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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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, Retail

50-Storey Tower Proposed for Burquitlam Site

Ledingham McAllister has submitted a rezoning and development permit application to the City of Coquitlam for a 1.50 acre site at the southeast corner of Clarke
Road and Smith Avenue in the Burquitlam area of Coquitlam. The project is entitled “Highpoint“.

The site consists of three lots, two of which are vacant and a third which contains a 2-storey commercial building. The site is designated Transit Village Commercial in the Burquitlam-Lougheed Neighbourhood Plan (BLNP) and is located within the “Core” area in the Transit- Oriented Development Strategy (TDS). The proposed rezoning to CD is based on the C-7 Zone.

Details of the proposal include a 50-storey mixed use tower with a podium and includes:

  • 415 residential units:
    • 295 market condo units;
      • 97 one-bedrooms, 168 two-bedrooms;  30 three-bedrooms;
    • 105 purpose built rental units;
    • 15 below / non-market rental units ;
  • 7 commercial retail units (16,000 SF);
  • a total density of 6.1 FAR;
  • a building height of 406 ft.;
  • 15,900 SF of market condo common amenity space;
  • 8,900 SF of rental unit common amenity space; and
  • 527 parking spaces.

The application describes the building program: “The podium fronting Clarke Road is ten storeys in height and is characterized by an eight storey podium atop a double height commercial podium. All CRUs provide abundant transparent windows to ensure views from the street. Levels three through ten of the podium contain all of the 120 proposed rental units. Much of the floor area at the fourth level and adjacent the SkyTrain guide way consists of a bike storage and amenity area. This area will be screened with perforated metal panels, and will have accent lighting.”

The architect for the project is Rositch Hemphill Architects.

July 9, 2018by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

Mixed-Use Development Planned for 4.9 Acre Richmond Site

A formal rezoning application has been submitted to the City of Richmond for permission to develop the project called “Atmosphere” at the corner of No. 3 Road and Alderbridge, across from Lansdowne Shopping Centre. The developer is South Street Development Group.

The 4.9 acre site at 7960 Alderbridge Way and 5333 & 5411 No.3 Road is in the City Centre High Density Mixed Use (Urban Centre T6) designation area of Richmond’s City Centre plan and allows for rezoning for residential and commercial uses.

The project envisions a podium and tower form of development with three levels of below grade parking, ground level commercial, one office tower and six residential towers.

Full details of the rezoning application include:

  • a total of 872,585 SF;
  • 824 residential units;
    • 674 condos;
    • 112 market rental units;
    • 38 affordable housing units;
  • 71,163 SF of retail space;
  • 129,172 SF of office space;
  • a total density of 3.89 FAR;
  • improvements to No. 3 Road & Alderbridge.
  • a new North-South Road.
  • 1,161 parking spaces.

The site sold in September 2017 for $113,000,000, or $130 per buildable SF based on gbl arthe application.

The architect for the project is GBL Architects, and the marketing company is Magnum Projects.

June 22, 2018by david.taylor@colliers.com
Development

Beedie Planning 356 Units for Austin Heights Safeway Site

Beedie Living has submitted a rezoning and development permit application to the City of Coquitlam for the Safeway site at 1029-1033 Austin Avenue. The application seeks to permit the development of two residential towers integrated with the Safeway store currently under construction.

The 2.27 acre site is currently partly under development for a new Safeway store with a scheduled opening of Summer 2019. The recently approved Austin Heights Neighbourhood Plan allows redevelopment of the site. The concept is for two towers to flank the new Safeway store, built in two phases.

The proposal calls for:

  • Two residential highrises of 26 and 27-storeys in height;
  • 356 total condo units;
  • 167 one-bedrooms, 153 two-bedrooms, 32 three-bedrooms and 4 four-bedrooms;
  • 10 units of non-market housing;
  • a total density of 3.97 FAR;
  • 741 underground parking spaces (including currently contemplated Safeway spaces).
  • A density bonus funds payment of $5,180,000.

The architect for the project is Chris Dikeakos Architects.

June 15, 2018by david.taylor@colliers.com
Development

57 Units Proposed for Lower Lonsdale Site

A rezoning application has been filed by Innovision Development for a site at 236-254 East 3rd Street in the Lower Lonsdale area of North Vancouver. The 24,025 SF site is located on the North side of East 3rd Street between St. Georges Avenue and St. Andrews Avenue.

The site is designated as Residential Level 5 which allows up to 2.60 FSR density with bonuses. It is currently improved with four older duplex buildings.

The plan for the site is a new 6-storey concrete building that includes:

  • 50 condo units;
  • 7 secured non-market housing units;
  • 31 one-bedrooms, 18 two-bedrooms and 8 three-bedroom units;
  • A total density of 2.34 FSR;
  • 63 underground parking stalls.

The application describes the building design: “The site is set within a high slope landscape. At the cellar level, ground oriented units are presented with patios facing East 3rd Street. These units, the main lobby to the west, and storage rooms behind are defined as “Cellar” under the bylaw and exempted from GFA. The second level wraps the lower level of parking and contains the townhouse units’ upper bedrooms as well as an additional amenity room for residents. The third level similarly wraps around the upper parking level. The 4th, 5th and 6th levels are presented as a double loaded corridor with apartments on either side of a hallway. The penthouse level has 5 three-bedroom units that are accessed from an exterior corridor set back from the top of the floor below. Each of these penthouse units has a stair and hatch accessing private patios on the roof.”

The architect for the project is DA Architects and Planners.

June 8, 2018by david.taylor@colliers.com
Development

40-Units Planned for Central Lonsdale Site

A rezoning application has been filed for a site at 117-125 West 23rd Street, between Lonsdale and Chesterfield Avenue in the City of North Vancouver. The site, currently occupied by two duplexes and a single family house, is identified in the City’s OCP as Residential Level 5, which allows a density up to 2.60 FSR.

The plan for the 15,990 SF site is to rezone to allow a new 5-storey condo building that includes:

  • 40 condo units;
  • 7 one-bedrooms, 28 two-bedrooms & 5 three-bedrooms;
  • a total density of 2.35 FSR;
  • one level of underground parking with 34 stalls.

The application describes the design rationale of the project: “The proposed building would have a contemporary west coast design, with a mix of glass, lapped siding, and masonry materials. The massing of the five storey woodframe building would be broken down into a one-storey base, a three-storey mid-section and a one-storey top level expression.”

The architect for the project is Raymond Letkeman Architects.

June 8, 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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