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.
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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Apartment, Condo, Development

Rezoning Application Details Next Phase of ‘Southgate City’

Ledingham McAllister has submitted a rezoning bylaw amendment application to proceed with development of the next phase of Southgate City, the massive redevelopment project on the 52 acre site in the Edmonds area of South Burnaby.

Southgate City was approved via rezoning for a master plan in 2015 to include up to 5.9 Million SF of residential density. This particular phase had a rezoning application in 2016, however, that application did not proceed and the City of Burnaby’s Rental Use Zoning Policy now applies to the overall master plan of the project.

This first phase is located in the Gateway Neighbourhood, comprising two City-owned lots that will form the Western entrance to the overall master planned site.

The site will be divided into three lots: the City will retain ownership of Lot B, the eastern lot fronting Eighteenth Street, and lease it to BC Housing for development of non-market rental housing. The City would also retain ownership of the western lot fronting Griffiths Avenue, which would include an urban trail and park. The central lot, Lot A, which is to front the future Southgate Boulevard, is intended to be the subject of a land exchange between the City and Ledingham for an equally sized and designated site within the remaining Southgate Master Plan. The central lot would be developed by Ledingham for a condo tower.

The plan includes a 41-storey condo tower over a six-storey podium, and a 37 storey non-market residential tower over a six-storey podium. Further details include:

  • 926 residential units;
  • 421 condos;
  • 37 studios, 160 one-beds, 197 two-bedrooms & 27 three-bedrooms;
  • 505 non-market rental;
  • 94 studios, 205 one-beds, 164 two-bedrooms & 42 three-bedrooms;
  • a total density of 6.16 FAR (see table below);
  • 16,000 SF in amenity facilities;
  • construction of new roads including Southgate Boulevard;
  • 740 underground parking stalls.

The architect for the project is IBI Group.

November 8, 2020by david.taylor@colliers.com
Condo, Development, Office, Retail

Mixed-use Redevelopment Envisioned for ‘Telus Boot’ Site in Metrotown

A redevelopment plan for the Telus Boot site includes 4 high-rise residential towers above mixed use podiums, with retention of the iconic building and significant densification of the site.

The preliminary rezoning application was submitted this week by PC Urban for a major redevelopment of 3777-3791 Kingsway, the 6.6 acre site which is home to the iconic “Telus Boot” building. The building, also known as Brian Canfield Centre, is located at Kingsway and Boundary Road in the Metrotown area of Burnaby.

Existing site aerial

The existing building is a 22-storey, 690,000 SF L-shaped office building built in 1976 as the headquarters for BC Tel (now Telus), although it no longer functions as the company’s head office. A large portion of the overall site is improved with surface parking ripe for development.

Under the Metrotown Downtown Plan, the site is now designated for high-density mixed-use development.

Existing site aerial view

The preliminary plan outlined in a report going to city council next week describes the following concept:

  • a high-density mixed-use infill development including new office, residential and retail space;
  • retention of the 21- storey “Telus Boot” building;
  • removing other existing structures on site;
  • four high-rise towers atop mixed-use podiums with activated street frontages along Boundary Road & Kingsway;
  • improved site circulation and underground parking;
  • open space amenities.

Further details including concept massing, renderings and an architect will be revealed in a future report as the application progresses.

A 50% interest in the property was last sold to a fund managed by Crestpoint Real Estate in 2014 for $86,500,000. H&R REIT had previously acquired the entire property for $150,000,000 in 2006.

October 24, 2020by david.taylor@colliers.com
Condo, Development

22 Townhouses Proposed for Burnaby Site

A rezoning application has been submitted for 5168, 5180 and 5192 Sidley Street, a 24,000 SF three lot land assembly in the Royal Oak area of Burnaby.

The properties are currently zoned R5 Residential, and are proposed for
rezoning based upon the RM2 guidelines. Two of the three lots are owned by the City of Burnaby and their purchase is a prerequisite of the rezoning.

Details of the proposal, entitled ‘Ava Living’ include:

  • 22 two-bedrooms stacked townhouses;
  • a total density of 0.9 FAR;
  • 40 underground parking spaces on one level.

The architect for the project is Wilson Chang Architect.


September 22, 2020by david.taylor@colliers.com
Development, Office

Electronic Arts Expanding Burnaby Campus

Electronic Arts is proposing a major expansion to it’s Burnaby campus at 3700 Gilmore Way, across Sanderson Way from their existing campus.

The project consists of two new office buildings for EA on a 12.57 acre site with M5 and M8 zoning. An existing 110,000 SF office building occupied by Schnieder Electric on the site will be retained.

The plan calls for two 3/5-storey (due to slope) buildings, that include:

  • 297,000 SF of office space;
  • a total density of 0.75 FAR inclusive of the existing building;
  • 3 levels of underground parking;
  • 624 parking spaces;
  • a new urban plaza connecting the two buildings.

The architect for the project is Dialog.

August 21, 2020by 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
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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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