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 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
Condo, Development

33-Storey Condo Tower Proposed for Former West Georgia Chevron Site

Anthem Properties has submitted their rezoning application for the former Chevron site at 1698 West Georgia Street that they acquired in 2017.

The plan for the 18,955 SF site is a 33-storey residential tower that includes:

  • 127 condo units;
    • 1 studio, 24 one-bedrooms, 71 two-bedrooms & 31 three-bedrooms;
  • a building height of 326 ft.;
  • a total density of 9.39 FSR;
  • 213 vehicle parking spaces and 335 bike stalls.

The application describes the design rationale: “Rising noticeably lower than rest of the upcoming and proposed developments in the neighborhood, our building height at 1698 W Georgia Street respects the descending skyline, moving from downtown Vancouver towards Stanley Park.

The asymmetrical tower top ensures a gradual transition of the skyline along both W Georgia street and Bidwell street, and also brings diversity to the mostly uniform skyline of the neighborhood.

The facade design takes inspiration from the fine textures on the mountain rocks, made by numerous facets and cracks.

Gently twisting in profile, subtly varying in color, the uniquely designed vertical facade fins help break up the monotony and the severity of an all-glass tower and create a dynamic facade that animates the building through different views and angles of sunlight.”

This application is being considered under the West End Community Plan and Rezoning Policy for the West End. 

The architect for the project is internationally renowned Kohn Pedersen Fox in partnership with local architect Chris Dikeakos.

February 25, 2019by david.taylor@colliers.com
Condo, Development

Development Application Submitted for 70-Unit Lowrise at Cambie Gardens

Onni has submitted the development application for the fourth building at Cambie Gardens. The site, called Parcel E within the Master Plan, is located at 559 West 59th Avenue, within the second phase of the overall site, and is bounded by the Residential Complex Care facility on the north, West 59th Ave. to the south, Internal Street 2 to the east and the north / south Pedestrian Connector to the west. 

The plan for Parcel E is a 6-storey building that includes:

    • 70 condo units;
      • 1 studio, 30 one-bedrooms, 19 two-bedrooms & 20 three-bedrooms;
    • an approximate height of 73 ft.;
    • three levels of underground parking providing a total of 122 parking spaces having vehicular access from a new interior street.

Under the site’s existing CD-1 zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning.

The architect for the project is IBI Group.

February 20, 2019by david.taylor@colliers.com
Condo, Development, Office, Retail

Second Phase of Oakridge Centre Project Includes Three Towers, 615 Units

The development permit application has been filed for Oakridge Centre’s second phase. Oakridge Centre is owned by Quadreal and Westbank who previously rezoned the 28-acre site to allow a reconfigured mall, with several residential towers, office space, amenities and a public park.

The first phase of ‘Oakridge Vancouver‘ (Buildings 3 & 4 on the Northern portion of the site fronting West 41st Avenue) were approved for a development permit in late 2018 and subsequently launched for pre-sale. 

This second development permit application consists of Southeast corner of the site at Cambie and 45th, currently home to the Safeway and surface parking lot.

Details of this phase of the project include:

  • Three towers, 32, 17 and 34-storeys in height;
  • 615 condo units;
    • 199 one-bedrooms, 326 two-bedrooms and 90 three(+)-bedrooms;
  • a podium containing retail and office uses;
  • 358,397 SF of retail space including new below-grade grocery and liquor store;
  • 119,582 SF of office space;
  • a total density of 0.95 FSR (based on total Oakridge site);
  • 3 levels of underground parking;
  • A portion of the future 9-acre park;
  • A “Summer House” pavilion to act as a stage for performances.

The application describes some of the design rationale:

“Building 6 & 7 –  Skin & Bones Concept
The metaphor of skin and bone is the ordering principal for the architectural tectonic for buildings here and elsewhere in the project. It is derived from the idea of draping the mall with a landscaped park. The acts of wrapping and revealing are used to help define the relationship between the landscape and buildings, as an approach to break down the mass of the buildings, as a passive solar strategy to have the buildings respond to their environment, and for providing way finding and programmatic identity. 

Building 8 – Mountain Concept
While much of the Oakridge project is conceived as a topographical emergence of architecture from landscape, Building 8 is more geologically expressive as if smoothed by eons of wind and water as it terraces up from the Woodland Park. The building seen as a newly formed mountain, we can analyze its parts: the forested valley floor at its base, the spur ascending to the summit, and the precipitous east and west faces.”

The architect for the project is Henriquez Partners Architects.

February 6, 2019by david.taylor@colliers.com
Condo, Development

176-Units Planned for Burquitlam Land Assembly

Boffo Properties has submitted rezoning and development permit applications to the City of Coquitlam for an assembly of eight single family lots totaling 1.48 acres on Como Lake Avenue and Lea Avenue in the Burquitlam area.

The proposal calls to allow for the development of two 6-storey condo buildings
in the Burquitlam Lougheed Neighbourhood Plan (BLNP) area. The existing zoning is RT-1 and would go to RM-3.

Details of the proposal include:

  • 176 condo units;
    • 90 one-bedrooms, 46 two-bedrooms & 40 three-bedrooms;
  • a total density of 2.3 FAR;
  • 414 underground parking spaces.

The architect for the project is GBL Architects.

October 15, 2018by 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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