 Knox2 Knox3

March 12, 2015by david.taylor@colliers.com
Development

508 Helmcken Street Going Back to Public Hearing

The controversial project at Helmcken and Richards whose permits were cancelled by a BC Supreme Court judge in January, is now heading back to public hearing.

The City of Vancouver is now reconsidering the application by Brenhill Development that was submitted on April 26, 2013, to rezone the site for a 36-storey mixed-use building including:

  • 448 residential units, of which 110 would be market rental and 338 strata-titled,
  • a private pre-school and kindergarten, and
  • commercial space on the ground floor.

As a public benefit associated with this rezoning application, Brenhill negotiated a deal with the City to provide social housing in a new building on a site it owned at 1099 Richards Street as part of a land swap to replace housing for the residents of Jubilee House presently located at 508 Helmcken Street. The site at 1099 Richards was already above ground with construction at the time of the judge’s ruling in January.

The decision (Community Association of New Yaletown v. Vancouver (City), 2015 BCSC 117) resulted in By-law 10870, which rezoned 508 Helmcken Street, being quashed and directed that a new Public Hearing be held.

Stay tuned for additional documents that will be considered by Council…

March 12, 2015by david.taylor@colliers.com
Development

Big Plans for Burnaby’s Woodlands Neighbourhood

Peppered with industrial businesses, Woodlands doesn’t look like Burnaby’s next up-and-coming neighbourhood.

But Concord Pacific and the City of Burnaby have an ambitious plan for the 26-acre area, which lies south of Lougheed Highway, east of Beta Avenue, west of Delta Avenue, and extends south toward the rail line.

Burnaby’s planning and building director Lou Pelletier detailed the site concept in a report presented to council at Monday night’s meeting.

“The hard work that’s been done by staff with the developer and the committee in order to make this what I think is a very innovative plan, and one that reflects the best use of the Brentwood Town Centre, is, I think, extremely important,” Mayor Derek Corrigan said at the meeting. “This is a site that has, I think, provided all of us with a few headaches over the years, but it seems we’ve come to a pretty good resolution, and hopefully the community will agree as they go for their consultation.”

The plan  is divided into six areas: the Lougheed parkway at the north end of the site would include a centre median landscaped with trees, shrubs and ambient lighting, according to the report.

The hillside area would include up to four high-rises ranging from 35 to 55 storeys with the option of townhouses on the southern slope. The plan also includes a grand staircase leading south from Lougheed Highway to Yukon Crescent. The hillside would overlook park space to the south.

Read more: http://www.burnabynow.com/news/big-plans-for-burnaby-s-woodlands-neighbourhood-1.1787557

March 11, 2015by david.taylor@colliers.com
Apartment, Development

Rental Apartment Building Planned for Norquay Village Area

A rezoning application has been submitted for a 12,011 SF site in the Norquay Village area of East Vancouver. The site consists of three single family lots located at 2312-2328 Galt Street. It is currently zoned RS-1 single family and is being proposed for a 4-storey apartment building. It is located in an area of the Norquay Village Plan that is considered an apartment transition area. The proposal includes:

    • 28 secured market rental units;
    • a density of 2.25 FSR
    • a building height of 41.5 ft.
    • 24 underground parking spaces.

This application is being considered under the Norquay Village Apartment Transition Area Rezoning Policy and the Secured Market Rental Housing (Rental 100) Program.

2312 Galt 2312 Galt_2

March 4, 2015by david.taylor@colliers.com
Development

Nine Granville Street Lots Sell

With nine ‘SOLD’ signs in a row prominently featured on Granville Street, this has hardly been kept a secret, but the nine lots listed by Michelle Yu of RE/MAX on the West side of Granville Street have sold. While only 7 of the 9 lots appear to have completed already for a purchase price of $22,100,000, it is likely that the total assembly will approach the asking price of $33,640,660. The buyer is Hui Xiang International Realty Developments Ltd.

The site covers a 612.75 ft, two-block stretch of Granville Street from West 45th to West 47th Avenue. The lots are presently zoned RS-3 and the brochure describes “potential rezoning for multifamily”.

6137 Granville

March 4, 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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