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

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
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
Condo

Phase 2 of Concord Brentwood to Include 825 Units

The rezoning application for Phase 2 of Concord Pacific’s Concord Brentwood project is moving to first reading. The overall project master plan was approved by the City of Burnaby in 2016, with individual phases requiring detailed rezoning applications.

The first phases of the project (1a and 1b) are currently under construction and summarized as follows:

  • Hillside West – two towers (44 & 49-storeys), 892 units. Sold out in early 2018.
  • Hillside East – two towers (55 & 45-storeys), 900 units. Over 90% sold out.

Phase 2 of the site is located within the “Flatlands” subarea of the overall site, and fronts the future Dawson Street extension and Yukon Crescent. Phase 2 totals 204,000 SF and consists of two high-rise residential buildings, one mid-rise residential building, a low-rise residential podium, common amenities (super club), and street oriented retail uses atop, and fronting, underground and structured parking.

Details include:

  • A 45-storey tower, a 50-storey tower, and an 18-storey tower
  • 825 total condo units;
    • 247 one-bedrooms, 438 two-bedrooms & 218 three-bedrooms;
  • 50,000 SF of retail space (0.25 FAR);
  • A 31,000 SF “Super Club” serving all phases of the project that includes fitness space with gym, pool, bowling alley & spa.
  • A total density of 4.97 FAR;
  • 1,001 underground parking spaces;
  • New roadways including:
    • Extension of Dawson Street
    • Construction of Douglas Road/Delta Avenue and Lougheed Hwy intersection
    • New pedestrian and cycling routes

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

Burnaby Saputo Site Sells in $209 Million Deal

The sale of Saputo’s 19-acre Burnaby plant to Peterson Group has completed for $209,000,000. The site at 6800 Lougheed Highway had been listed by Cushman & Wakefield in early 2017. 

Saputo will relocate their operations to a new processing plant on a 20 acre site on Kingsway Avenue in Port Coquitlam, which is expected to be completed within the next three years. In the interim, their sale deal with Peterson envisions a lease back until their new plant is ready in 2021.

Redevelopment plans for the Lougheed site have yet to be revealed; however, previous planning efforts for the Bainbridge area anticipated a higher density mixed use development given the site’s location adjacent a Skytrain station.

November 5, 2018by david.taylor@colliers.com
Apartment, Condo

Two Metrotown Highrise Projects Proposed by Anthem

Anthem Properties has submitted rezoning applications for two sites in the Metrotown area of Burnaby. If the applications are approved at Council, they will move forward to public hearing next month.

The proposals are:

6444 Willingdon Avenue & 4241 Maywood Street

The plan for this 65,486 SF site located at the comer of Willingdon Avenue and Maywood Street is a new 42-storey highrise, with townhouses fronting Maywood Street and Cassie Avenue, and a 3-storey non-market rental building. The site is in the Maywood neighbourhood and is utilizing the RM5s and RMS Multiple Family Residential Districts and Metrotown Downtown Plan as guidelines.

Details of this proposal include:

  • 378 units;
    • 348 condo units;
    • 30 non-market rental units (New Vista Society);
  • a total density of 5.32 FAR;
  • a total tower height of 430 ft.;
  • 470 underground parking spaces.

 

 


6075 Wilson Avenue

This site is located at the comer of Wilson Avenue and Central Boulevard and totals 62,641 SF. The Metrotown Downtown Plan identifies this neighbourhood as a high density neighbourhood with a garden-like setting that is defined by its relationships to Central Park, Kingsway, the BC Parkway and Patterson SkyTrain station. The rezoning policy for the site is based upon the RM5s and RM3 designations.

The proposed development plan is for a single 45-storey condo tower oriented towards the comer of Central Boulevard and Wilson Avenue with a 4-storey townhouse podium oriented towards Wilson Avenue and a 4-storey non-market rental housing component oriented towards Central Boulevard.

Details include:

  • 379 units;
    • 347 condo units;
    • 32 non-market rental units;
  • a total density of 5.37 FAR;
  • a total tower height of 425 ft.;
  • 419 underground parking spaces.

 

 

 

 

 

 

 

 

 

 

 

 

The architect for both projects is listed as GBL Architects.

June 22, 2018by david.taylor@colliers.com
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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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