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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, Retail

Richmond Centre Redevelopment Will Include 2,000 Units & 130,000 SF of New Retail Space

Cadillac Fairview has submitted their formal application to initiate the redevelopment of Richmond Centre mall, announced earlier this year and the subject of public open houses this summer. Shape Properties has partnered with Cadillac to develop the residential component of the project.

The redevelopment of the southern portion of the 27 acre site, dubbed “CF Richmond Centre South” includes a two phase redevelopment of a horseshoe-shaped portion
of the south end of the existing mall.

The site does not actually require rezoning as the existing zoning allows for highrise residential towers; however, an OCP amendment is required to secure community benefits prior to DP issuance.

Details of the proposed new development include:

  • Approximately 2,000 residential units;
    • 1,850 market units & 150 affordable housing units;
  • 50% studio/1-bed units, 50% two & three bedroom units;
  • 419,114 SF of new commercial space (net increase of 129,513 SF after demolition)
  • A total of 2,500,000 SF;
  • A total density of 2.1 FAR (including remaining portion of existing mall);
  • Demolition of 290,000 SF of the existing mall and the multi-storey parkade;
  • Twelve towers up to a maximum height of 148 feet;
  • 4,000 off-street parking spaces on two-levels;
  • 43,056 SF of indoor amenity space;
  • A new City-owned street on the South edge of the property;
  • A new 0.5 acre public plaza.

The development will be constructed in two phases with completion scheduled for 2026, as follows:

  • 2018 – Sales centre construction and demolition of the former automotive shop (near the former Sears building)
  • 2019 – Opening of the sales centre and the start of Phase 1, including demolition (i.e. west half of the existing multi-storey parkade and a portion of the mall), excavation, and site preparation followed near year-end by the start of construction
  • 2021-2022 – Building-by-building completion and occupancy of Phase 1, beginning with the proposed underground parking and new retail space connected to the existing mall
  • 2022-2025 – Phase 2 demolition (including the former Sears building, the east half of the multi-storey parkade, and a portion of the mall), excavation, site preparation, construction, and occupancy

The architect for the project is GBL Architects.

September 17, 2018by david.taylor@colliers.com
Condo

116 Units Planned for Burquitlam Lowrise Site

Woodbridge Properties has submitted rezoning and development permit applications to the City of Coquitlam to allow the development of a 6-lot land assembly at the Southwest corner of Como Lake Avenue and Dogwood Street in the Burquitlam area.

The 1.07 acre site is located in  in the Burquitlam Lougheed Neighbourhood Plan (BLNP) area and is 410 meters from Burquitlam Skytrain Station. The OCP allows rezoning from the existing RT-1 Two-Family Residential to RM-3 Multi-Storey Medium
Density Apartment Residential.

The proposed development envisions two 6-storey condo buildings connected by a common amenity space that include:

  • 116 condo units;
  • 28 one-bedrooms, 84 two-bedrooms & 4 three-bedrooms;
  • a total density of 2.30 FAR;
  • 6,626 SF indoor and outdoor amenity space;
  • 170 underground parking spaces.

The architect for the project is Ciccozzi Architecture.

September 12, 2018by david.taylor@colliers.com
Condo

19-Unit Building Planned Half Block From Stanley Park

Marcon has submitted a development application for 2030 Barclay Street, the site of the 27-unit Rosellen Suites Hotel. The existing building on the site has been operated as a hotel, which means that the zero rate of change provisions in the area for rental accommodation does not apply. Therefore, the site can be developed as a market condominium project.The 99 x 131 foot site is located just half a block from Stanley Park.

The proposal for the redevelopment of the site is a new 10-storey concrete building that includes the following:

  • 19 condo units;
  • 14 two-bedrooms and 5 three-bedrooms;
  • A building height of 190 ft.;
  • A total density of 3.03 FSR;
  • Three levels of underground parking accessed from the lane with a total 40 parking spaces.

The application describes the design rationale: “The concept is to develop a project that caters to families with all of the units in the 2,000 sf range and having 2 bedrooms and a den typically, with private outdoor spaces.

The project contains 19 residential units broken down into a number of discreet elements in order to give a more human scale and better relate to the surrounding buildings. Inspired by most of the buildings in the West End, the proposed architecture is unabashedly modern, but residential scaled windows and warm textured materials, including masonry, gives the appropriate character for this area of the city.”

Under the site’s existing RM-5B zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Development Permit Board.

The architect for the project is SHIFT Architecture.

September 11, 2018by david.taylor@colliers.com
Condo, Development, Retail

48-Unit Condo Building Proposed for Dunbar & 29th Site

Qualex-Landmark  has applied to the City of Vancouver for permission to redevelop a 30,763 SF land assembly that includes the Mac’s property at 4464 Dunbar Street with a condo building. The existing site is improved with an older strip retail centre. The site is zoned C-2 which allows a density of up to 2.50 FSR.

The proposal is for a new 5-storey condo building that includes the following:

    • 48 condo units;
    • 40 two-bedrooms & 8 three-bedrooms;
    • 10,859 SF of retail space;
    • Building height of approximately 52.9 ft;
    • A total density of 2.50 FSR;
    • Two levels of underground parking accessed from the lane with a total 129 parking spaces.

The application describes the design rationale: “The site on Dunbar Street, between West 28th and 29th Avenues, slopes greatly — almost 15′ from the lowest point of the site at grade to the highest point. The proposed building’s massing carefully addresses
the site’s terrain while recognizing the height limitations. We have designed a significant
setback at the corner of Dunbar and West 29th to serve as a public plaza. We imagine one retail unit facing the plaza to be a coffee shop or similar, to take advantage of the landscaped outdoor space of the plaza. We have also dedicated a part of the plaza to a public art piece, voluntarily commissioned by the owners.”

Under the site’s existing C-2 zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Development Permit Board.

The architect for the project is IBI Group.

The full application can be viewed here: https://development.vancouver.ca/4464dunbar/index.htm

September 6, 2018by david.taylor@colliers.com
Condo, Development, Office, Retail

28-Storey Tower Proposed for Robson Street

VivaGrand Developments has applied to the City of Vancouver for permission to develop 1555 Robson Street, a site at the corner of Robson and Cardero Streets in Downtown Vancouver. The 132 x 131 ft site is located in the West End Community Plan which rezoned the property to C-6, which conditionally allows for a market residential highrise if social housing and commercial space is included.

The site sits directly south of 1550 Alberni, a 43-storey condo tower by Westbank currently under construction.

The proposal is for a 28-storey tower that includes:

  • 177 residential units including 24 units of social housing;
  • Retail on the ground floor;
  • Office space on floors 2-3;
  • Social housing on floors 2-7;
  • Condos on floors 8-28;
  • A total density of 9.63 FSR:
  • A building height of approximately 300 ft.

Vivagrand acquired the site in October 2017 for $79,500,000 or $455 per buildable SF based on the gross floor area in the application.

The architect for the project is IBI Group.

The full development application can be viewed here: https://development.vancouver.ca/1555robson/index.htm

August 23, 2018by david.taylor@colliers.com
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David Taylor Personal Real Estate Corporation

Colliers International

DT

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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