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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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Development, Office

Telus Office Tower Construction Reaches Grade

Construction on Telus’ new Downtown Vancouver headquarters is now progressing above ground. The 22-storey complex is scheduled to be complete in early 2015.

Telus Office Tower Construction

Telus Office Tower Construction

All photos courtesy of Built Form on SSP.

May 28, 2013by david.taylor@colliers.com
Investment

The Centre for the Performing Arts Sold to Church Group

Arts and cultural groups are scrambling to find new venues after being told that a hip evangelical church has bought The Centre for the Performing Arts in downtown Vancouver and plans to take over the 1,800-seat theatre this summer.

Directors of the Vancouver International Film Festival, Goh Ballet and Unique Lives lecture series confirmed they were told last week by the centre’s management that the venue will not be available after the Westside Church takes over ownership in August.

…Diane Heal, the centre’s vice-president of operations, said the centre was for sale but referred all questions to Michael Law of Global Pacific Properties in Denver, Colo., an affiliate of Four Brothers Entertainment, which owns the centre.

Law did not return phone calls or respond to emails from The Vancouver Sun.

According to a March 27 blog on the website of the Westside Church, Pastor Norm Funk said he was “officially” and “publicly” announcing that a purchase sales agreement had been secured with the owners of the centre.

Read more: http://www.vancouversun.com/news/metro/Vancouver+International+Film+Festival+scrambles+find/8391069/story.html#ixzz2TYxgYgsZ
May 17, 2013by david.taylor@colliers.com
Development

508 Helmcken Street Tower Redesigned

508 Helmcken_2As we reported back in February, Brenhill Development is planning a 36-storey mixed use building at the corner of Richards and Helmcken with 344 market residential strata units (including 5, 2-level townhouses at grade), 110 market rental units and a private school.

In response to comments from the Urban Design Panel, the tower has been redesigned to lower the density slightly from 17.40 FSR to 17.10 FSR, and to reduce the floorplate from 10,300 SF to 10,130 SF. The site is a 15,000 SF site which is being expanded to 21,000 SF through the acquisition of lanes to the west and north.

The project consists of a proposed land swap with a site owned by Brenhill across the street at 1077/1099 Richards Street; the existing tenants at 508 Helmcken will be relocated to a new City-owned building on that site which will be constructed in advance of the new Helmcken residential tower in order to provide continuity of service.
April 24, 2013by david.taylor@colliers.com
Development

Burrard Gateway: Revised Rezoning Application Submitted

After nearly 4 years on the drawing board, the partnership of Reliance Properties and Jim Pattison Developments have submitted a revised rezoning application in an effort to move the Burrard Gateway project forward.

Burrard Gateway 1The property, located at Burrard and Drake, is currently used as the Jim Pattison Downtown Toyota Dealership, with two small old house structures (non-heritage) and two small commercial buildings, one of which is currently housing a Scion Dealership. It was also reported in BIV this week that Reliance has secured the 7-11 site at the corner of Hornby and Davie, where it is expected a tower in the range of 28 storeys will become the 4th tower in the project.

The current plan calls for the following:

    • along Hornby Street, a 54-storey tower and a 36-storey tower, with a 7-storey podium, providing retail, office and residential uses, including rental housing;
    • along Burrard Street, a 14-storey office tower, including a 3-storey automotive dealership
    • an increase in the total number of residential dwelling units, from 619 units to 810 units;
    • a proposed density of 13.3 FSR (up from 11.8 in the previous proposal)
    • a maximum height of 525.7 ft.

Burrard Gateway 2Burrard Gateway 3

March 22, 2013by david.taylor@colliers.com
Development, Retail

Two Downtown Sites Could Become Targets

Retail and real estate analysts believe large retailers such as Walmart or Target could start pushing for construction of a new mall on either of two downtown blocks that are ripe for redevelopment.

Canada Post’s sale in January of its long-time Vancouver headquarters to BC Investment Management Corp. (BCIMC) has opened up the block bounded by Georgia, Homer, Dunsmuir and Hamilton streets.

Two blocks east is Larwill Park, which is owned by the City of Vancouver and bounded by Georgia, Cambie, Dunsmuir and Beatty streets.

The Vancouver Art Gallery (VAG) is hoping to convince the city at a meeting, likely to be held in early March, that it should be given the site – which some estimate to be worth $200 million – to build a new $300 million gallery.

Read more: http://www.vancourier.com/business/downtown+sites+could+become+Targets/8001794/story.html#ixzz2LvPVwFZk
February 25, 2013by 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

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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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