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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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Metro Vancouver Commercial Real Estate Market Data
Surrey Office Buildings – 10 Year Sale Analysis
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  • Surrey Office Buildings – 10 Year Sale Analysis
Apartment, Condo, Development

Boffo Proposing Four Towers for Brentwood Site

Boffo Developments has submitted their rezoning application to establish a Conceptual Master Plan for the “Bassano” site, a 4.1 acre high density residential site, now industrial, at the Southeast corner of Springer and Lougheed in the Brentwood area of Burnaby. Immediately to the north of the site, along the Lougheed frontage, is the SkyTrain Millennium Line Guideway.

Under the Brentwood Town Centre Development Plan, the subject site is designated for high-density multiple-family residential utilizing the RM5s and RM5r Multiple Family Residential Districts as guidelines

The site was originally envisioned for development in 2017 and now Boffo is moving forward with a master plan concept.

Details of the master plan proposal is a 3-phase project including:

  • 4 condo towers up to 34 to 50-storeys in height;
  • a 6-storey rental podium;
  • 1,246 units;
    • 1,102 condos;
    • 144 non market rentals;
  • 1.3 Million Gross Buildable SF;
  • a total density of 7.06 FAR;
  • street oriented townhouses;
  • outdoor amenity space.

It is envisioned that the three phases and their adjacent service provisions would be completed over a 10 year period. However, the exact timing of development will be influenced by market conditions.

Given the site’s Town Centre location, Boffo is proposing to utilize the supplemental amenity density bonus provisions indicated within the Zoning Bylaw. In so doing, Boffo would achieve an additional 1.6 FAR.

The architect for the project is IBI Group.

October 24, 2021by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

Tower 6 at ‘Amazing Brentwood’ to Include 443 Units

This rezoning application by Shape Properties is for the detailed design
and construction of the sixth tower in the overall Amazing Brentwood Project. The overall master plan for the project was approved in 2013 and the first five towers are at various stages from completed and occupied to under construction.

Tower 6 will be located at the Northwest corner of the site, fronting Willingdon. It is currently surface parking.

The proposal for Tower 6 is a 39 storey residential tower, inclusive of a 4 storey rental podium with commercial at grade. Details include:

  • 443 residential units;
  • 369 condos;
  • 21 market rental units;
  • 53 non-market rental units;
  • 20,000 sq ft of office space;
  • 11,900 sq ft of retail space fronting Willingdon & Brentwood Blvd;
  • an overall density of 9.67 FAR.
  • a total building height of 417 ft.

The architect for the project is IBI Group.

June 18, 2021by david.taylor@colliers.com
Apartment, Condo, Development, Retail

Burnaby Rezoning Update

Two rezoning applications of note are going to first reading at Burnaby City Council next week:

Tower 6 – Amazing Brentwood

This rezoning application by Shape Properties is for the detailed design
and construction of the sixth tower in the overall Amazing Brentwood Project. The overall master plan for the project was approved in 2013 and the first five towers are at various stages from completed and occupied to under construction.

Tower 6 will be located at the Northwest corner of the site, fronting Willingdon. It is currently surface parking.

The proposal for Tower 6 is a 39 storey residential tower, inclusive of a 4 storey rental podium with commercial at grade. Details include:

  • 443 residential units;
  • 369 condos;
  • 21 market rental units;
  • 53 non-market rental units;
  • 32,000 sq ft of retail space fronting Willingdon & Brentwood Blvd;
  • an overall density of 9.67 FAR.

6615 Telford Avenue

This site is located within the Maywood neighbourhood of the Metrotown Downtown Plan. The property is currently improved with an older 54-unit, 3-storey apartment building.

A rezoning application for the site was originally submitted in 2019 although has now been revised to reflect the City’s new Rental Use Zoning Policy.

The proposal is for a 31-storey condo building and a separate 6-storey replacement/non-market rental apartment building. Details include:

  • 261 condo units;
  • 54 non-market rental units;
  • 34 market rental units;
  • a total density of 5.71 FAR;
  • 358 underground parking spaces.
May 30, 2021by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

First Phase of Brentwood “The Grove” Project to Include Two Towers, 948 Units

A rezoning application is going to public hearing at the City of Burnaby next week for Phase One of Aoyuan‘s “The Grove” project in the Brentwood Town Centre area. Phase One is located at the corner of Willingdon and Dawson and extends along the North portion of the site to the corner of Alpha Avenue.

The 8-acre master plan project is located at the Southeast corner of Willingdon Avenue and Dawson Street. Aoyuan acquired the site, which consists of seven parcels currently improved with older industrial buildings. The master plan was approved in 2019.

Details of Phase one include:

  • Two condo towers, 36 & 43-storeys;
  • One 6-storey non-market rental building;
  • 868 condos;
  • 453 Studios, 95 One-bedrooms, 256 Two-Bedrooms & 69 Three-bedrooms;
  • 80 non-market rental units;
  • 55,000 SF of office and retail space;
  • a total density of 8.62 FAR;
  • Tower heights of 387 ft and 456 ft.;
  • 1,175 parking stalls.

The architect for the project is IBI Group.

August 21, 2020by david.taylor@colliers.com
Condo, Development

Onni Set to Rezone Second Phase of Gilmore Place

Onni has submitted a rezoning application for the residential portion of Phase 2 of it’s Gilmore Place project. Phase 1 of the project included three residential towers at the Northwest corner of the site, now under construction; Phase 2 also includes an office tower which is in the rezoning stage. There will be four phases in total.

Phase 2 of the project is located along Dawson Street just east of the Gilmore Skytrain Station. This phase includes:

  • two residential highrises of 50-storeys and 43-storeys;
  • 1,012 total condo units;
  • a common underground parkade;
  • a common podium.
January 24, 2020by 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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