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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

75-Unit Project Planned for Burquitlam

Marcon has submitted a rezoning and development application to the City of Coquitlam for a new 6-storey residential building located 603-607 Regan Avenue, near the intersection of Clarke Road and Como Lake Road in the Burquitlam area.

The plan for the 28,000 SF site is to rezone from the existing RT-1 zoning to RM-3. The site is located within the Burquitlam-Lougheed Neighbourhood Plan (BLNP) which was adopted by Council on June 26, 2017. The site is designated Medium Density Apartment Residential in the BLNP.

Details of the proposed project include:

  • 75 units
  • 38 one-bedrooms, 29 two-bedrooms & 8 three-bedrooms
  • a total density of 2.30 FAR
  • 103 underground parking spaces on two levels
  • $176,335 CAC

603 Regan603 Regan_2603 Regan_3603 Regan_1

The architect for the project is Rositch Hemphill. 

September 8, 2017by david.taylor@colliers.com
Development

Two More Towers Planned for Burquitlam

Two more towers are planned for the Burquitlam area of Coquitlam. This application comes from Anthem for a 2 acre site in between Brookmere Park and Vancouver Golf Club at 585 Austin Avenue, East of North Road. The development would replace an existing 58-unit strata townhouse complex on the site.

The proposal requires rezoning from the existing RS-1 zone to RM-6 Multi-Storey High Density Residential to allow two highrise buildings.The site falls within the Transit-Oriented Development Strategy “Shoulder” area of Lougheed Skytrain Station.

Details include:

  • 379 residential units
  • 139 one-bedrooms, 285 two-bedrooms, 55 three-bedrooms
  • a 23-storey tower and a 28-storey tower
  • a total density of 4.0 FAR
  • 22,000 SF of amenity space
  • 576 parking spaces on 3.5 floors of underground parking

585 Austin585 Austin_1585 Austin_2585 Austin_3 585 Austin_4The architect for the project is IBI Group.

April 25, 2017by david.taylor@colliers.com
Apartment, Development

466-Unit, Two Tower Project Planned for Burquitlam

Cressey has submitted a rezoning application for a 1.8 acre site at 430-450 Westview Street, just East of North Road and South of Austin Avenue in the Burquitlam Area of Coquitlam.

The site is zoned RM-4 but designated as high-density residential in the Lougheed Neighbourhood Plan and is currently occupied by two older lowrise apartment buildings containing a total of 101 rental units.

The redevelopment plan includes a new condo development with a rental development replacing the existing units at a ratio of 2:1. Details include:

  • Two towers -a 35-storey condo tower & a 22-storey rental tower
  • 264 condo units (average 675 SF) 106 one-beds, 153 two-beds and 5 three-beds
  • 202 rental units (average 714 SF) 35 studios, 96 one-beds, 68 two-beds & 3 three-beds
  • total density of 5.0 FAR (3.04 condo & 1.96 rental)
  • 27,064 SF of amenity space including an outdoor pool
  • 679 underground parking spaces

430 Westview430 Westview_1430 Westview_3430 Westview_4430 Westview_2The architect for the project is Chris Dikeakos.

April 3, 2017by david.taylor@colliers.com
Apartment, Development, Retail

Two Tower Project Slated for Burquitlam Area

Marcon and Kevington Building Corp. have jointly filed an application to consolidate and rezone a group of lots located at 559, 567, 571, 577 and 581 Clarke Road from CS-l Service Commercial and CS-2 Limited Commercial to C-7 Transit Village Commercial to allow a new highrise condo and rental residential development. The combined site is 76,922 SF in size.

The proposal is being made under the policies in the Burquitlam Neighbourhood Plan and envisions development of transit-oriented and supportive residential density in close proximity to the Burquitlam Evergreen Line Station, which is across the street.

The development proposal includes:

  • a 49-storey condo tower with 364 units
  • a 15-storey rental tower with 101 units
  • commercial retail units fronting Clarke Road
  • total combined density of 5.43 FSR
  • underground parking accessed from the lane
  • 620 total parking spaces
  • a $576,914 CAC + $6.9 Million in contributions to public amenities

559-clarke 559-clarke_1 559-clarke_2 559-clarke_3

The site will be resubdivided into two fee simple parcels; one for the market tower and the other for the rental building. The application also involves transferring the density from 559 Clarke Road to the market tower portion of the project. Formerly the location of the Burquitlam Animal Hospital, Marcon has acquired this site to help facilitate a full two-way intersection at Clarke Road and the narrow street that runs behind the development. This will increase the extent of full two-way traffic through the narrow street This street will be fully constructed and complete when the adjoining parcel at 565 Clarke Road redevelops.

The architect for the project is GBL Architects.

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

Residential Tower Moving Forward in Burquitlam

Final plans have been approved for a project called The Burquitlam Capital, located on a triangular site at 509-513 Clarke Road in the Burquitlam area of Coquitlam. The project, by Magusta Development has received rezoning approval from CS-1 to C-7 Transit Village Commercial. Plans call for the development of a 23-storey tower including:

  • 189 units
  • 20 studios, 60 one-bedrooms, 68 two-bedrooms and 41 three-bedrooms
  • four townhouse units fronting Smith Avenue
  • 10,968 SF of commercial retail space along Clarke Road
  • total density of 4.5 FAR (max under C-7 zone)

509 Clarke

The site is located about half a block from a soon to be completed Burquitlam Evergreen Line Station.

509 Clarke_1 509 Clarke_2

Magusta acquired the land in July 2014 for $7,128,000, or about $42 per buildable SF.

Here is a promotional video for the project:

March 29, 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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