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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

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
Condo, Development, Office, Retail

Tallest Tower at Brewery District to Include 225 Condo Units & Office Space

Wesgroup has submitted a development application for Building 7 at their Brewery District master planned community. The overall master plan for the Brewery District was approved almost ten years ago and has been under development in phases since initial development permits were granted in 2010. The site is bounded by the Royal Columbian Hospital, the Braid Industrial Area and the Sapperton residential neighbourhood.

Building 7 is located at 268 Nelson’s Court, at the north west end of the Brewery District site. To the north of the site is the future Transit Plaza and 200 Keary Street which contains a nine storey mixed use building (Anvil) with commercial at grade and market strata residential. To the south of the site is 258 Nelson’s Court which will contain a 26-storey market strata residential building.

The proposal for Building 7 is a 32-storey tower, the tallest in the overall project, that includes:

  • 225 condo units;
    • 24 studios, 98 one-bedrooms, 71 two-bedrooms & 32 three-bedrooms;
  • 53,000 SF of office space (on levels 2-4);
  • 9,5000 SF of daycare space;
  • 4,600 SF of retail space;
  • A total density of 5.25 FSR;
  • A total building height of 320 ft;
  • 414 underground parking spaces.

The architect for the project is Chris Dikeakos Architects.

October 1, 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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