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

Construction Update: The Amazing Brentwood

Above ground construction efforts continue at the Amazing Brentwood, the redevelopment of Brentwood Town Centre Mall in Burnaby by Shape Properties. The project is one of the largest mixed-use development currently under construction in Metro Vancouver.

The project, which broke ground on its first phases in 2015, will feature 11 towers and over 6,000 units once complete. It will also include a considerable new retail component with over 250 new stores.

The first 3 towers have now sold out, representing about 1,400 units.

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courtesy mcminsen http://po.st/rJ0jPB via @imageshack

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courtesy mcminsen http://po.st/FIlASK via @imageshack

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courtesy mcminsen http://po.st/rF60Wk via @imageshack

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courtesy mcminsen http://po.st/rpGrdn via @imageshack

September 5, 2016by david.taylor@colliers.com
Development

Market Spotlight: Burnaby Rezoning Activity

Here is an update to some of the rezoning applications that have been advanced to public hearing at Burnaby City council this week:

7201 11th Avenue (Southgate City –  Phase 2)

7201 11th AvenueThis proposal is the second phase of land to go through rezoning in Ledingham McAllister’s “Southgate City” master planned community in South Burnaby. The plan for this plot in the ‘Island Neighbourhood’ in the Southwest corner of the site includes:

  • a 28-storey tower and two 4-storey lowrise buildings
  • 321 units (213 in tower, 108 in lowrises)
  • 84 one-bedrooms, 225 two-bedrooms and 12 three-bedrooms
  • 354 underground parking spaces
  • 307,037 SF of gross floor area

6695 Dunblane Avenue & 4909-4971 Imperial Street

6695 Dunblane_1This “L” shaped property is owned by Transca Development, who acquired the assembly of four Metrotown lowrise apartments in February 2016 for $28,700,000 and submitted an initial rezoning inquiry at that time. The 56,239 SF site sits in a very active development zone, with The Park, Met 1 and Met 2 all nearby. Transca is now seeking approval to move to public hearing with a high-density residential project under the RM-5s designation including:

  • a 36-storey tower and 2-4 storey lowrise form
  • 313 units
  • total density of 5.11 FAR
  • 6,225 SF of live/work (commercial space) 0.11 FAR
  • 31 studios, 103 one-bedrooms, 112 two-bedrooms and 67 three-bedrooms
  • 387 underground parking spaces

6668-6730 Dunblane Avenue & 6661-6709 Marlborough Avenue

6668 DunblaneJust across Dunblane Avenue to Transca’s applicaiton, Polygon’s application on Dublane, originally introduced in November 2015, is now headed to public hearing. Details of the proposal for the 7-lot, 54,085 SF assembly of duplexes and apartment buildings includes:

  • a 38-storey tower with townhouses
  • 263 units (255 in tower and 8 townhouse units)
  • total density of 5.0 FAR
  • 1 studio, 220 two-bedrooms, 42 three-bedrooms
August 31, 2016by david.taylor@colliers.com
Development

Another Highrise Proposal for Brentwood Area

On the same day that Onni is submitting a formal rezoning application for it’s first phase of 3 residential towers at Gilmore Station, another rezoning application has been filed for a site just East of Onni’s land in the rapidly developing Brentwood area of Burnaby.

The application is being made for a currently industrial property at 4285-4295 Dawson Street, at the northwest corner of Madison Avenue. The site is 56,500 SF. The site is designated in the Brentwood Town Centre Plan a mixed use high-density (RM-5s).

The preliminary proposal by Imani Development, is for a mixed use development comprised of retail, office and a highrise residential tower, to a maximum density of 6.0 FAR, with a residential density of 5.0 FAR.

The application notes that the tower height would be 431 feet, or likely around 40-45 storeys.

4285 Dawson

July 25, 2016by david.taylor@colliers.com
Development

23-Storey Tower Proposed for Brentwood

Amacon‘s proposed rezoning of a 40,000 SF site in the Brentwood Town Centre area of Burnaby is seeking approval to move to public hearing. The site at 2285 Willingdon is comprised of an assembly of four older industrial buildings, and is located at the Northwest corner of Willingdon Avenue and Juneau Street. The proposed project anticipates rezoning under the RM4s designation. The plan calls for a 23-storey condo tower above underground parking including:

  • 147 condo units
  • 39 one-bedrooms, 92 two-bedrooms & 16 three-bedrooms (including 5 townhouses)
  • total density of 3.6 FAR
  • amenities including rooftop deck, game room, gym, spin room, yoga studio
  • 5,181 SF of amenity space
  • 201 parking spaces
  • 21 electric vehicle charge stations

2285 Willingdon

June 27, 2016by david.taylor@colliers.com
Development

Plan for Brentwood Site Includes Two Towers, 390 Units

Millenium Developments first submitted a rezoning application for this 74,661 SF site located at Douglas Road and Goring Street in November 2015, and is now at the point of First Reading, after which it would move to public hearing.

The site is currently industrial and zoned M2, but is seeking approval under the high density residential RM-5s designation.

Details of the proposed project include:

  • two highrises of 32-storeys and 26-storeys
  • 390 condo units
  • 196 one-bedrooms, 182 two-bedrooms, 12 three-bedrooms
  • below and above ground parking (429 stalls)
  • a total density of 5.0 FAR
  • 14,584 SF of work/live space

2360 Douglas RdThe architect for the project is Chris Dikeakos.

May 30, 2016by 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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