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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Apartment, Condo, Development, Office, Retail

Major Revision to Oakridge Centre Development Includes Increased Rental & Office Density, Heights

A revised rezoning application has been submitted for Oakridge Vancouver, the 28-acre mall site that is currently under construction.

The full rezoning of the site took several years to complete, with full approval granted in 2018. The first phase is now under construction.

The new proposal seeks to increase building heights for the remaining phases above those approved in 2018, with up to 9 additional storeys per building. The proposed changes also include changing building form such as tower floor plate size; converting some condo density to rental; and adding new office space.

The majority of the site that is affected by the proposed rezoning is outside of the scope of the first phase of construction, which is projected to take four years to complete.

Overall details include:

  • 775 new housing units, including 319 additional market rental units and 94 moderate income rental units;
  • 377,260 sq. ft. of new office space;
  • Increase in overall density from 3.71 to 4.10 FSR;
  • Increase maximum heights for Buildings 2, 5, 6, 7, 9, 10, 11, 12, 13, 14 and the northeast office building;
  • No changes to buildings 1, 3, 4 & 8 (First two approved phases).

One of the more significant changes is to Building 5, previously a 43-storey condo building, which will now be converted entirely to market rental housing with 52-storeys and 587 units. The tower will be 477 ft. in height making it the tallest all rental tower in Vancouver.

A full summary of the proposed changes is outlined in the application (summarized below):

Revised renderings:

Details of the rezoning application can be viewed here: https://shapeyourcity.ca/650-w-41-ave

October 20, 2020by david.taylor@colliers.com
Condo, Development, Office, Retail

First Phase of Oakridge Redevelopment to Include Two Towers, 504 Units

A development application has been submitted for the first phase of the Oakridge Centre redevelopment, for which the overall development plan was approved earlier this year. 

The first phase will consist of two towers (Towers 3 and 4), and a portion of the future park. Details include:

  • one 32-storey tower (Building 3) and one 42-storey tower (Building 4)
  • 504 market condo units;
  • 212 one-bedrooms, 260 two-bedrooms & 32 three-bedroom units;
  • a podium containing retail/office Uses (Levels P1 – 6);
  • 173,113 SF of office space in Building 3;
  • all over three levels of underground parking;
  • a portion of the future 9-acre Park;
  • a total density of 0.74 FSR;
  • a maximum geodetic building height of 189.38 m for Building 3, and 217.28 m for Building 4.

The application describes the design rationale: 

“Skin & Bones Concept
The metaphor of skin and bone is the ordering principle for the Architectural Tectonic. It is born from the idea of draping the Mall with a landscaped Park. The act of wrapping or revealing becomes architecturally significant when defining the relationship between the landscape and buildings, as an approach to breakdown the mass of the buildings, as a passive solar strategy to have the buildings respond to their environment, and for providing wayfinding and programmatic identity.

Skin as Veil
Expanding upon the skin & bones concept, the skin is treated like a fine light fabric that wraps the buildings in a unifying veil. It is both delicate and protective, and is expressed architecturally as a plane of Curtain Wall that extends past the building itself in vertical and horizontal fly-bys. The Curtain wall design is reduced to its essence of transparent glass using 4 sided SSG, grey sealant and gaskets, light colored shadow boxes and only horizontal spandrel. The extent of the wrapping of the veil is related to the buildings orientation, as the veil opens toward the light, allowing the deep recessed terracing of the bones to shade the spaces within.”

The architect for the project is Henriquez Partners Architecture.

August 23, 2018by david.taylor@colliers.com
Development

Oakridge Centre Rezoning to be Revised

Later this week, the City of Vancouver council will consider a report recommending a revised rezoning application for the 28 acre Oakridge Centre site, being jointly developed by Westbank Projects and Ivanhoe Cambridge.

The project was originally introduced back in 2012, and was approved for rezoning over two years ago, to include 11 residential towers and over 4.6 Million SF of total building area including commercial. As was reported in the summer of 2015, the project faced a number of challenges since the rezoning approval, including:

  • technical complications of constructing lower parking levels due to an aquifer
  • accommodating continuous operation of the shopping mall during construction
  • the need to maintain The Bay store in its current location due to lease requirements

The new rezoning proposal is summarized as “shedding 20% of the total density and delivering all of the public benefits from the previous application”. The letter of inquiry from Ivanhoe and Westbank outlines the following proposed changes to the project under a revised application:

  • an overall reduction in the amount of new residential and commercial
    density (approx. 20%)
  • larger park area at-grade
  • maintaining the mall at one level with new mall space to be added at grade,
  • keeping The Bay store in its current location,
  • reconfiguration of the underground parking to avoid the existing aquifer,
  • a Civic Centre and park at grade with further rooftop park and open space,
  • comparable community amenities including affordable housing, and
  •  building heights similar to the 2014 rezoning, but two fewer towers
  • project construction in 6 years instead of 8 years

The new rezoning application will require a new negotiation on public benefits, and will require a full rezoning process with new public consultation. The total cost of the new application is $1.5M, which will be covered by the proponent.

May 30, 2016by david.taylor@colliers.com
Apartment, Development, Retail

Revised Oakridge Centre Proposal Moves Closer to Public Hearing

A revised rezoning application has been presented for Westbank and Ivanhoe Cambridge’s plan to rezone and redevelop the 28-acre Oakridge Centre property. This is expected to be the last round of formal open houses for the rezoning before the proposal heads to the Urban Design Panel and then on to Public Hearing.

Proposed changes from 2012 version:

oakridge_1Oakridge Height Changes

Oakridge Height Changes

Oakridge_retail

Aerial View Looking North
Entrance Promenade (41st and Cambie)
Centre Court

Looking west along West 41st Ave
Oakridge Community Commons View

October 4, 2013by david.taylor@colliers.com
Development

4.3 Million Square Feet, 18 to 45-Storey Towers Proposed For Oakridge Centre

Westbank Projects, in partnership with Ivanhoe Cambridge have applied to the City of Vancouver to rezone Oakridge Centre to develop a 45-storey mixed-use development consisting of 1,430,000 SF of retail, 425,000 SF of office space, 45,000 SF of amenity space, and 2,700,000 SF of residential, with a total density of 3.54 FSR. The proposal includes 2,818 units with a maximum height of 412 ft., and 6,694 parking spaces. Henriquez Partners is the Architect for the project.

The proposed rezoning has been in the works since 2007 when the Oakridge Policy Statement was adopted. More recently, Westbank has been brought on and a planning program was developed in 2012 to help guide the rezoning process.

Model View looking East

More information can be found HERE.

 

October 30, 2012by david.taylor@colliers.com

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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.

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