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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Development, Office, Retail

Renovation & Strata Conversion Eyed for Metrotown Place

Slate Asset Management has applied to the City of Burnaby to rezone Metrotown Place in order to allow a complete renovation and expansion of the 250,000 SF office complex, as well as a strata conversion that would total 236 strata units. Slate acquired the property on behalf of their Slate Canadian Real Estate Opportunity Fund in March 2019 for $95,000,000.

The golden clad towers, previously owned and occupied by Metro Vancouver, were built in the early 80s are sited at the western gateway of the Metrotown Downtown neighbourhood on Kingsway.

The RBC building located on the northeast corner of the site is not part of this project.

The rezoning would allow for the following alterations to the property:

  • 230 office strata units;
  • 6 retail strata units;
  • a total of 223,000 SF of saleable area;
  • re-cladding of the buildings;
  • alterations to the site’s public realm & landscaping;
  • a 39,229 SF increase in total floor area;
  • an expanded ground and second floor level connection between the two buildings;
  • upgrade the building envelope to improve energy performance and meet Step 3 of the BC Building Code.
  • expand the second floor area to match the ground level, and provide additional floor area on the office tower.
  • strata-titling of some or all of the office and retail space.
  • a total density of 4.40 FAR.
Existing complex.
Typical office floorplate.

The application describes the design rationale: “The design intent to enhance the office buildings to Class AAA facilities builds on the legacy of the existing landmark Golden Towers as prime office real estate through modernization of the building’s exterior and interior. Classic, minimal, restrained and elegant are key words that influenced the form, shape, materials and colour for this gateway site. And an overarching desire to unify the three elements: podium, tower 1 and tower 3 form the foundation of the architectural language.

Currently the two towers are completely separate buildings. The project’s big move links these two towers on both the ground floor and level 2 to create a connection between the buildings allowing for efficiencies of use and access. The two main entry points off Kingsway and Kathleen are maintained.

The proposed design shifts the primary Kingsway entry closer to the property line to improve the street edge and shape a more intimate and active public space. Both entries are strengthened by framing the doors with a metal panel portal of contrasting colour, creating definition and wayfinding on site. The Kingsway entry is further enhanced through a large airy, light filled double height atrium space. Added retail program at the ground floor frames the double height space, creating increased opportunities to activate the street through small scale shops and cafes. Another, key feature of the building design is the increased amenity areas on levels 2 and 3. The level 2 amenities include: shared meeting rooms, work spaces and a lounge along with a large sub- dividable room for presentations and functions. These semi-public spaces offer business owners and employees shared facilities to meet with clients. Also on level 2 are state of the art end of trip facilities: large bicycle storage facilities offer showers, changes rooms, and lockers to promote healthy lifestyles and riding to work. Further, two transit stations are within walking distance of the site and the City of Burnaby’s street standard upgrades support this ambitious strategy. On level 3 a new club house, gym and an improved outside amenity deck offers private spaces for employees and owners to relax, work out, and have lunch.”

The architect for the project is Dialog.

July 24, 2020by david.taylor@colliers.com
Condo, Development, Office, Retail

More Office Added to Final Tower at Solo District

Appia Development has applied to the City of Burnaby to amend the plan for the fourth and final tower at Solo District in Brentwood. The four tower project is over half completed with the first two towers complete and the third tower, Cirrus well into construction. The second tower, Altus, includes 12 floors and 260,000 SF of office space.

The approved master plan for the site envisioned a 48-storey residential tower for the Southeast corner of the site fronting Willingdon, with a small amount of restaurant space.

The revised proposal increases the office portion of the tower from a 4-storey podium to a 18-storey podium, an increase of 160,000 SF of office space.

The fourth tower will now be 40 feet taller, but slightly shorter than Altus.

Details of the proposed changes include:

  • Increase in the office podium from 4-storeys to 18-storeys;
  • Increased in office space from 46,837 SF to 187,127 SF;
  • Total increase in height from 48 to 52-storeys;
  • No change in residential unit count (319);
  • Increase in retail space from 4,754 SF to 11,945 SF;
  • Change of restaurant use to retail CRU.
June 10, 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
Apartment, Condo, Development, Office, Retail

Iconic Landmark Project Proposed for Burnaby

An “iconic landmark project” has been put forward by Pinnacle International for a 6.2 acre site in the Lougheed Town Centre area of Burnaby. Based on the preliminary design details, including towers up to 82-storeys in height outlined in the preliminary rezoning application, the towers may become the tallest in B.C..

The site, located at 9858 Gatineau Place has an enviable location directly next to the Skytrain Station and just South of Shape Properties’ 72-acre ‘City of Lougheed‘ / Lougheed Mall site, with its first phase now under construction. A master plan was created for both sites in 2016; however, the Gatineau Place site was subsequently sold to Pinnacle in February 2018 for $220,000,000. The site is currently improved with surface parking lots and a residential sales centre.

Preliminary details for the proposed project include:

  • Three residential towers (82-storeys, 67-storeys & 62-storeys);
  • up to 1.9 Million SF of market residential (11.91 FAR);
  • 20% rental housing (2.16 FAR);
  • estimated 430,000 SF of office, retail & hotel uses;
  • relocation of Gatineau Place to align with the new north-south Grand Promenade road;
  • new covered transit plaza adjacent to the SkyTrain station and bus loop;
  • a new pedestrian bridge over Austin Road to connect the covered transit plaza and subject site with the Lougheed Mall site to the north.

The application describes the design rationale: “The ground level for each tower will be animated with retail uses that will activate the public realm and integrate with the transit plaza. The second level will include retail components in each building together with a hotel lobby in the “East Tower” and an office lobby in the “West Tower”. The tower podiums will share common thematic elements and will be interconnected with sky bridges allowing pedestrian movement between buildings and a connection to the Lougheed Mall Precinct.

The three towers will vary in height, with the largest (East Tower) reaching 82 levels comprised of retail, hotel and residential uses. The West Tower will feature retail, office and residential components within 67 levels, while the “South Tower” will be 62 levels in height and will include retail and residential uses. The design is inspired by nature with the three buildings metaphorically representing an ensemble of flowers expressed through appropriate massing and architectural articulation.”

No renderings have been released publicly yet, and there is no word yet on design architects.

October 28, 2019by david.taylor@colliers.com
Development, Office

Onni’s Gilmore Place to Include 37-Storey Office Tower

Onni has submitted a rezoning application to the City of Burnaby for the office tower component of their 12.2 acre Gilmore Place development, now in site clearing for Phase 1 which includes three residential towers.

The office building component is located in Phase 2 of the project, on the Southern portion of the site adjacent the Gilmore Skytrain Station and along Dawson Street. In addition to the office tower, Phase 2 will include two residential highrises fronting Dawson Street (to be submitted as future rezoning applications).

The proposed office building includes:

  • a 37-storey office tower;
  • a 3-storey commercial podium;
  • 695,614 SF of office space;
  • approx. 20,000 SF floorplates;
  • a total density of 7.10 FAR (in Phase 2);
  • 1,453 underground parking spaces (for Phases 1, 2 & 3)
  • a projected occupancy date of Q2 2024.

May 24, 2019by 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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