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.
  • About
  • Listings & Sales
  • Metro Vancouver Commercial Real Estate Market Data
  • Subscribe
Apartment, Condo, Development, Office, Retail

Metrotown Mixed-Use Project Heads to Public Hearing

Westland Homes’ proposal for a 52,532 SF Metrotown land assembly at 6450-6508 Telford Avenue will head to public hearing next week.

The subject site is within the Maywood neighbourhood of the Metrotown Downtown Plan area and is comprised of four properties: two strata buildings, a rental building and a vacant lot.

The Metrotown Downtown Plan designates the subject site for high-density multiple family residential development under the RM5s Multiple Family Residential District as a guideline.

The site will be subdivided into two legal parcels. The proposal on the northern parcel is for a 51-storey high rise building comprised of 44 levels of market strata residential uses atop a commercial podium with 6 levels of offices and one level of street fronting retail. The southern parcel is proposed to be developed with a 22-storey market and non-market rental apartment building.

Details include:

  • 575 total residential units;
  • 408 condos;
  • 167 rental units;
  • 68,409 SF of office and retail space;
  • a total density of 9.13 FAR;
  • building heights of 575 ft and 222 ft.;
  • 1,170 parking stalls.

The architect for the project is Chris Dikeakos.

January 15, 2021by david.taylor@colliers.com
Development, Market Research

New Metrotown Downtown Plan Draft Released

The City of Burnaby has released a draft of the new Metrotown Downtown Plan, to be considered by City Council prior to adoption. The new plan comes after years of anticipation of finalizing planning efforts in Metrotown, which has seen rapid redevelopment following the City’s revision of the four town centre areas several years ago, and the creation of the ‘s’ zoning designation in 2010 that facilitated many of the highrise rezoning applications that have occurred in the past five years.

metrotown-planThe Metrotown Plan was originally drafted in 1977 and has been amended many times since. Planning efforts have been ongoing but the formal planning process got underway in the spring of 2016 with a draft report on the proposed changes in the plan area. The new plan seeks to designate Metrotown as the true core of Burnaby’s four town centre areas; essentially calling it Burnaby’s Downtown.

Core principles in the plan include:

  1. Creating an Official Downtown
  2. Establishing Neighbourhoods and Community
  3. Providing Greater Connectivity
  4. Enhancing the Public Realm
  5. Providing New Amenities

Of primary interest to those in the development industry are the proposed updates and changes to the land uses within the plan area.The changes will create some new density, but more importantly will clarify potential zoning and urban design possibilities in some of the peripheral areas of Metrotown that had been in limbo for several years. The plan also shapes potential large-scale rezonings in the core area for big sites along Kingsway.

The general land use map and zoning designation framework is included below (click for greater detail):

metrotown-plan_1metrotown-plan_2

Other highlights:

  • high density mixed-use sites will require a minimum site area of 1.5 acres and will require a minimum commercial use of 1:3 per residential uses. (1 commercial SF per 3 residential SF)
  • Core downtown sites with RM5s/C3 designation allowing density up to 11.0 FAR
  • Large scale sites such as Metropolis at Metrotown, Sears, Old Orchard Shopping Centre and Plaza 5000 will require Master Plans prior to rezoning enactment
  • Sites in the Maywood area (south of Beresford), subject of rampant speculation over the past few years, will become a mix of RM5s and RM4s, allowing heights of 12-30 storeys South of Beresford, and 4-storeys along Imperial
  • new highrise opportunities North of Kingsway between Boundary and Halley Avenue
  • the creation of Central Boulevard as an ‘entertainment and garden street’ with new retail opportunities
  • a significant new open space in a redeveloped Metrotown Mall site
  • minimum frontage of 200 feet and minimum site area of 24,000 SF for a single tower project
  • minimum frontage of 400 feet and minimum site area of 48,000 SF for a two tower project (minimum 80 foot tower separation)
  • 6 ft minimum front and side-yard setbacks for commercial/mixed-use developments, and 15 ft front and side-yard setbacks for residential developments
  • larger floorplates for residential buildings over 50-storeys only (8,100 SF max floorplate) – office towers exception

The plan does not contain a unique set of community benefit policies. The City of Burnaby’s Community Benefit Bonus Policy would apply to any rezoning being brought forward.

The full draft of the Metrotown Downtown Plan can be downloaded here: https://burnaby.civicweb.net/filepro/documents/?preview=16934

November 21, 2016by david.taylor@colliers.com
Page 2 of 2«12

Search the Site

Categories

  • Apartment
  • Condo
  • Development
  • For Sale
  • Hotel
  • Investment
  • Land
  • Market Research
  • Office
  • Rental
  • Retail
  • SOLD


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.

© 2019 Copyright  |  All Rights Reserved