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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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Condo, Development, Retail

Marcon Planning 242 Condo Units for Port Moody Site

Marcon has submitted a preliminary rezoning application for the site of the former Barnet Hotel at 2025 St. Johns Street in Port Moody.

Marcon acquired the site in 2019 for $18,800,000, or $97 per buildable SF.

The 97,059 SF site is now vacant and zoned C5. The OCP designates the site as ‘Mixed Use – Moody Centre’, which permits commercial and residential development ranging up to six storeys in height.

The proposal for the site is two 6-storey condo buildings, and includes:

  • 242 units;
  • 119 studios, 49 one-bedrooms, 70 two-bedrooms, 4 three-bedrooms;
  • 7,900 SF of commercial space at the Northeast corner of the site;
  • a total density of 2.23 FAR;
  • 322 parking spaces;
  • 9,000 SF of common amenity space.

The project describes the design rationale: “Given the gateway location of the site, the project seeks to elevate the architectural expression of the development in order create a memorable western entry into Port Moody center. This memory is firmly established by the interplay of multiple colourful glazed guards that populate the north and east facades of the project. These colourful panels, change with the day as the capture, reflect or cast coloured light onto the immediate surroundings.

Upper residential levels of the development sit upon a well-defined commercial base which is located at the intersection of Albert and St. John’s Streets. The commercial base is rendered in masonry which contrasts the corrugated metal cladding of the upper residential levels. The extent of this commercial occupancy is limited by the slope of the site in both the north/south and east/west directions. A glazed canopy wraps the commercial frontage, serving to further define the base while providing cover for those accessing the three commercial units. The masonry base is extended the full length of the development on both the east and north elevations by utilizing brick for the landscape walls. The expression of a strong base for the development is further accentuated by recessing and darkening the lowest level of the northern building.”

The architect for the project is Shift Architecture.

June 12, 2020by david.taylor@colliers.com
Development

Port Moody Site Sells in $18.8 Million Deal

A prominent site in Port Moody has sold to Marcon Homes for $18,800,000. The 2.0 acre vacant lot at the corner of St. Johns Street and Barnett Highway is located at the Western edge of the City’s Moody Centre rezoning area, which allows for rezoning up to 6-storeys in height.

2021-2025 St. Johns Street was previously listed with an asking price of $26,000,000.

There is no word yet on a rezoning application.

January 23, 2019by david.taylor@colliers.com
Condo

19-Unit Building Planned Half Block From Stanley Park

Marcon has submitted a development application for 2030 Barclay Street, the site of the 27-unit Rosellen Suites Hotel. The existing building on the site has been operated as a hotel, which means that the zero rate of change provisions in the area for rental accommodation does not apply. Therefore, the site can be developed as a market condominium project.The 99 x 131 foot site is located just half a block from Stanley Park.

The proposal for the redevelopment of the site is a new 10-storey concrete building that includes the following:

  • 19 condo units;
  • 14 two-bedrooms and 5 three-bedrooms;
  • A building height of 190 ft.;
  • A total density of 3.03 FSR;
  • Three levels of underground parking accessed from the lane with a total 40 parking spaces.

The application describes the design rationale: “The concept is to develop a project that caters to families with all of the units in the 2,000 sf range and having 2 bedrooms and a den typically, with private outdoor spaces.

The project contains 19 residential units broken down into a number of discreet elements in order to give a more human scale and better relate to the surrounding buildings. Inspired by most of the buildings in the West End, the proposed architecture is unabashedly modern, but residential scaled windows and warm textured materials, including masonry, gives the appropriate character for this area of the city.”

Under the site’s existing RM-5B 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 SHIFT Architecture.

September 11, 2018by david.taylor@colliers.com
Development

252-Unit Project Planned for Port Moody

Marcon has submitted an OCP amendment and rezoning application to the City of Port Moody three separate parcels of land located along St. George Street in the Moody Centre area. The lots in question are 22 single family lots located between 3010-3042, 3009-3029, and 3037-3113 St. George Street, and combine for a total land area of 191,462 SF. Dallas Creek bisects the townhouse portion of the site.

Details of the project include:

  • 252 total units;
  • 179 units within two six-storey buildings on Parcel 1 on the north side of St. George Street; (104 one-beds, 55 two-beds and 20 three-beds)
  • 73 townhouses respectively on Parcels 2 and 3 on the south side of St. George Street in a total of 11 buildings; (50 three-beds and 23 four-bed units);
  • an overall density of 1.42 FAR;
  • 402 underground parking spaces;
  • significant enhancements to Dallas Creek watershed, including daylighting; re-establishment of water flows; channel widening; in-stream habitat creation; removal of buildings and structures within the Streamside Protection and Enhancement Area (SPEA); and creation and restoration of the riparian habitat;
  • the dedication to the City of the SPEA and neighbouring park/open space totalling 36,166 SF;
  • the provision of six affordable housing units for Kinsight.

3010 St. George3010 St. George_23010 St. George_33010 St. George_1

An OCP amendment is required to increase the maximum permitted height of the properties on the north side of St. George Street from three storeys to six storeys; re-designate portions of the property as Parks and Open Space; and allow for flexibility in relation to SPEA setbacks from Dallas Creek in line with other OCP policies.

The architect for the project is SHIFT Architecture.

October 11, 2017by david.taylor@colliers.com
Development

75-Unit Project Planned for Burquitlam

Marcon has submitted a rezoning and development application to the City of Coquitlam for a new 6-storey residential building located 603-607 Regan Avenue, near the intersection of Clarke Road and Como Lake Road in the Burquitlam area.

The plan for the 28,000 SF site is to rezone from the existing RT-1 zoning to RM-3. The site is located within the Burquitlam-Lougheed Neighbourhood Plan (BLNP) which was adopted by Council on June 26, 2017. The site is designated Medium Density Apartment Residential in the BLNP.

Details of the proposed project include:

  • 75 units
  • 38 one-bedrooms, 29 two-bedrooms & 8 three-bedrooms
  • a total density of 2.30 FAR
  • 103 underground parking spaces on two levels
  • $176,335 CAC

603 Regan603 Regan_2603 Regan_3603 Regan_1

The architect for the project is Rositch Hemphill. 

September 8, 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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