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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Condo, Development

29-Storey Condo Building Planned for Hornby & Davie Site

Reliance Properties has submitted their formal rezoning application for 902 Davie Street, a site at the Southwest corner of Hornby and Davie in Downtown Vancouver.

The 15,000 SF site was initially envisioned for rezoning as far back as 2015. The site is encumbered by view cones which have resulted in a sculpted design.

The proposal is to allow for the development of a 29-storey mixed-use building and includes:

  • 179 condo units;
    • 22 studios, 67 one-bedrooms, 73 two-bedrooms & 17 three-bedrooms;
  • 4,716 SF of retail space;
  • 36,708 SF of office space;
  • a total density of 12.91 FSR;
  • A building height of 348 ft.; and
  • 219 vehicle parking spaces and 437 bicycle spaces.

This application is being considered under the Downtown Official Development Plan and the Potential “Benefit Capacity” in Downtown Policy.

The architect for the project is Neil M. Denari Architects and Bingham + Hill.

The full rezoning application can be viewed here: https://www.shapeyourcity.ca/904-920-davie-st

January 18, 2024by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

Third Burrard Place Tower to Include 233 Units

Reliance Properties has submitted a development permit application to the City of Vancouver for permission to develop “Tower C” at Burrard Place. The first two towers included a 55-storey residential tower with 444 units, sold out in 2016, and a 130,000 SF office tower on Burrard. The third tower is located mid-block on Hornby Street, at 1261 Hornby. 

The plan for the third tower includes a 35 storey mixed
use building, including the following:

  • 206 condo units;
    • 105 one-bedrooms, 100 two-bedrooms and one three-bedroom;
  • 27 market rental units;
    • 16 studios and 11 one bedrooms;
  • 5,120 SF of retail;
  • 40,252 SF of office;
  • A building height of 368 ft;
  • 9 levels of underground parking accessed from the lane with a total 375 parking spaces.

The application describes the design rationale: “Like most towers in Vancouver, Tower C’s massing is heavily shaped by zoning conditions, which in this case produces a simple volume with a nearly square plan of 36 stories. Our approach to the image of the building therefore has been influenced by this simple prismatic quality and by the fact that the neighboring towers are lighter in overall color and tone. To this end, we have developed a kind of supergrid of “modules”, here articulated by dark gray metals
against low iron glazing, that reads distinctly different than the lighter grids of Tower A and the punched white brick façade of Tower D.

Like cells in an analogue film strip, these modules track up the building in four bays, each slipping past one another, suggesting motion and revealing the “action” within each module. This composition plays in elevation with the symmetry of the typical floor plan through the interlocking material logic of clear / silver glazing systems and the gray metal panel system. To further refine this supergrid, black ceramic frit is used as a kind of graphic tailoring that includes radiused and thickened corners.”

The architects for the project are Neil Denari and IBI Group.

July 11, 2018by david.taylor@colliers.com
Development, Office, Retail

Plans Proceeding for Second Phase of Burrard Place

Reliance Properties has submitted their formal development application for the second phase of Burrard Place. The first phase includes a 54-storey condo tower that was sold out in 2015 and is now being excavated.

The second phase of the project, located at the corner of Burrard and Drake, includes a 13-storey office building, including:

  • Restaurant on the ground floor,
  • A 3-storey auto dealership (to be the replacement of Downtown Toyota – Pattison is a partner in the deal)
  • Office space on floors 4-13
  • 5 levels of underground parking and underground vehicle repair space;
  • Overall height of approximately 182 ft; and
  • Overall density of 7.86 FSR.

The overall concept was already approved via rezoning application in November 2013.

1280-burrard_2 1280-burrard_1

A third phase includes a 36-storey condo tower fronting Hornby Street just north of the first tower.

1280-burrard_3 1280-burrard

The architect, IBI Group, explains the design rationale:

“Tower B is the “front door” of the proposed mixed-use development. It anchors the critical and highly visible corner of Burrard and Drake Street. As the lowest of the three towers in the development with an important architectural mandate, Tower B unifies the expression of its two primary uses as an office building and a car display showroom in one distinctive built-form. This deliberate gesture sets it apart from the podium/tower expression of the rest of the development. The Toyota showroom, occupying the lower 3 levels of the building, is highly transparent visible from Burrard st, Drake and lane. The entrance of the Toyota showroom is strategically located at the corner of Burrard and Drake where the Drake Street elevation showcases a 3-storey and highly transparent street wall acting like a giant display window of cars which are uniquely arranged on multi- levels of display showroom. The office tower is anchor ed by a cylindrical volume at the plaza level unfolds into a fluid glass wall above, fronting on Burrard Street. Three spiral shaped elements revolve dow n the west façade marking the office entrance on Burrard Street. Around the corner on Drake Street, a tapering glass wall exemplifies the vertical dimension of the tower giving it a sculptural and slim profile. For privacy and comfort, the glass skin of the entire building will be articulated with “random” placement of insulated spandrels, fritted and vision glass, further animating the appearance of the building. The new centralized core of the office floor plate simplifies the structural system and at the same time provides a high level of flexibility for either single or multi-tenant use. The sculptural building form with its articulated glass skin defines Tower B truly as a “jewel box” in downtown Vancouver.

The mixed use activities of this tower extend below grade where the Toyota Service Centre and office parking are located. To provide separation and clarity between these two principal uses, a doubletreaded helix parking has been proposed with each tread having adiscrete circulation system that continuously loops down to their spaces below grade. The loops are tied together with cross overs that allow for shared exiting and access to services.”
October 14, 2016by david.taylor@colliers.com
Market Research

Market Snapshot: City of Vancouver CACs

Next week the City of Vancouver Standing Committee on Planning, Transportation and Environment will present the annual report on Community Amenity Contributions (CACs) and Density Bonusing. The report going to council is for information purposes and provides an interesting snapshot of the amount of CAC’s generated by the City (in 2013). Here’s a few highlights:

  • 2013 approvals of additional density resulted in public benefits valued at $133 Million and 886 secured market rental units
  • In 2013, there were 45 project approvals resulting in 2.6 Milion SF of additional density (rezoning/bonusing)
  • In 2013, five large rezoning approvals accounted for 60% of all additional floor area approved and 70% of all contributions committed
    • These are: 508 Helmcken, Burrard Place, 1300 Richards, Vancouver House and 4533 Cambie St.
  • Half of all CACs are realized by services provided on-site

CAC report CAC report_1

Top 10 Rezonings in 2013 – Ranked by Public Benefit

January 16, 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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