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

Redevelopment Eyed for 7-Acre Taylor Way Site In West Vancouver

A preliminary development proposal has been submitted to the District of West Vancouver for a large property known as Taylorwood Place at the Northeast corner of Taylor Way and Keith Road.

Taylorwood Place is a 21-lot single family bare strata subdivision built in the 1970’s. A single entity, Taylorwood Investments Ltd., owns 19 of the 21 lots and is seeking to control 100% in the near future. 

The 6.56 acre site has been the subject of past attempts at redevelopment, including in 2010 by Polygon Homes who were seeking to build 160 condos on the site at a density of 0.75 FAR. For various reasons, that plan did not proceed.

Current planning efforts have been underway since 2015 and have been delayed pending a forthcoming Taylor Way Corridor study which is likely to occur by 2020. The proponent is now seeking community feedback and is offering public benefits in exchange for an OCP amendment.

After various stages of community consultation since 2017, the current version of the development proposal is summarized as follows:

  • 390 units (condo and rental, with at least 40% of the units rental);
  • 473,000 SF of gross buildable area;
  • a total density of 1.66 FAR;
  • five terraced mid-rise apartment forms (3-6-storeys);
  • community facilities including childcare;
  • underground parking.

Council will consider the direction of a preliminary development proposal for Taylorwood Place at its meeting on July 15, 2019. A rezoning application has not been received at this time.

The architect for the project is NSDA Architects.

July 11, 2019by david.taylor@colliers.com
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
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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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