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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Development, Office

Office Infill Development Proposed for Hotel Vancouver Site

Larco has submitted a rezoning application to add a new office addition to the Hotel Vancouver property at 900 W Georgia Street.

The proposal is to allow for the development of a 12-storey office building at the Southern part of the site while retaining the heritage designated, Hotel Vancouver building. The proposal includes:

  • 264,732 SF of new buildable area;
  • 222,141 SF of office space;
  • a total density of 13.10 FSR;
  • A building height of 225 ft.; and
  • 201 vehicle parking spaces and 226 bicycle parking spaces.

The application is being considered under the Rezoning Policy for the CBD and CBD Shoulder.

The architect for the project is Architects-Alliance.

March 3, 2023by david.taylor@colliers.com
Apartment, Development

15-Storey Infill Rental Building Pitched for Kerrisdale

A rezoning application has been submitted by Larco for a new infill apartment building next to an existing building they own at 5455 Balsam Street, known as Fontainebleu Apartments, at the Northwest corner of Balsam and West 39th Avenue in Kerrisdale.

The proposal is to allow for the addition of a 15-storey infill residential building on the 57,599 SF site, while retaining the existing 14-storey, 88-unit building.

The proposal for the infill component includes:

  • 145 market rental units;
    • 57 studios, 35 one-bedrooms & 53 two-bedrooms;
  • 15th floor amenity space;
  • A total new density of 1.88 FSR (total density of 3.63 FSR)
  • A building height of 130 ft.;
  • 58 underground vehicle parking spaces and 278 bicycle parking spaces

The application is being considered under the Secured Rental Policy.

The building massing and setbacks are based on the RM-3 zoning.

The architect for the project is Rositch Hemphill Architects.

The property was sold in 2020 for $70,000,000 by Colliers.

December 15, 2021by david.taylor@colliers.com
Apartment, Development, Retail

203 Units Planned for Park Royal South

A rezoning application has been filed by Larco with the District of West Vancouver for the former Whitespot property at the Southwest corner of Marine and Taylor Way, part of Park Royal South. The rezoning had been proposed several times over the past six years, but was ultimately facilitated by the City’s passage of the Marine Drive Local Area Plan in 2017. The combined 2.3 acre site includes fee simple lands, as well as leasehold lands belonging to Squamish First Nation.

The proposed plan includes two residential buildings as well as commercial space. Details include:

  • two buildings of 11 and 14-storeys in height;
  • 203 total units including:
    • 143 condo units
    • 60 rental units (49 market and 11 non-market);
  • 20,000 SF of retail space (plus 9,800 SF of retail on SFN lands);
  • 3,900 SF of childcare space;
  • a total density of 2.25 FAR;
  • a 3,100 SF public plaza;
  • 251 underground parking spaces.

The architect for the project is DIALOG.

March 30, 2018by david.taylor@colliers.com
Apartment, Development

More Units Proposed for Arbutus Village Project

Larco has applied to the City of Vancouver to amend the rezoning for the Arbutus Village Shopping Centre site.

The overall rezoning for the 7-acre site was approved back in 2011, with the first two phases along Arbutus now having been fully approved and under construction. 

The new rezoning proposal would increase the overall residential floor area for the remaining phases on the Western portion of the site (Blocks C and D), including an increase in the number of market and social housing units. The application cites the housing crisis which has worsened considerably since 2011, as well as the re-imagining of the Arbutus Greenway and Arbutus Corridor. 20% of the units are required to be social housing.

The specific amendments that affect the remaining project (Blocks C and D) include:

  • A 113,519 SF increase in total density;
  • A total of 240 units;
  • An increase in building height on Block C to 197 ft
  • An increase in building height of Block D to 236 ft.
  • 2,700 SF expansion of planned Neighbourhood House (approx. 10,000 SF)

Blocks C & D also includes about 10,000 SF of retail space, as well as an adult day care, and strata rec centre.  The rezoning application proposes no change to the amount of commercial space, and includes an expanded Neighbourhood House referenced above.

January 23, 2018by 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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