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

Market Spotlight: Burnaby Rezoning Updates

Here is a list of rezoning applications headed for Burnaby City Council’s consideration on Monday:

Phase 1 of Brentwood Town Centre Project

Brentwood Phase 1The first phase of the Brentwood Town Centre redevelopment by Shape Properties is seeking to move forward to first reading and public hearing next month. Phase 1 includes development of a new externally oriented commercial shopping centre, public plaza and high street within the 8-acre southwest quadrant. It includes:

  • 546,820 SF of new commercial space in 2-4 storey buildings
  • Density of 1.56 FAR
  • Central civic plaza

Phase 2 of Station Square

Station Square Phase 2The second phase of the Station Square redevelopment by Anthem Properties is seeking to move forward to first reading and public hearing next month. The first phase is now substantially sold out and under construction. Phase 2 includes development the next two towers atop a low-rise retail and office podium on the Eastern portion of the site. It includes:

  • two towers – one 38-storeys and one 48-storeys
  • 768 total units
  • a total density of 5.34 FAR
  • 97,343 SF of new commercial space

Canada Way and Claude Avenue

Canada Way and ClaudeThe owners of this 4.6 acre site have filed a rezoning application for a 132 unit stacked-townhouse development with underground parking to a total density of 0.9 FAR.

 

 

 

October 28, 2013by david.taylor@colliers.com
Development

52-Storey Tower Proposed for Brentwood Area

Ledingham McAllister is proposing a 52-storey residential tower at Gilmore Ave. and Halifax St., next to their existing project “Aviara” which is now close to half sold and is currently under construction. The proposal will head to Burnaby City Council next week and if approved, will reach first reading and public hearing in October.

“Aviara II” will include 595 residential units located in a 52-storey tower at the corner of Halifax and Gilmore, with two 4-6 storey buildings located along the Gilmore and Douglas Road frontages. The 2.9 acre site is large enough to accomodate three 25-storey towers, but Ledingham was encouraged to pursue a higher tower to preserve views for developments to the South.The proposal includes 715 parking spaces.

The development is being built at an overall density of 5.0 FAR, after a density bonus of 1.6 FAR under the City of Burnaby’s Brentwood Town Centre “s” designation. The bonus density is being valued at $73 per SF, or $13,265,779.

1713 Douglas Rd

 

September 27, 2013by david.taylor@colliers.com
Development

Concord Pacific Initiates Rezoning Process for 26-acre Brentwood Site

Thought Brentwood was already getting big with Shape Properties’ Brentwood Mall redevelopment and Appia’s Solo District? Add another large multi-phase tower project to the mix.

Concord Pacific has initiated a rezoning process for a massive 26-acre site at Lougheed Highway and Beta Avenue. Portions of the site are City-owned properties that will be sold to Concord, and much of the site are designated for high-density and medium-density residential development in the Brentwood Town Centre Plan.

Lougheed and Beta 2

Lougheed & Beta

While still very preliminary, the rezoning application anticipates a multi-phased highrise, mid-rise and low-rise residential development with a commercial component.The plan also includes a dedication of 7.7 acre portion of the property for a new elementary school and neighbourhood park at the Southern end of the property. The site is bordered on the South by the BNSF Railway. Dawson Street would be extended through the site to connect Beta Avenue to Douglas Road.

July 23, 2013by david.taylor@colliers.com
Development

Stuck in Redevelopment Limbo Near Brentwood

Burnaby NewsLeader – Stuck in redevelopment limbo near Brentwood.

Wiinton Williams will likely one day get a nice windfall from the sale of a property he owns in the Brentwood area. Today, though, his industrial property has a breathtaking property tax bill based solely on its development potential. If only he could develop it.

2450 Alpha Ave

2450 Alpha Ave

 For now, with the taxes so high, he’s having trouble just leasing out the place. Williams says he can’t redevelop his property and sell it for what it could be worth because Burnaby city hall has been slow to come up with an area plan.

Since 1993, his company, Vernon-based Sako Pacific Properties Ltd. has owned the property at 2450 Alpha Ave. in Burnaby where it also owned and operated Universal Concrete Accessories, a business that first opened there in 1970.

Starting in 1995, Burnaby city hall started sending Williams’ company notices about redevelopment plans for the Brentwood area, including the industrial lands south of Dawson Street where Sako’s property is located.

Read more: http://www.burnabynewsleader.com/news/204309651.html

April 25, 2013by david.taylor@colliers.com
Development

City of Vancouver Selling Brentwood Tower Site

The City of Vancouver is currently selling a property at 4270 Dawson Street in the Brentwood Town Centre area of Burnaby.  The property, located at the Southwest corner of Dawson and Madison, is 2.67 acres and is currently occupied by Fedex.
4270 DawsonThe site previously had a rezoning application in 2004 for a 30-storey, 155 unit tower with 18 townhouses fronting both Madison and Dawson, with a total density of 1.58 FAR.
The City notice indicates that the invitation to offer is open until May 17, 2013.
April 17, 2013by 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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