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

Vancouver City Staff Reject Proposal for Stong’s Site

City of Vancouver staff have rejected a rezoning application for a six-storey mixed-use building on the Stong’s Market site.

Brian Jackson, the city’s manager of planning and development, recommended the proponent pull the application in light of opposition based on Dunbar’s community vision, which prescribes a four-storey limit on buildings.

Stongs Dunbar

“I, of course, only recommend to council, so if [the applicant wishes] to pursue, they could still go to council with our negative recommendation and then it would be council that would formally turn them down, but I have recommended that they withdraw their application,” Jackson told the Courier Thursday morning.

Henriquez Partners Architects filed the rezoning application with the city on behalf of the landowner Harwood Group.

The site in question includes properties from 4508 to 4560 on Dunbar Street and 3581 West 30th Avenue — the current locations for Stong’s, McDermott’s Body Shop and two parking lots. The rezoning proposal provided space for the grocery store to move back in after the project was completed.

Read more: http://www.vancourier.com/news/vancouver-city-staff-reject-proposal-for-stong-s-site-1.671185#sthash.SVXFJSfr.dpuf

October 28, 2013by david.taylor@colliers.com
Investment

Chartwell Buys Retirement Residence in Mission

Chartwell Retirement Residences has acquired a 138-suite residence in Mission for $27 million, the real estate trust announced Monday.

Cedarbrooke Chateau, built in 2009 and 73 per cent occupied, is Chartwell’s second retirement residence in Mission, a Fraser Valley community with a population of about 34,500.

Chartwell says it expects “strong operational synergies” with the existing 126-suite Chartwell Carrington House Retirement Residence but didn’t provide details in its announcement.

“This acquisition is fully in line with our strategy to acquire newer, well-designed and well-located properties in our existing markets,” Brent Binions, Chartwell’s president and CEO, said in a statement.

Read more: http://www.vancouversun.com/business/Chartwell+real+estate+trust+buys+retirement+residence+Mission/9091680/story.html#ixzz2j20I4su0
October 28, 2013by david.taylor@colliers.com
Development

50-unit Rental Project Proposed for West 41st and Cambie

Qualex-Landmark is proposing to rezone 458-476 West 41st Avenue from RS-1  District to CD-1 for a rental residential development including one 6-storey building and 2-storey townhouses at the rear of the site. The proposal consists of:

    • 50 secured market rental units
    • a proposed density of 2.55 FSR 37,152 SF

400 Block West 41st Ave_2 400 Block West 41st AveThis rezoning application is being considered under the Cambie Corridor Plan and the Secured Market Rental Housing Policy (Rental 100).

Qualex had purchased the site in 2010 for $2,500,000, or $67 per BSF based upon proposed density.

October 24, 2013by david.taylor@colliers.com
Market Research

Market Spotlight: Downtown New Condo Inventory

Here’s a snapshot of currently selling downtown condo projects in terms of inventory. Also included are projects likely to be released in the next 12 months. Overall, available inventory seems to be in healthy and balanced territory, though some larger upcoming projects scheduled to be offered in the next two years may have an impact on the market with well over 2,000 units.

Downtown Condo Inventory_Oct 2013

October 24, 2013by david.taylor@colliers.com
Development

Richmond School District Steveston Secondary for $41 Million

The site of the former Steveston secondary in Richmond sold to Polygon Homes for $41,125,000.

“The board is enthusiastic about what this means for our district,” said Donna Sargent, board chair at Richmond School District No. 38. “The sale of these lands provides us with funding that can be used for other capital projects and will ensure the legacy of Steveston will remain within the Richmond community.”

The 13-acre site will be split into eight acres sold to Polygon and five acres reserved for a park. There are no conditions on the sale and any rezoning will be done with the city.

12.58 acre Steveston Secondary Site

12.58 acre Steveston Secondary Site

The secondary school closed in June, 2007 and was merged with the nearby London secondary to become Steveston London secondary in September, 2007.

Read more: http://www.vancouversun.com/news/Richmond+school+district+sells+site+former+Steveston+secondary+million/9072480/story.html#ixzz2iaZ4Jtga
October 23, 2013by david.taylor@colliers.com
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David Taylor Personal Real Estate Corporation

Colliers International

DT

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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