Here’s a quick look at the largest commercial real estate transactions that took place in Metro Vancouver for 2015.

1. Westin Bayshore ($270 MM)

The sale of the Westin Bayshore hotel in the Coal Harbour area of Downtown Vancouver was the largest deal in Vancouver in 2015. The 511-room hotel sits on a prime 2.4 hectare site, some of which can likely be redeveloped to include residential. The fact that the buyer was Concord Pacific came as little surprise in the marketplace; they are one of Vancouver’s largest and most well-capitalized development companies, and have an obvious history of transforming urban waterfront properties. It is only the 6th property in Vancouver to trade for over $200 Million, a benchmark will likely be surpassed by other deals in 2016 (see below).

2. Fairmont Hotel Vancouver ($180 MM)

Another hotel deal is near the top of the list. Larco’s acquisition of the historic Hotel Vancouver was one of the more talked about deals in 2015. The 556-room, 20-storey hotel was built in 1939 and occupies one corner of Vancouver’s (unofficial) centre-ice at West Georgia and Burrard Street. The building occupies 1.6 acres and generates a significant amount of its income from the prime retail on the Burrard and Georgia frontages.

3. Lougheed Village ($165 MM)

One of Vancouver’s largest deals in 2012 (at $80MM) turns out to also be one of the largest deals upon resale in 2015. As reported in BIV just a couple of weeks ago, Starlight Properties bought the large-scale apartment property for $165,000,000. “Lougheed Village has 528-suites in two 24-storey and two eight-storey concrete towers. The 7.3-acre parcel, close to the Burnaby-Coquitlam border and a SkyTrain station, also contains 50,000 square feet of retail space.“

4. Ackroyd Plaza ($102 MM)

In one of Vancouver’s largest retail deals of the year, Ackroyd Plaza, a 6.8 acre strip retail centre at Ackroyd Road and No. 3 Road in Richmond, has sold to a local investor. Major tenants include PriceSmart Foods, White Spot, Boston Pizza and a BC Liquor Store. The development potential was summarized back when the sale was first reported in September 2015.

5. 4750 Kingsway ($100 MM)

Concord Pacific’s makes the list again with their deal with Sears Canada, which was for multiple properties, but the Metrotown Sears property is the key strategic acquisition. Sears will lease back the property, but future development potential includes multiple commercial and residential towers.

Recent speculation surrounding possible sales of the Molson Brewery,  Royal Centre and the Bentall Centre indicate that 2016 could be a massive year for transaction volume in Vancouver. Stay tuned.

Larco Investments has applied to the City of Vancouver for permission to develop a site they own at Davie and Cardero with an additional new 23-storey building. The proposal for 1668 Davie St. includes the following:

• 158 secured market rental residential units;
• 105 studio and one-bedroom units, and 53 two & three bedroom units.
• Retention of the London Drugs
• Retail on the ground floor;
• Building height of approximately 210 ft;
• Total floor area of 123,895 SF; and
• 95 underground parking spaces accessed from the lane.
• Density of 6.1 FSR

The site is currently zoned C-5A and the application is being made under the existing zoning, which allows for planning to conditionally approve the proposal. The site also falls within the newer West End Community Plan, under the Lower Davie Village subarea, which allows up to 7.0 FSR.

The proposal calls for demolition of an existing parking garage next to the London Drugs.

The architect for the project is DA Architects & Planners.

1668 Davie Street is just one of several existing and pending applications that have resulted from the 2014 West End Community Plan, including 1177 Jervis Street, a project three blocks East on Davie that is being developed by Intracorp. Several other sites are in the process of being sold for future applications.

Larco has applied to the City of Vancouver for permission to develop the first phase of Arbutus Village. The plan calls for development of the Northeast corner (“Block A”) of the 7-acre site with one mixed-use building comprising office space, a below-grade self-storage facility, a grocery store, and residential rental apartments. The proposal includes the following:

• a mixed-use building comprising office space and a grocery store on the ground floor, and seven floors with 215 apartments units above;
• total floor area of 395,000 SF (including 120,000 SF below-grade self-storage facility and a 54,000 SF new Safeway grocery store);
• four levels of underground parking (374 spaces) and self-storage facility, accessed off of a proposed Yew Street extension.
• First step will be demolition of the Northeast portion of the existing mall, followed by new internal streets and eventual relocation of Safeway

The rezoning for the site was approved back in July 2011, but no further development approval activity has taken place since. The whole plan calls for 508 residential units. The development application effectively quiets any previous rumours that the site may have been for sale.

The Development Permit Board meeting is scheduled for this application on September 8, 2015. Subsequent phases of the project will require additional development permits.

Larco has submitted their rezoning application for the 4.4 acre site that they own in the Lower Capilano area; home to a former athletic club near Capilano Road and Marine Drive. This project will be adjacent to another 262-unit two-tower project announced earlier this year.

The plan calls for a mixed use project which would include 451 residential units, a small amount of at grade commercial, a mini-storage operation, and a public community centre.

The proposal is to build this project in four phases over ten years, with the community centre targeted to begin construction in year seven. Project details include:

• A total of 451 residential units;
• An 18-storey residential tower and a 12-storey residential tower;
• Three 6-storey apartment buildings, one of which is a market rental building;
• A 4-storey apartment building (two storeys over top of the community centre);
• A 4-storey seniors’ rental building;
• Twenty 2 and 3-storey townhouse units.
• A 26,550 SF community centre on the north side of the public plaza in the foot of the 12-storey tower;
• A public plaza in line with the future cross roads;
• A continuation of the open space with the village green park area next to the plaza;
• A new greenway trail along the western edge of the site;
• 4,200 SF of commercial space next to the public plaza; and
• A 125,000 SF underground mini-storage facility in the 3rd level of the basement.