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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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Development

Stacked Townhouses Proposed for Royal Oak Area

An application has been made by SVM Developments to rezone a 23,923 SF site  at 6989-7029 Royal Oak Avenue in Burnaby from R5 to CD to allow a 3-storey, 23-unit stacked townhouse development with underground parking.

Royal Oak is an emerging area with predominantly ground oriented townhouse and 4-storey development. Prices are rising due to its walkable location to Metrotown and relative affordability compared to highrises closer in to the core.

A portion of the site at 7029 Royal Oak Avenue was purchased from the City of Burnaby in November 2013 for $112 per SF of land.

Further details include:

  • a density of 0.9 FAR
  • Total floor area of 20,684 SF
  • 23 Two-bedroom townhouse units
  • 41 underground parking stalls

7029 Royal Oak

 

 

April 29, 2015by david.taylor@colliers.com
Apartment, Development

Market Update: Burnaby Rezoning Applications

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

  1. 8850 University Crescent (SFU Univercity) – Highrise residential tower with mid-rise residential building
  2. 5521-5525 Hastings Street – 4-storey mixed use building based on C2 and RM3 guidelines
  3. Brentwood Mall Site Phase III – third highrise residential building by Shape Properties
  4. 4453-4475 Hastings Street – 4-storey mixed use building  based on C8a guidelines and Heights Community Plan
  5. 7911-7923 Edmonds Street – 4-storey mixed use buildings based on C9 guidelines and Sixth Street Community Plan
  6. 4769 Hazel Street & 4758 Grange Street – This interesting proposal by Bentall Kennedy seeks to amend the existing CD zoning on a 2.4 acre highrise apartment site it owns in the Metrotown area. The proposal seeks to add additional apartment units on the site, depicted below.

4758 Grange

 

April 13, 2015by david.taylor@colliers.com
Development

Big Plans for Burnaby’s Woodlands Neighbourhood

Peppered with industrial businesses, Woodlands doesn’t look like Burnaby’s next up-and-coming neighbourhood.

But Concord Pacific and the City of Burnaby have an ambitious plan for the 26-acre area, which lies south of Lougheed Highway, east of Beta Avenue, west of Delta Avenue, and extends south toward the rail line.

Burnaby’s planning and building director Lou Pelletier detailed the site concept in a report presented to council at Monday night’s meeting.

“The hard work that’s been done by staff with the developer and the committee in order to make this what I think is a very innovative plan, and one that reflects the best use of the Brentwood Town Centre, is, I think, extremely important,” Mayor Derek Corrigan said at the meeting. “This is a site that has, I think, provided all of us with a few headaches over the years, but it seems we’ve come to a pretty good resolution, and hopefully the community will agree as they go for their consultation.”

The plan  is divided into six areas: the Lougheed parkway at the north end of the site would include a centre median landscaped with trees, shrubs and ambient lighting, according to the report.

The hillside area would include up to four high-rises ranging from 35 to 55 storeys with the option of townhouses on the southern slope. The plan also includes a grand staircase leading south from Lougheed Highway to Yukon Crescent. The hillside would overlook park space to the south.

Read more: http://www.burnabynow.com/news/big-plans-for-burnaby-s-woodlands-neighbourhood-1.1787557

March 11, 2015by david.taylor@colliers.com
Development

Ledingham McAllister Scales Back Second Aviara Tower

Ledingham Mcallister is in the latter stages of rezoning approval for it’s second Aviara tower in the Brentwood are of Burnaby. Originally conceived as a 52-storey tower for which they received second reading in 2013, this second phase of the project has now been scaled back to 42-storeys, with 4-6 storeys fronting Gilmore Avenue and Douglas Road.

The report to council explains the change:

“Through this design work it became apparent to the applicant that the structure required to support the specific building form for the proposed 52 storey building would be inefficient and uneconomical. As a result, the applicant has redesigned the tower and reduced its height to 42 storeys, with a reduced development density. Given the change in form and density of the tower, the rezoning is required to be forwarded to a new Public Hearing.”

The previous proposal had 595 units in a 5.0 FAR density. The new proposal has 520 units and 4.41 FAR. There is a community amenity contribution of $73 per buildable SF, or $11,027,061.

This is not the first Burnaby highrise development that has not pursued maximum allowable height upon rezoning. The tallest towers at Station Square in Metrotown were also scaled down in 2014 after initially proposing towers as tall as 57-storeys (all towers are reportedly less than 50-storeys now). Shape Properties’ Amazing Brentwood project is envisioned as two 56-storey towers despite preliminary approval to go as high as 70-storeys.

These cases in Burnaby are an interesting contrast to the City of Vancouver, where taller buildings are more economically viable due to higher residential sales values for view units higher up in towers. In Vancouver however, building height limits are vigorously enforced by the City, particularly downtown where view cones now restrict heights on all but a few remaining sites.

March 2, 2015by david.taylor@colliers.com
Development

Market Update: Burnaby Rezoning Applications

Here’s the latest on a few projects at various stages of rezoning in the City of Burnaby:

  • 2450 Alpha Avenue

2450 Alpha_2An application was submitted last year for this 41,603 SF site in the Brentwood Town Centre area owned by Solterra. It is now moving toward public hearing next month. The plan calls for a 29-storey, 169 unit condo tower with ground oriented townhouses and below and above ground parking. It is currently zoned M-2, but is designated for high-density residential based on RM-4s. The total density is 3.6 FAR.

  • 6050 Sussex Avenue

6050 SussexA preliminary rezoning application has been filed by Townline Homes for a triangular 30,237 SF site in Metrotown. The proposed rezoning is for a new residential highrise as well as a replacement of the existing Burnaby West United Church on site.

The maximum permitted density on the site would be 4.83 FAR.

  • 6837-6875 Royal Oak Avenue

6837 Royal OakA preliminary application has been submitted for a site on the west side of Royal Oak Avenue south of Imperial Street. The site comprises two City-owned properties as well as a privately owned single family home. Under Sub-Area 7 of the Royal Oak Community Plan, the site can be rezoned under C9 Urban Village guidelines, which allows 2.2 FAR.

 

  • Gold House (6280 Cassie Avenue)

Gold House MapThis proposal by Rize Alliance for a 41-storey tower and 26-storey tower in Metrotown was give second reading and public hearing last summer, and has now met the prerequisite conditions imposed by the City of Burnaby. It will now move forward for final approval and should begin construction later this year. A registration site for the project is up already and says “Coming early 2015”

January 27, 2015by 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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