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

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
Development

Another Development Proposal for Brentwood (But not a Tower…)

Porte Development has submitted a rezoning application for a 46,239 SF site at the corner of Dawson Street and Madison Avenue in the Brentwood Area of Burnaby. Unlike the rest of Brentwood, this proposal is not for a tower but for a 6-storey woodframe building with retail at grade and 92 residential units above. The plan includes:

  • a total density of 2.2 FAR
  • 100,828 SF of buildable SF
  • 7,890 SF of CRU space
  • 21 one-beds, 60 two-beds and 11 three-beds
  • 178 underground parking spaces

4305 Dawson

Woodframe product is relatively scarce and will be a welcome project amid Brentwood’s thousands of highrise units in various stages of development.

The second half of the site was assembled earlier this year after the other half was bought in 2006 for a blended cost of approximately $47 per buildable SF.

November 24, 2014by david.taylor@colliers.com
Development

Burnaby Courts Big Towers Near Transit as an Economic Driver

Aggressive urban planning around SkyTrain stations in Burnaby is turning the municipality into Metro Vancouver’s hotbed for condo development, according to an Urban Development Institute report.

Heavy pre-sales in projects such as Station Square at Metrotown and the redevelopment of Brentwood Town Centre added up to almost 30 per cent of all new-construction sales across Metro Vancouver, outpacing Vancouver’s downtown and west side neighbourhoods.

Throw in the city’s east side and Vancouver still sold more condominiums, but Burnaby’s high-density push is bringing development levels between the two cities closer together.

To the end of the third quarter, Burnaby saw 1,613 presales of condos under development compared with 1,394 for downtown and west-side Vancouver combined, UDI reported.

In total, developers have projects that add up to 14,548 units in the planning stage in Burnaby, within striking distance of the 14,766 in the City of Vancouver’s planning process.

Read more: http://www.vancouversun.com/business/Burnaby+courts+towers+near+transit+economic+driver/10403843/story.html#ixzz3K04ecBAx
November 24, 2014by david.taylor@colliers.com
Development

35-Storey Tower Proposed for Brentwood Area

Another week, another highrise proposal for Brentwood. This one is from Polygon Homes for an 81,414 SF site at the foot of Madison Avenue. The rezoning application is based on the RM4s designation under the City of Burnaby’s Brentwood Town Centre Plan, with a total density of 3.6 FAR, or 280 units.

Interestingly, due to high groundwater and challenging geotechnical buildings, the parking is above-grade and is proposed to be located behind street-oriented residential units.

2338 Madison2338 Madison_2

September 29, 2014by david.taylor@colliers.com
Development

101-unit Building Proposed for Royal Oak Area

Thind Developments has applied to the City of Burnaby for rezoning of 6205-6255 Kingsway to allow a 4-storey mixed-use development with full underground parking. The site is currently occupied by a strip retail centre and the Intercity Motel. The total site area is 45,307 SF, and the zoning designation is C-9. The project includes:

  • Total density of 2.2 FAR
  • 101 units
  • 187 parking spaces

6205-6255 KingswayThe property was assembled in 2012-2013 for a total of $5,730,000, or $57 per buildable SF.

August 28, 2014by 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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