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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Apartment, Development, Office, Retail

Sapperton Green Project Moves Closer to Reality

The preliminary master plan concept for the 38.5 acre Sapperton Green site has now been approved by the City of New Westminster, allowing the project to move forward to public consultation and eventual rezoning.

Plans to rezone and redevelop the current industrial property first came forward several years ago, with an application by Quadreal for OCP amendment approved in November 2015.

The site sits on the Eastern edge of New Westminster and is adjacent to Braid Skytrain Station. The site is currently improved with older industrial buildings currently used by Amazon.

Details of the proposed development within the preliminary master plan include:

  • 13 to 14 residential towers with midrises and townhouses
  • Approx. 3,700 units (half condo / half rental)
  • 3,400,000 SF of residential space
  • 800,000 to 1,150,000 SF of office space (mostly along Braid near the station)
  • 150,000 SF of retail space
  • 35,000 SF community centre facility
  • a central greenway running through the site in addition to a road network
  • park dedication equal to approx. 12% of the gross site area
  • a CAC to be determined

Sapperton GreenSapperton Green_5 Sapperton Green_2 Sapperton Green_1 Sapperton Green_4 Sapperton Green_3The first phase of the project would occur on the South and East portions of the site, the subsequent three phases would require demolition of the existing Amazon building.

It is anticipated that the rezoning application would be sent to public hearing in the Spring of 2018.

July 12, 2017by david.taylor@colliers.com
Apartment, Development, Office, Retail

Rezoning Plans Unveiled for Downtown Canada Post

Bentall Kennedy has submitted their formal application for rezoning of the Downtown Canada Post site. The 2.98 acre site comprises a full city block at 349 West Georgia Street formerly occupied by Canada Post and bought by bcIMC in 2013 for $159 Million.

The proposed redevelopment is interesting in that it contemplates retaining the existing Post Office building and adding two residential towers and one office tower above with parking uses above grade in the podium.

Details include:

  • Retention of heritage building and its conversion into a seven-storey podium containing retail along all street frontages, rental housing, office, and parking
  • Adding three towers above podium, including 17 storeys of office, and 18 and 20 storeys of residential
  • 427 rental apartments, 372 condo units
  • 512,000 SF of office space
  • 274,000 SF of retail space
  • An overall density of 12.9 FSR
  • Tower heights of 150 – 222 feet
  • Six levels of parking with 1,474 parking spaces & 1,168 bicycle spaces
  • A 49-space childcare facility

The site’s primary constraint is the view cones which limit the building heights.

349-w-georgia 349-w-georgia_1 349-w-georgia_2 349-w-georgia_3 349-w-georgia_4

 

November 3, 2016by david.taylor@colliers.com
Apartment, Development, Office, Retail

Market Recap: Rezoning of Two Major Downtown Sites

As was reported in the media late last week, two major rezoning inquiries are going before the City of Vancouver’s Standing Committee on City Finance and Services on Wednesday; one was expected and one was a bit of a surprise within the industry. The inquiry stage simply confirms Council’s approval to proceed to a formal rezoning application stage.

Sinclair Centre

  • 1.54 acre site
  • Proposal to increase the density and height for commercial uses
  • 1,100,000 SF of office space for Federal Gov’t (up from existing 390,000 SF)
  • A density of 17.0 – 20.0 FSR
  • Max height of 350 ft due to view cones (29 storeys)
  • Existing CD-1 zoning proposed to be amended

Sinclair Centre

Excerpt from the Policy Report explaining the heritage aspect:

The Sinclair Centre is comprised of four heritage buildings all listed on the City’s Heritage
Register:
  • the former Main Post Office (built in 1910) — Municipally Designated and Federally Recognized Heritage Building, listed as an ‘A’
  • the R.V. Winch Building (built in 1911) — Municipally Designated and Federally Recognized Heritage Building , listed as an ‘A
  • the Customs Examining Warehouse (built in 1913) — Vancouver Heritage Register, listed as an ‘A,’ and Federally Recognized Heritage Building , listed as an ‘A,
  • the Federal Building/Post Office Extension (built in 1936) — listed as a ‘B’ (but not designated).
  • In 1986 the four buildings were restored by the Federal Government. While the buildings were seismically upgraded, they would not meet today’s standards and some portions of the buildings received very modest upgrades

Post Office Site

  • 2.98 acre site acquired by bcIMC in 2013 for $159 Million
  • Rezoning to allow reuse and retention of the existing building, with new residential and commercial uses
  • Existing Post Office building would contain retail, office, hotel, residential lobbies
    and the blank granite walls would be modified to provide for pedestrian-oriented at-grade retail
  • New building above would contain office, hotel, and rental/condo housing
  • View cones limit building heights between 225 feet and 285 feet

349 W GeorgiaComment from the Policy Report on the heritage aspect:

Since 1958, the building was the City’s Central Post Office. Recently, the Post Office has relocated to a site near the airport. The building has heritage merit. It was identified in the “ Recent Landmarks–Post 40’s Inventory,” which was conducted in the early 90’s, as a Class ‘B’. Designed by a prominent architectural firm McCarter Nairne and Partners Architects, the design of the building subscribes to the general principles of the International Style of Modernism.
May 11, 2015by david.taylor@colliers.com
Development, Office

Construction Update: 745 Thurlow Street

Exterior work on Bentall/bcIMC’s 745 Thurlow project appears to be nearing completion.

Photo by 604 City on Flickr

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

Construction Update: 745 Thurlow St.

Photo by 604City, Flickr

December 1, 2014by 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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