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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Condo, Development

Tower 4 at Onni’s Gilmore Place Revised from Office to Residential

Onni has submitted a rezoning application for the next phase of their Gilmore Place project in the Brentwood area of Burnaby. The first two condo towers have received occupancy in 2024. The first phase includes three towers.

Phase 2 of the project also includes three towers. The first tower of this phase was originally envisioned as a highrise office tower, but has now been revised to residential.

Onni is proposing to deliver the non-market inclusionary units envisioned in the second and third phase in Tower 4, originally envisioned as a 30-storey office tower, and now a 65-storey, 759 unit residential tower.

The revised proposal for Tower 4 includes:

  • 509 condo units;
  • 250 non-market rental units;
  • a 2-storey commercial podium;
  • a 7-level parkade that will serve all of Phase 2 (three towers).
February 21, 2025by david.taylor@colliers.com
Condo, Development

Keltic’s Plan for Rev’s Bowling Site Includes Three Towers, 1,665 Units

Keltic Development has been given approval to move to first reading on a rezoning application for the Rev’s Bowling site at 5502 Lougheed Highway in the Brentwood area.

Keltic acquired the site in 2023 for $94,000,000.

The site is located between Lougheed Highway to the north and Goring Street to the south and is designated for High Density Multiple Family Residential within the Brentwood Town Centre Development Plan.

The development proposal is for three residential towers (60-storeys, 54-storeys and 46-storeys) with common 5-storey podium that includes residential uses, live-work units, and commercial space on the ground floor, above a shared underground parkade. A two storey amenity building is proposed in the southeast corner of the site.

Details include:

  • 1,667 total residential units;
  • 1,432 condos;
  • 235 affordable rental units;
  • a total density of 7.17 FAR.
November 19, 2024by david.taylor@colliers.com
Condo, Development, Rental

Amazing Brentwood One of First to Amend Master Plan Due to TOA Policy

Shape Properties has submitted a rezoning application to amend the master plan for their 28-acre ‘Amazing Brentwood‘ site in the Brentwood Town Centre area of Burnaby.

The master plan for the Amazing Brentwood site was originally approved in 2013 and included 11 residential towers in addition to substantial retail and commercial space. Subsequently, five towers have been completed (or under construction), with two further towers in the application phase. The remaining density on site is now subject to the City of Burnaby’s Rental Use Zoning Policy (RUZP), adopted in 2021.

Furthermore, on November 30, 2023, the BC Legislature granted Royal Assent to Bill 47- 2023
Housing Statutes (Transit-Oriented Areas) Amendment Act 2023. Bill 47 enables the Province to mandate specific densities, size, and/or dimensions of buildings within transit-oriented areas (TOAs) based on specific distances to transit stations, and restrictions on residential off-street requirements within these
TOAs. The Amazing Brentwood site is within a 200m radius of the Skytrain Station, thereby requiring the City of Burnaby to permit a minimum 5.0 FAR density for the site.

Shape is now proposing a variety of amendments to the Master Plan to accommodate the required additional nonmarket inclusionary rental density, associated offset density and new TOA policy.

The proposed changes are summarized as follows:

  • Increased tower heights up to 80-storeys at centre of site;
  • An additional 4.7 Million SF of residential density (2.4M SF minimum rental);
  • No additional commercial floor area (the RUZP allows 50% of comm density as rental residential);
  • Addition of childcare space;
  • Additional green space.
January 25, 2024by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

Bosa Development Proposing Two Residential Towers, 815 Units in Brentwood

Bosa Development has submitted its rezoning application to the City of Burnaby for a 76,000 SF site they own at the southwest corner of Willingdon Avenue and Halifax Street in the Brentwood area of Burnaby.

The proposal seeks to rezone the site from its existing CD zoning utilizing the RM5s, RM5r and C3 districts and the Brentwood Town Centre Development Plan as guidelines.

The overall proposal is for two high-rise residential towers atop a non-market residential rental and commercial/retail podium with underground parking. The development is anticipated to be constructed over two main phases, with Phase 1 encompassing the western half of the site, and Phase 2 the eastern half.

Details include:

  • a 60-storey condo tower (651 ft);
  • a 43-storey rental & office tower (479 ft);
  • 815 total units;
  • 472 condo units;
  • 266 market rental units;
  • 77 non-market units;
  • 200,000 SF of commercial space (13 floors of office);
  • a total combined density of 12.66 FAR (970,000 SF);
  • 1,794 parking spaces;
  • a new public square known as ‘Buchanan Square’.

It is estimated that the two phases will be built over a 7-year time horizon, although that will be ultimately determined by market conditions.

The architect for the project is Chris Dikeakos Architects.

October 10, 2023by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

Grosvenor Brentwood Site to Include 6 Towers

The conceptual master plan for the 7.9 acre Grosvenor Brentwood site goes to Burnaby City Council next week.

The site, acquired by Grosvenor in 2020, includes five parcels at Lougheed and Alpha that were formerly occupied by a Chrysler dealership, and are currently being used for a weekend public market and food truck festival. The largest parcel, 4664 Lougheed Highway is occupied by an older office building.

The first step in the planning process for this transit oriented, high density site involves preparation of a Conceptual Master Plan for the site, and Committee and Council consideration of amendments to the prevailing land use framework of the current Brentwood Town Centre Plan.

The preliminary concept is summarized as follows: “The preliminary concept plan for the subject site is comprised of different districts, each with a distinct and unique architectural and landscape expression. These districts are described more fully in Section 3.4 of this report. The site sits at the centre of the Brentwood Town Centre and will become a hub of activity with a variety of open air shopping experiences, cafes and restaurants, office space, and highdensity rental and strata residential opportunities, all designed around new public plazas, and terraced open spaces. These changes will help create a new, high quality, integrated neighbourhood in Burnaby that will be a seamless extension of existing surrounding neighbourhoods.”

The site is envisioned to have multiple phases, broken down into 5 districts, as follows:

The High Street District

  • Corner of Alpha and Dawson
  • A condo tower between 30-45 storeys, over a podium with 3-storeys of condo and 2-storeys of commercial

Urban Gateway District

  • Northwest corner at Alpha and Lougheed, next to Brentwood Station
  • Two high-rise market rental towers between 45 to 65 storeys in height, over mid-rises with up to 9 storeys of non-market rental, with retail and flex office at grade

Civic Heart District

  • At centre of the site fronting Dawson
  • Comprises a community centre and pathways linking the site, described as a multi-story cantilevering structure designed to shelter outdoor areas on the south side and provide open sunny balconies and a sky park over the rest of the structure, with large recreational facilities cut into the grade of the sloping site to provide easy access for pedestrians, cyclists, transit users and motorists of all ages and abilities.

Oasis District

  • Northeast corner of the site at Lougheed and Beta
  • two high-rise market rental towers between 40 to 60 storeys in height, over mid-rises with up to 9 storeys of non-market rental atop retail, flex office and amenity space at the ground level.

Green Link District

  • Southeast corner of the site at Beta and Dawson
  • Condo tower between 35 to 45 storeys in height, over a 5-storey podium including condo and retail

The total proposed density for the site is 9.0 FAR, or 3,080,000 SF.

The site will be rezoned in multiple phases and utilizes the RM5s and RM5r Multiple Family Residential Districts; commercial utilizing the C3 General Commercial as guidelines and for a community centre utilizing the P3 Park and Public Use.

Below is a breakdown of the permitted and proposed density per the rezoning guidelines:

Virtual open houses will be held on March 16th and 17th.

Project website.

March 4, 2022by 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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