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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Development

438-Room Hotel Planned for West Broadway

A rezoning application has been submitted to the City of Vancouver to rezone the site at 878-898 West Broadway, between Laurel Street and Willow Street, currently improved with an older 117-room 7-storey hotel Park Inn & Suites, which was built in 1965. The owner of the property is Dingye Property Group Ltd.

The proposal consists of the construction of two high-rise hotel buildings (13 and 11 storey, respectively) including a mixed-use podium, to be comprised of:

    • 28,839 SF of retail use at grade;
    • 438 hotel units (258 short-term and 180 long-term stay);
    • a proposed density of 8.38 FSR;
    • a building height of 142 ft; and
    • 485 underground car parking spaces, 35 bicycle spaces, and on-site loading.

The application describes the rationale for the project: “The existing structures on the site represent an underutilization of land for this strategic location. With the expansion of the Vancouver General Hospital and the more recent announcements regarding an expansion of a rapid transit line along the Broadway Corridor, the timing for the rezoning of the site to build on the demand for new retail and hotel uses in the area is now.”

The rezoning is being considered under the Metro Core Job and Economy Land Use Plan.

The architect for the project is Arno Matis Architecture.

The full rezoning application can be viewed here: http://rezoning.vancouver.ca/applications/878wbroadway/index.htm

June 22, 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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