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, Development, Rental

Latest Broadway Plan Application Envisions 21-Storey Rental Tower at Burrard & 12th

Greystar has submitted their rezoning application for the 30,400 SF site that they own at 1770 West 12th Avenue, at the Southeast corner of Burrard and 12th.

The site, currently improved with a lowrise strata complex, was acquired by Greystar in 2023 for $41,000,000.

Located in the “South Fairview – Area B (FSOB)” subarea of the Broadway Plan, the site has potential for market and below-market rental housing, up to 20-storeys and 6.5 FSR.

The proposal includes:

  • 243 rental units;
  • 20% below-market rental units;
  • 3,800 SF of retail space;
  • a total density of 6.50 FSR;
  • A building height of 219 ft.

The architect for the project is DIALOG.

The full rezoning application can be viewed here: https://www.shapeyourcity.ca/1770-w-12-ave

June 6, 2024by david.taylor@colliers.com
Development, Office

Office Building Proposed Next to VCC-Clark Station

A development application has been submitted to the City of Vancouver for permission to develop a 41,147 SF site at the Northwest corner of Clark Drive and East 6th Avenue, directly South of VCC-Clark Station and adjacent the ‘East Van’ Cross in East Vancouver. The I-3 zoned site also borders Keith Drive, hence the project address 2102 Keith Drive.

The plan for the site is an 8-storey mass-timber office building that includes:

  • 124,000 SF of office space;
  • 18,370 SF floorplates;
  • A total density of 3.0 FSR;
  • A total building height of 117 feet;
  • 141 underground parking spaces.

The application describes the design rationale: “Located at the prominent eastern gateway to the False Creek Flats area, the massing of the 2102 Keith Drive building responds to the constraints of the site; rectangular in plan, the south face of the building is angled to match the Metro Vancouver Sewer SRW. The first floor of the building has been integrated into the sloping grade of the site, creating a building that emerges from the landscape. To the north, the ground floor relates to the industrial character of the False Creek Flats area through robust materials, service access and overhead doors. To the west and south interfaces of the building, a dynamic landscape design connects to the Great Northern Way Greenway and park spaces located to the south of the site. With the building lobby prominently located at the south-west corner of the site at Keith Drive and East 6th Ave, the building engages with the streetscape through a highly-glazed first floor facade that steps to match a series of landscaped terraces that animate the public realm at street level. Above the landscape-oriented ground floor, the building is constructed with mass-timber, a contemporary update of the typology of mass-timber buildings that were historically built for commerce and industry in East Vancouver.

The structural design of the building utilizes an innovative perimeter structural system of diagonally oriented braces which are integrated into the architecture of the building to create the primary expression of the building.”

Under the site’s I-3 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 Dialog.

The site was sold in 2016 for $17,530,000, or $142 per buildable SF.

August 27, 2018by david.taylor@colliers.com
Apartment, Development, Office, Retail

Master Plan for Landsdowne Mall Site to Include 24 Towers

The owner of Lansdowne Centre, Vanprop Investments, has submitted their formal OCP amendment application to the City of Richmond for the purpose of approving a Master Land Use Plan for the 50 acre site, located in the heart of Richmond’s City Centre at the centre of the Lansdowne Village. It is immediately adjacent to the Lansdowne Canada Line Station, and is bound by No.3 Road, Alderbridge Way, Kwantlen Street and Lansdowne Road. Initial plans to redevelop the mall were announced two years ago.

While the density for the site is already established in the City Centre Area Plan (“CCAP”), the Master Plan is required to organize the eventual phasing, massing and heights of the future mixed-use development, as well as the location of the 10 acre park planned for the site. City of Richmond council endorsement means that the proposal can now move toward a community consultation phase. 

The shopping centre on the site was built in 1977 and exemplifies the auto-oriented enclosed shopping centre design popular in the 60’s and 70’s. The arrival of the Canada Line in 2010 with a station right next door and the subsequent CCAP made this site a prime target for future redevelopment, particularly since the surface parking can accommodate immediate development without requiring demolition of the existing mall.

The site has a mix of zoning designations, including Urban Core T6 (up to 4.0 FAR) on the westerly 1/3 of the site, and Urban Centre T5 (up to 2.0 FAR) on the easterly 2/3 of the site. The CCAP also identified the site for a 10 acre linear park running east/west along the southern portion of the site fronting Lansdowne Road.

Here is a summary of some of the concepts identified in the proposed master plan which has already achieved support for moving through the next steps in the process:

  • An overall density of 2.77 FAR (approx. 6,000,000 SF)
  • 22 residential towers and 2 office towers
  • 73% of the density within 400 metres of Lansdowne Station
  • A 53,500 SF community amenity building at corner of No.3 Road & Lansdowne
  • A new 10 acre park in the centre of the site (revised shape from CCAP)
  • Retail/entertainment space with residential and office space above fronting Hazelbridge Way (high street)
  • A new civic plaza near the Canada Line Station
  • Building heights up to 47 metres
  • New north/south extension of Hazelbridge Way and Cooney Road between Alderbridge Way and Lansdowne Road
  • New east/west road to connect No. 3 Road and Kwantlen Street
  • Target of 2035 for entire build out

Next Steps

The proposed OCP amendment process will require further consultation and refinement to the details in the master plan before final council approval and subsequent rezoning applications for individual phases. Consultation would take place in the spring 2018 with approval likely later next year. Below is the City’s flowchart outlining the process:

Proposed Master Land Use Plan

The architect for the master plan is Dialog.

December 15, 2017by david.taylor@colliers.com
Apartment, Development, Retail

Larco Seeks Approval for 2nd Phase of Arbutus Village Project

Larco has submitted their development application to the City of Vancouver for permission to develop the second phase of the redeveloped Arbutus Village Shopping Centre property – a project plan originally conceived almost ten years ago.

The overall rezoning for the site was approved back in July 2011, with the first phase “Block A” having been approved in late 2015 and now under development to include 215 units and a new Safeway store. Each phase requires a separate development permit.

The plan for “Block B” calls for development of the Southeast corner of the 7-acre site, currently surface parking, with a 7-storey apartment building with retail at grade, including the following:

  • 170 rental apartment units
  • 37 studios, 24 one-bedrooms, 74 two-bedrooms & 35 three-bedrooms
  • 29,400 SF of retail space (including relocated BMO and BC Liquor Store)
  • two levels of underground parking accessed off of Yew Street

Block B_2 Block B_1 Block BConstruction of Block B is scheduled to complete in 2019.

The final phase of the project involves demolition and redevelopment of the existing shopping centre, with completion of the entire project targeted for 2022.

The architect for the project is Dialog.

January 27, 2017by 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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