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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

Two Options Being Considered for “Site 8” in North Vancouver

Polygon has prepared a proposal including two options for a development at 119 – 131 West Esplanade in North Vancouver, also known as “Site 8”. The site also includes lands owned by City of North Vancouver. The overall rezoning application seeks an amendment to the City’s OCP to increase the allowable building height and to rezone the site to allow the construction of a mixed-use building consisting of a residential tower over a commercial podium. This would be supported by four levels of underground parking.

The site was previously owned by Millenium Properties who proposed a 35-storey tower back in 2007, which was subsequently withdrawn. The site later sold to Polygon.

119 W Esplanade

Two development options are being presented for the City of North Vancouver’s consideration:

Option 1 – with Non-Market Office Space

  • 11-storey tower with 107 residential units
  • a building height of 122 ft.
  • a total density of 3.78 FSR
  • sale of City lands, transfer density and density bonus resulting is a cash contribution of $10.3 Million.
  • 6,000 SF of office space owned by Polygon and rented at below market rates to non-profits

Option 2 – with Community Amenity Space

  • 12-storey tower with 117 residential units
  • a building height of 139 ft.
  • a total density of 4.07 FSR
  • sale of City lands, transfer density and density bonus resulting is a cash contribution of $8.7 Million.
  • 16,155 SF of City-owned community space for a museum

In both scenarios, the site has to accommodate almost 100 parking spaces for off-site uses.

119 W Esplanade_2 119 W Esplanade_1

119 W Esplanade_3

View from Esplanade

The architects for the project are DYS Architecture and Nigel Baldwin Architects.

June 13, 2016by david.taylor@colliers.com
Development

Two More Towers Coming to Brentwood

In what has become one of the most rapidly densifying areas of Metro Vancouver, two more tower proposals are closer to reality in the Brentwood Town Centre area of Burnaby. Both projects were introduced previously but are now at first reading with the City of Burnaby.

1846-1904 Gilmore Avenue

1846 Gilmore_1This 58,234 SF site at the corner of Gilmore and Halifax was originally proposed for rezoning back in 2012, but the application was withdrawn. The current proposal includes:

 

  • a 46-storey condo tower
  • a 3-storey townhouse podium on Halifax
  • 340 units
  • a total density of 5.0 FAR
  • 408 underground parking spaces
  • outdoor swimming pool

2338-2440 Madison Avenue

2338 Madison_3Polygon Homes is proposing a new project entitled ‘Fulton House’ on an 80,967 SF site on Madison Avenue, South of Lougheed. The plan was originally for a 35-storey tower in 2014, but the revised proposal now includes:

 

  • a 41-storey condo tower
  • below and above-ground structured parking
  • 300 units
  • a total density of 3.6 FAR
  • 349 parking spaces

 

October 26, 2015by david.taylor@colliers.com
Apartment, Development

Polygon Planning 321 Unit Development in Lynn Valley

Polygon Homes has applied to rezone the Mountain Court multifamily complex in North Vancouver for a new multi-phase strata and rental complex in four 5-storey buildings. Mountain Court is an aging apartment complex built in 1968 on a 4.13 acre site located just south of Lynn Valley Centre. This sits next to Polygon’s Canyon Springs project; currently under construction and expected to be completed in 2016.

The District of North Vancouver’s Official Community Plan allows a total density on this site of 2.5 FSR, and the more recent Lynn Valley Town Centre Flexible Planning Framework allows buildings up to 5-storeys.

The proposal includes:

  • Phase one:
    • a 75-unit market rental building (1:1 unit replacement, this is the CAC for the development)
    • a 68-unit strata building
  • Phase two:
    • two buildings totaling 178 units
  • A total of 321 units (76% two and three bedrooms)
  • A total of 372,072 SF
  • A density of 1.82 FSR

It is anticipated that this will be built out over a five year period.

Mountain Court_1 Mountain Court Mountain Court_2

 

April 21, 2015by david.taylor@colliers.com
Development

Polygon Planning 37-Storey Metrotown Tower

Polygon Homes has a rezoning application at first reading tonight with the City of Burnaby for a 37-storey, 253 unit residential tower at Dunblane Avenue and Marlborough Avenue on the East side of Metrotown. The site at 6592/6650 Dunblane Avenue and 6579/6611 Marlborough Avenue is currently occupied by four walkup apartment buildings. This is a site first mentioned a year ago.

The Metrotown Town Centre Development Plan designates the subject site for high-density multiple-family development (RM5s), or 5.0 FAR.
To the west across Dunblane Avenue is the “Met I” development, a 35-storey tower with townhouses by Concord Pacific, which was rezoned and is currently under construction. To the northwest of the subject site and directly north of the “Met I” is the “Met II”, a 38-storey tower with townhouses fronting Nelson Avenue under rezoning, which is also
currently under construction.
Polygon Dunblane

 

December 8, 2014by david.taylor@colliers.com
Development

35-Storey Tower Proposed for Brentwood Area

Another week, another highrise proposal for Brentwood. This one is from Polygon Homes for an 81,414 SF site at the foot of Madison Avenue. The rezoning application is based on the RM4s designation under the City of Burnaby’s Brentwood Town Centre Plan, with a total density of 3.6 FAR, or 280 units.

Interestingly, due to high groundwater and challenging geotechnical buildings, the parking is above-grade and is proposed to be located behind street-oriented residential units.

2338 Madison2338 Madison_2

September 29, 2014by 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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