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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, Office, Retail

Construction Update: Solo District

Here is a construction update on the second phase of Appia’s Solo District project in the Brentwood Area of Burnaby.

The first phase of the project included a tower branded ‘Stratus’, a 367-unit 45-storey tower which has just recently completed and which is substantially sold out. Burnaby’s first Whole Foods is an anchor of the retail component of the project.

The second phase of the project is ‘Altus’, a 48-storey tower at the corner of Lougheed and Willingdon that includes 284 condo units above 250,000 SF of office space on 12 floors. Pre-sales launched in 2013 and this phase of the project is also nearing sell-out.

Solo District Feb 2016 (1)

photo courtesy mcminsen http://po.st/RDvsVU via @imageshack

Solo District Feb 2016 (3)

photo courtesy mcminsen http://po.st/avE0BU via @imageshack

Solo District Feb 2016 (2)

photo courtesy mcminsen http://po.st/ut93EP via @imageshack

February 24, 2016by david.taylor@colliers.com
Development

Two More Towers for Brentwood Area

Millenium Developments is proposing a rezoning bylaw amendment to permit the construction of two condo towers in the Brentwood area of Burnaby. The site, located at 2630 Douglas Road, is south of Lougheed Highway near Holdom Station, in an area that is primarily still industrial uses.

The plan calls for two high-rise condo towers under the RM-5s and C1 guidelines, with some live/work units facing the street. Per the Brentwood Town Centre Development Plan, the maximum density would be 5.0 FAR. The parking would be located both above and below ground given soil conditions in the area.

2360 Douglas Rd

November 23, 2015by david.taylor@colliers.com
Development

Two More Towers Coming to Brentwood

In what has become one of the most rapidly densifying areas of Metro Vancouver, two more tower proposals are closer to reality in the Brentwood Town Centre area of Burnaby. Both projects were introduced previously but are now at first reading with the City of Burnaby.

1846-1904 Gilmore Avenue

1846 Gilmore_1This 58,234 SF site at the corner of Gilmore and Halifax was originally proposed for rezoning back in 2012, but the application was withdrawn. The current proposal includes:

 

  • a 46-storey condo tower
  • a 3-storey townhouse podium on Halifax
  • 340 units
  • a total density of 5.0 FAR
  • 408 underground parking spaces
  • outdoor swimming pool

2338-2440 Madison Avenue

2338 Madison_3Polygon Homes is proposing a new project entitled ‘Fulton House’ on an 80,967 SF site on Madison Avenue, South of Lougheed. The plan was originally for a 35-storey tower in 2014, but the revised proposal now includes:

 

  • a 41-storey condo tower
  • below and above-ground structured parking
  • 300 units
  • a total density of 3.6 FAR
  • 349 parking spaces

 

October 26, 2015by david.taylor@colliers.com
Development

Four More Towers Coming to Brentwood

Four more towers are being proposed for the Brentwood Town Centre area of Burnaby in two separate rezoning applications that went to Burnaby City Council this week for first reading. They are:

2242 Alpha Avenue

2242 AlphaThis project is being built by Monark Group, who bought the site in February 2015 for $6,750,000. The plan for the 41,574 SF, M2 zoned site is for a high-rise residential tower atop a 4-storey above-grade parking podium and some underground parking. The above-ground parking is required due to groundwater conditions in the area. The anticipated density is 3.6 FAR under the RM4s designation.

2425 Beta Avenue

2425 Beta AvenueThis site is located on the West side of Beta Avenue between Dawson Street and the BNSF rail line, and is being developed by Thind Properties, who acquired it in 2013 for $31,500,000. The plan for the 201,247 SF, M2 zoned site includes three highrise residential towers atop a 4-storey parking podium. It is similarly seeking a 3.6 FAR density designation under the RM4s guidelines. The plan includes a 30 metre dedication to extend Alaska Street.

September 29, 2015by david.taylor@colliers.com
Development

101-Unit Condo Project Planned for Brentwood Area

Ledingham McAllister is moving forward with a rezoning application to develop a 59,244 SF site at 5415 Lougheed Highway in the Brentwood area of Burnaby with a four-storey apartment building with three-storey townhouses fronting Broadway and Lougheed Highway. Plans include:

  • 101 condo units
  • a total density of 1.50 FAR
  • 32 one-bedroom units and 69 two-bedroom units
  • 123 underground parking spaces
  • $3,022,760 CAC ($130 per buildable SF x 0.4 FAR town centre bonus)

5415 Lougheed

September 1, 2015by 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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