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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

Latest Brentwood Proposal Includes 164 Units

Amacon is proposing a 22-storey condo tower in the Brentwood area of Burnaby. First proposed back in 2017, the project site is located at 4455 Alaska Street, currently improved with an older industrial building. The total site area is 40,786 SF.

The Brentwood Town Centre Development Plan designates the subject site for high-density multiple-family residential development based on the RM4s Multiple Family Residential High Rise Apartment Tower with Street-Oriented Townhouses as a guideline, up to a maximum of 3.60 FAR.

The proposed development concept is for a single 22-storey tower above
structured and underground parking, with ground oriented townhousing fronting Alaska
Street. Details include:

  • 164 Units;
    • 18 studios, 58 one-bedrooms, 70 two-bedrooms & 12 three-bedrooms;
  • a total density of 3.60 FAR;
  • 182 parking spaces.

December 10, 2018by david.taylor@colliers.com
Development

Market Update: City of Burnaby Rezoning Applications

Below is an update on the current rezoning applications currently heading to council for first reading.

6004-6018 Wilson Avenue

This 45,666 SF site in Metrotown is comprised of three properties at 6004, 6006 and 6018 Wilson Avenue, owned by Solterra Development. The site is currently comprised of three older residential buildings that are being proposed for rezoning under the Metrotown Downtown Plan for a new 36-storey highrise development with townhouses fronting Wilson Avenue. The proposed density is likely to be 5.0 FAR.

6438-6468 Mackay Avenue & 6443-6467 Silver Avenue

Intracorp is proposing a single highrise residential tower on this assembly of six lots totaling 32,438 SF. The site is designated within the Metrotown Downtown Plan for RM-4S. With a density transfer from adjacent lots at Maywood Avenue, the net proposed density is 7.1 FAR. This will be Intracorp’s eighth residential property in Burnaby.

 

4125 Hastings Street

The plan for this 8-lot, 51,8794 SF assembly of land in the Hastings Heights village area of North Burnaby is for redevelopment including a new 5-storey residential building with 3-storey ground oriented townhouses fronting Albert Street.

 

 

5977 Wilson Avenue

Another rezoning application in Metrotown for a highrise tower, this one is on Wilson Avenue, between Kingsway and Central Boulevard. The site is 54,015 SF and is comprised of two older apartment buildings totaling 63 units. The application is from Blue Sky Properties. The plan is for a 42-storey highrise tower with 3-storey townhouses fronting Wilson Avenue. The designation is RM-5S which permits a maximum density of 5.0 FAR.

6909-6949 Balmoral Street

This is a 4-lot land assembly in the Edmonds Town Centre Area being proposed for twenty-three 3-storey townhouses above one-level of underground parking based on an RM-3 designation. The proposed FAR would be in the range of 1.2-1.5.

 

 

4612-4650 Dawson Street

The plan for this 75,838 SF site in Brentwood is a highrise tower with townhouses fronting Dawson Street, retail uses and below ground parking. The rezoning will be based on RM4s in the Brentwood Town Centre Plan.

 

 

2152 & 2172 Douglas Road

This site, owned by Imani Development, is also located in the Brentwood Town Centre Development Plan and is designated RM5s, which allows a density up to 5.0 FAR. The 65,078 SF site is currently occupied by two older industrial buildings. The plan calls for a 482-foot residential tower with townhouses fronting Douglas Road.

 

8725 University Crescent

Here’s a site in the SFU Neighbourhood that is seeking approval for two new residential towers and 3-storey townhouses by Liberty Homes. This is in Phase 3 of the Univercity project. The proposal includes two terraced residential towers: one 14-storey tower and one 20-storey tower.

 


A full rundown of the reports going to council can be downloaded here: https://eagenda.burnaby.ca/sirepub/pubmtg.aspx?meetid=713&doctype=Agenda%20Packet%20–%20Compiled

December 8, 2017by david.taylor@colliers.com
Development

Market Spotlight: Burnaby Rezoning Applications

A number of rezoning applications head to Burnaby City Council next week. Below is a brief summary of some of the larger projects planned:

4716-4780 Hastings Street

4716 Hastings

This 1.22 acre site is controlled by Adera Development and is a collection of seven individual parcels including the Destination Honda dealership. The site totals 459 feet of frontage and is located in the Hastings Street Area Plan Extension, which allows a total density of up to 2.40 FAR. The proposed plan is a new 4-storey project with retail, office and 59 residential units.


2751 Production Way 

2751 ProductionThis 223,495 SF site is located at the southwest corner of Production Way and Broadway, next to the Metro Vancouver Operations Centre and is currently improved with a vacant industrial building. The site is located in the Lake City Business Centre Plan area and is seeking rezoning for a new multi-tenant light manufacturing/ warehouse/ office development with a total height of 4-storeys and density of 1.0 FAR.


4828 Lougheed Highway and 4829 Dawson Street (Concord Brentwood Phase 2)

Concord Brentwood

This rezoning application is for the second phase of Concord Pacific’s ‘Concord Brentwood’ project. The 2nd phase is within the Flatlands Precinct of the master plan for the overall site. This phase will include two high-rise residential towers, a midrise tower and townhouses with a commercial and amenity podium. Access to the below and above ground parking will be from Dawson Street.


4500-4554 Dawson Street and 2223-2375 Alpha Avenue

DawsonThis is a 9.3 acre site (totaling 7 parcels) in Brentwood Town Centre that we reported as sold to Aoyuan Group back in June for $152 Million. The site is large enough to require a master plan and phasing which is the subject of this rezoning application. The master plan will include multiple residential towers, as well as commercial space and new north-south pedestrian linkage through the site. Most of the site will require above-ground parking due to soil conditions. Aoyuan’s website indicates that the plan includes “1,400 condominiums, 50 townhomes and a mix of commercial and retail units”.


4455 Alaska Street 

4455 AlaskaThis site is also located in the Brentwood Town Centre area and is slated for a tower. The 35,951 SF site is located at the corner of Alaska Street and Willingdon Avenue and is designated under the RM-4s high density residential guidelines which allow up to a density of 3.60 FAR. The developer for the proposed project is Amacon.

 

September 29, 2017by david.taylor@colliers.com
Development, Retail

Fourth Amazing Brentwood Tower to Include 506 Units

Shape Properties has submitted their rezoning application for Tower 5 of the Amazing Brentwood project. The tower is actually the fourth to be rezoned, with the first three towers now sold out and under construction.

This tower will be located at the Northeast corner of Willingdon Avenue and Halifax Street. Details include:

  • A 51-storey tower located above a 2-storey commercial podium
  • 506 condo units
  • 287 one-bedrooms, 190 two-bedrooms, 27 three-bedrooms & 2 four-bedrooms
  • 11.21 FAR (on net site)
  • 37,542 SF of commercial space
  • 673 parking stalls

Amazing Brentwood_1Once this phase is complete, the four towers will represent almost 2,000 units.

June 26, 2017by david.taylor@colliers.com
Development

8 Acre Brentwood Site Sells in $152 Million Deal

An 8.13 acre land assembly at the corner of Willingdon Avenue and Dawson Avenue has sold to Aoyuan Property Group (Canada), a Hong Kong based developer, for $152,000,000.

DawsonThe site comprises six parcels, currently improved with various older industrial buildings. The Brentwood Town Centre Plan designates the site a mixture of medium density mixed use and high density residential.

 

June 9, 2017by 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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