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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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Condo, Development

68-Units Slated for Cambie Street Site

A rezoning application has been submitted for a two-lot land assembly on the East side of Cambie Street between West 27th and West 28th Avenue. The site at 4338-4362 Cambie Street is 20,848 SF.

The proposal consists of a 6-storey residential building that includes:

  • 68 condo units including 6 townhouses at the lane;
    • 42 one-bedrooms, 18 two-bedrooms & 8 three-bedrooms;
  • A total density of 2.75 FSR;
  • A building height of 67 ft.; and 
  • 68 underground parking spaces and 129 Class A bicycle spaces.

This rezoning application is being considered under the Cambie Corridor Plan.

The architect for the project is Arno Matis Architecture.

Matis also designed a project one block North, which will include 57-units.

The site was acquired in 2017 for $17,500,000 or $305 per buildable SF based on the application.

July 8, 2019by david.taylor@colliers.com
Condo, Development, Retail

Application for Next Phase of Cambie Gardens Envisions Three Towers at Cambie & 57th

Onni has applied to the City of Vancouver for a development permit for the next portion of their Cambie Gardens project (the former Pearson Dogwood site). 
 
The overall Cambie Gardens project recieved rezoning in 2017, and individual development applications were approved in the past year for the first phase, including Parcels A, C & E which combined comprise four buildings, 548 condos, 138 social housing units and 50 Pearson supportive units, as well as a community health centre.
 
Parcel D is 2.9 acres and located at the Northeastern corner of the site, at the corner of Cambie Street and West 57th Avenue. This parcel acts as the main gateway to the overall Cambie Gardens site.
 
Details of the proposal for Parcel D include:
 
  • Three residential towers – two at 28 storeys & one at 24-storeys;
  • 488 condo units;
    • 5 studios, 228 one-bedrooms, 231 two-bedrooms & 24 three-bedrooms;
  • 223 non-market rental units;
    • 67 studios, 46 one-bedrooms, 66 two-bedrooms & 44 three-bedrooms;
  • 30 Pearson supportive units;
  • 85,019 SF of retail space;
  • a significant public plaza at the Northeast corner to accomodate a potential future Canada Line Station;
  • tower heights of 243 ft. & 285 ft.
  • 5 levels of underground parking accessed from Paulson Street.

The application describes the design rationale: “The northern portion of the block has a single tower marking the corner of West 57th Ave. and Internal Street 2 with a mid-rise extension parallel to West 57th Ave. The northern and southern edges of the north building offer commercial spaces along West 57th Ave. and the internal public plaza. The southern block has two towers, each with a mid-rise extension. One tower sites at the southern edge of the transit plaza, serving as a landmark and reinforcing the plaza as the site gateway.”

The remaining phases comprise over one million square feet of additional market and non-market density.

The architect for Cambie Gardens is IBI Group.

June 28, 2019by david.taylor@colliers.com
Condo, Development, Retail

47-Unit Building Proposed for Cambie & 16th Site

Wesgroup has submitted their rezoning application for the former Chevron site at the Southeast corner of Cambie & 16th. The application seeks to rezone 3220 Cambie Street from C-2 to a Comprehensive Development District. The proposal for the 14,881 SF site consists of a 6-storey concrete mixed-use development and includes:

  • 47 condo units;
    • 26 one-bedrooms, 16 two-bedrooms & 5 three-bedrooms;
  • 7,800 SF of ground floor retail space;
  • a total density of 3.79 FSR; 
  •  building height of approximately 77.4 ft.; and
  • two levels of underground parking with 38 spaces and 96 bicycle spaces.

 

This rezoning application is being considered under the Cambie Corridor Plan.

Wesgroup acquired the site from Chevron in 2017 for $18,604,470, or $331 per buildable SF based on the application.

The architect team for the project is American firm Olson Kundig, in partnership with IBI Group.

June 24, 2019by david.taylor@colliers.com
Condo, Development

23-Unit Condo Building Proposed for West 41st Avenue

A rezoning application has been submitted for a two-lot land assembly on West 41st Avenue, East of Cambie. The site at 187-195 West 41st Avenue is 10,820 SF in size and zoned RS-1 (One-Family Dwelling). The proposal for the site consists of a 4-storey residential building and includes:

  • 23 condo units;
    • 8 one-bedrooms, 12 two-bedrooms & 2 three-bedrooms;
  • a total density of 1.80 FSR;
  • a building height of 41 ft.; and
  • 26 underground parking spaces and 50 bicycle spaces.

This rezoning application is being considered under the Cambie Corridor Plan.

The architect for the project is Integra Architecture.

June 21, 2019by david.taylor@colliers.com
Apartment, Condo, Development

Redevelopment of South Vancouver YMCA to Include 158 Condo Units

A rezoning application has been for the Langara Family YMCA property at West 49th Avenue and Alberta Street. The site sits just West of Langara College, and North of Langara Golf Course. 

The redevelopment of the 87,103 SF site at 282 West 49th Avenue entails rezoning an existing CD zone, to allow complete redevelopment of the existing YMCA facility to double the scale of the facility. The redevelopment concept has been consulting with the community and facility users for over a year.

The proposal consists of:

  • a 5-storey YMCA replacement facility, including childcare, recreation (fitness, gym, and aquatic facilities), community spaces, and a cafe;
  • a 13-storey non-market residential building containing 70 units;
    • 11-studios, 24 one-bedrooms, 26 two-bedrooms & 9 three-bedrooms;
  • a 20-storey market residential building containing 158 condo units;
    • 41 one-bedrooms, 85 two-bedrooms & 32 three-bedrooms;
  • a total density of 3.53 FSR;
  • Total buildings heights of 198 ft. for the condo tower, and 145 ft. for the non-market tower.
  • underground parking with 339 vehicle parking spaces and 545 bicycle parking spaces.

This rezoning application is being considered under the Cambie Corridor Plan.

The YMCA of Greater Vancouver anticipates that construction would start in 2021 and be completed in 2023.

The architect for the project is Stantec.

The full rezoning application can be viewed here: https://rezoning.vancouver.ca/applications/282w49thave/index.htm

March 27, 2019by 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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