Here is a quick look at Vancouver’s largest residential and mixed-use/residential projects that are either under construction or at the latter stages of planning and approvals. What is notable is that a large majority of the projects are transit-oreinted; if not built directly near a Skytrain station, then within a short walking distance of one. Planning efforts to densify around transit have been formalized in the Official Community Plans of cities such as Burnaby, Surrey and Richmond.
Now on to the list. Limited to developments of 400 units or greater, the list represents 34 projects totaling 39,647 units. Almost all of the projects are multi-phase buildouts of 2 to 10+ years. Telus Garden, Marine Gateway and 1400 Howe are the only projects being built in one go.
There are 10-15 other major projects in the works that aren’t yet at the stage of approvals or construction.
PCI Group has sold two office buildings located at 3033 Beta Avenue and 4606 Canada Way in Burnaby, two properties that they acquired only last year. The combined sale price was $27,470,000, representing $250 per SF, and a cap rate of approximately 6.0%.
3033 Beta Avenue