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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Apartment, Condo, Development

Boffo Proposing Four Towers for Brentwood Site

Boffo Developments has submitted their rezoning application to establish a Conceptual Master Plan for the “Bassano” site, a 4.1 acre high density residential site, now industrial, at the Southeast corner of Springer and Lougheed in the Brentwood area of Burnaby. Immediately to the north of the site, along the Lougheed frontage, is the SkyTrain Millennium Line Guideway.

Under the Brentwood Town Centre Development Plan, the subject site is designated for high-density multiple-family residential utilizing the RM5s and RM5r Multiple Family Residential Districts as guidelines

The site was originally envisioned for development in 2017 and now Boffo is moving forward with a master plan concept.

Details of the master plan proposal is a 3-phase project including:

  • 4 condo towers up to 34 to 50-storeys in height;
  • a 6-storey rental podium;
  • 1,246 units;
    • 1,102 condos;
    • 144 non market rentals;
  • 1.3 Million Gross Buildable SF;
  • a total density of 7.06 FAR;
  • street oriented townhouses;
  • outdoor amenity space.

It is envisioned that the three phases and their adjacent service provisions would be completed over a 10 year period. However, the exact timing of development will be influenced by market conditions.

Given the site’s Town Centre location, Boffo is proposing to utilize the supplemental amenity density bonus provisions indicated within the Zoning Bylaw. In so doing, Boffo would achieve an additional 1.6 FAR.

The architect for the project is IBI Group.

October 24, 2021by david.taylor@colliers.com
Apartment, Condo, Development

Market Spotlight: Burnaby Rezoning Applications

Several notable rezoning applications go to City of Burnaby council next week. A brief summary of the proposals heading for first reading is included below:

5868 Olive Avenue

Polygon is proposing a new 34-storey condo tower for this site in the Metrotown area. The development will 261 market strata units, 47 non-market rental units and one market rental unit. The total proposed density for the project is 5.0 FAR. The rezoning is based on the RM5s and RM5r guidelines in the Metrotown Downtown Plan.

5900 Olive Avenue

On the adjacent site to the South, Polygon is also proposing a 38-storey condo tower and a 6-storey market and non-market rental building. There are 475 units in total including 339 condo units and 118 rental units for a total of 786 units between the two sites.


6280 and 6350 Willingdon Avenue

Wesgroup is proposing two condo and rental towers with podium frontage in the Maywood neighbourhood of the Metrotown Downtown Plan. The 78,550 sq ft site is located on Willingdon Avenue south of Beresford Street. The proposed development plan is for a 35-storey condo tower and a 38-
storey condo and non-market rental tower. Both buildings will be oriented
towards an internal court yard with an 8-storey podium. In total, the project will have 733 units, including 617 condos and 116 rental units. The total density will be 7.13 FAR.

October 24, 2021by david.taylor@colliers.com
Apartment, Condo, Development

188-Unit Condo/Rental Tower Planned for Metrotown Site

A rezoning application by Beijing Shokai Development for a site at 6540 Marlborough Avenue is heading to public hearing at the City of Burnaby.

The site is located in the Marlborough area on the Eastern edge of Metrotown just South of Kingsway, and is currently improved with an older 30-unit walkup apartment building.

The 21,756 sq ft. site is designated RM4s and RM4r in the Metrotown Plan.

Plans for the site include a 22-storey highrise with, 14-storey of condos above 7-storeys of market and non-market rental units. Details include:

  • 132 condos;
    • 21 studios, 56 one-bedrooms, 51 two-bedrooms & 4 three-bedrooms;
  • 26 market rental units;
  • 30 non-market rental units;
  • a total density of 6.15 FAR;
  • a total building height of 224 ft.;
  • 182 underground parking spaces.

The architect for the project is IBI Group.

The site was acquired in 2020 for $22,000,000 or $164 per gross buildable sq ft. based on the application.

September 16, 2021by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

Tower 6 at ‘Amazing Brentwood’ to Include 443 Units

This rezoning application by Shape Properties is for the detailed design
and construction of the sixth tower in the overall Amazing Brentwood Project. The overall master plan for the project was approved in 2013 and the first five towers are at various stages from completed and occupied to under construction.

Tower 6 will be located at the Northwest corner of the site, fronting Willingdon. It is currently surface parking.

The proposal for Tower 6 is a 39 storey residential tower, inclusive of a 4 storey rental podium with commercial at grade. Details include:

  • 443 residential units;
  • 369 condos;
  • 21 market rental units;
  • 53 non-market rental units;
  • 20,000 sq ft of office space;
  • 11,900 sq ft of retail space fronting Willingdon & Brentwood Blvd;
  • an overall density of 9.67 FAR.
  • a total building height of 417 ft.

The architect for the project is IBI Group.

June 18, 2021by david.taylor@colliers.com
Apartment, Condo, Development

31-Storey Condo Tower Planned for Metrotown Site

A rezoning application is going to public hearing for 6615 Telford Avenue, a proposal by Kingborn Properties.

The site is located on the West side of Telford Avenue, within the Maywood neighbourhood of the Metrotown Downtown Plan. The property is currently improved with an older 54-unit, 3-storey apartment building.

A rezoning application for the site was originally submitted in 2019 although has now been revised to reflect the City’s new Rental Use Zoning Policy.

The proposal is for a 31-storey condo building and a separate 6-storey replacement/non-market rental apartment building. Details include:

  • 349 total residential units;
  • 261 condo units;
  • 54 non-market rental units;
  • 34 market rental units;
  • a total density of 5.71 FAR;
  • a tower height of 333 ft.;
  • 358 underground parking spaces.

The architect for the project is Hotson Architecture Inc.

The site was acquired in 2017 for $29,900,000.

June 18, 2021by 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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