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, Development

411 Units Planned for Lynn Valley Site

Mosaic Homes has filed a rezoning application for the site they own in Lynn Valley Town Centre known as Emery Place, a 5.1 acre site that is currently improved with a 61-unit apartment complex. 

The site is designated within the District of North Vancouver’s Official Community Plan as Residential Level 6: Medium Density Apartment which allows density up to 2.50 FSR.

The proposed redevelopment of the site includes:

  • Four buildings (Two 12-storey concrete midrises and two woodframe lowrises);
  • Townhouses;
  • 411 total units (84 rental units & 327 strata units);
  • 109 one-bedrooms, 165 two-bedrooms, 132 three-bedrooms and 5 four-bedrooms;
  • A total density of 2.17 FSR;
  • Four phases:
    • Phase One: 6-storey, 87-unit rental building (incl. 23 non-market rental)
    • Phase Two: Two 12-storey concrete buildings with 220 strata units
    • Phase Three: 64 townhouses in six buildings
    • Phase Four: A 5-storey, 61-unit woodframe strata building
  • A total of 619 parking spaces;
  • An extension of Emery Place Road to align with envisioned road network;
  • New pathway to Kirkstone Park and improvement to trails;
  • A CAC of $11,900,000 paid in four phases.

It is expected that the entire project would be completed by 2024.

Mosaic acquired the site in 2016 for $39,550,000.

The architect for the project is Ramsay Worden.

March 16, 2018by david.taylor@colliers.com
Apartment, Development

Eight Towers, 2,700 Units Proposed for Two Burquitlam Sites

The City of Coquitlam, YMCA and Concert Properties have entered into a partnership to exchange lands and rezone two sites in the Burquitlam-Lougheed Neighbourhood Plan area to permit redevelopment on both sites. 

The two sites include:

  • Burquitlam Park – a 3.96 acre site on Smith Avenue, adjacent Bosa’s Uptown Development
  • Whitgift Gardens – a 5.45 acre site on Cottonwood Avenue, directly North of Bosa’s Lougheed Heights development, and West of Cottonwood Park

The sites are located in the Burquitlam-Lougheed Neighbourhood Plan “Core” and “Shoulder” areas respectively. The proposal involves a property exchange between
the City (at Burquitlam Park) and Concert (Whitgift Gardens – an existing older rental residential complex).The exchange involves 2.15 acres of park land from Burquitlam Park to the Whitgift Gardens site to facilitate the expansion of Cottonwood Park and in return, the same area of developable land, with its associated density, is moved from the Whitgift Gardens site to the Burquitlam Park site.

The two components of the proposal include:

Burquitlam Park Site

  • A 50-storey condo tower and 30-storey rental tower;
  • 275 rental units;
  • 435 condo units;
  • a new 60,000 SF 3-storey YMCA recreation facility;
  • a new community police station;
  • total density of 6.30 FAR;
  • 930 parking stalls;
  • New 1.5 acre Burquitlam Park.

Whitgift Gardens Site 

  • Six highrise residential towers from 24 to 48-storeys in height;
  • Two rental towers of 37-storeys;
  • Four condo towers of 24, 25, 43 & 48-storeys;
  • 654 rental units;
  • 1,187 condo units;
  • 132 seniors market rental units;
  • 20-40 below market rental units;
  • standalone amenity building;
  • total density of 5.50 FAR;
  • 2,350 parking stalls;
  • Extension of Emerson Street and new East-West road.

The proposed market rental units represent a roughly 3:1 replacement ratio of the
existing rental units at Whitgift Gardens. The total value of all the public benefits including bonus density funds and CAC’s is $120 Million.

The architects for the project are Raymond Letkeman Architects and Endall Elliott.

February 23, 2018by david.taylor@colliers.com
Apartment, Development

First Major Rezoning Proposed Under Grandview-Woodland Plan

The City of Vancouver has received the first major rezoning application for a site in the Grandview-Woodland Community Plan.

The proposal is for a 29,112 SF site owned by Intracorp at the corner of East 11th Avenue and Victoria Drive, currently occupied by older lowrise residential buildings, including a heritage house. The plan calls for rezoning from RM-4 to permit the development of a 10-storey residential building with a 6-storey residential podium.

The proposal includes:

    • 149 units (76 rental & 73 strata);
    • A total density of 3.58 FSR;
    • Relocation and designation of a Vancouver Heritage Register Category “B” heritage house (on-site);
    • A height of approximately 103.4 ft.; and
    • 108 underground parking spaces.

1837 E 11_2 1837 E 111837 E 11_1This application is being considered under the Grandview-Woodland Community Plan which dictates that 50% of the gross floor area can be condos if 50% of the gross floor area is rental housing.

The architect for the project is Perkins + Will.

June 7, 2017by david.taylor@colliers.com
Development

Latest Cambie Corridor Project Includes 65-Units

The City of Vancouver has received an application to rezone 5130-5170 Cambie Street , a three lot land assembly, from RS-1 to CD-1 to allow a 6-storey building including:

  • 65 condo units;
  • a  building height of 70 ft. from grade;
  • a total density of 2.44 FSR; and
  • two levels of underground parking with 98 vehicle parking spaces and 96 bicycle spaces.

5130 Cambie5130 Cambie_1 5130 Cambie_2The application is being considered under the Cambie Corridor Plan.

The architect for the project is GBL Architects.

The site was assembled between 2014 and 2016 for a total of $11,700,000, or $185 per buildable SF.

May 24, 2017by david.taylor@colliers.com
Development

22-Unit Building Planned Near Cambie & King Edward

Pennyfarthing Homes has submitted a rezoning application for a single family lot on the East side of Cambie Street, just South of West King Edward Avenue at 4138 Cambie Street. The plan for the 11,095 SF site is for a 6-storey concrete condo building, including:

  • 22 units including 2 townhouses on the lane
  • 1 studio unit, 15 two bedroom units & 6 three-bedroom units
  • a total density of 2.33 FSR
  • a building height of 67 feet
  • 25 underground parking spaces on one level

4138-cambie4138-cambie_14138-cambie_2

The rezoning is being done under the Cambie Corridor Plan.

Pennyfarthing is enjoying success on projects already underway in the Cambie Corridor including Bennington House on King Edward, The Grayson (which is now sold out and sits directly south of the above mentioned site), and Hawthorne, which is rezoned and soon to be released.

November 22, 2016by david.taylor@colliers.com
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First Capital REIT --> Choice Properties REIT and Kingsett Capital are teaming up to acquire the Canadian real estate company in a deal valued at over $9 billion, including assumed debt. Choice Properties will acquire roughly five billion dollars worth of shopping centres, while

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Greater Vancouver commercial real estate transactions down 8.3% in 2025 via @westerninvestor

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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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