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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

7-Storey Mid-rise Pitched for Lower Lonsdale

The third of four mixed-use commercial/residential tower projects proposed for Lower Lonsdale is now coming up for scrutiny by council and the public.

Developer Polygon is looking to build a sevenstorey tower (five storeys of residential on two storeys of commercial) at 255 West First St. and 260 West Esplanade, currently home to Hollyburn Family Services and Family Services North Shore.

255 West 1st

If approved, the building will have 208 one, two, or three-bedroom condo units, at least 62 of which have adaptable designs, to accommodate seniors and people with mobility issues. Measured from First Street, the building would be 52.5 feet tall, according to a city staff report.

Previously, Polygon had pitched a 16-storey highrise for the site, but later abandoned those plans.

Read more: http://www.nsnews.com/news/7-storey-mid-rise-pitched-for-lower-lonsdale-1.944495

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

Polygon Proposing 95-Unit Waterfront Project in North Vancouver

Polygon Homes has submitted a rezoning and OCP amendment application to the District of North Vancouver. They are proposing to redevelop 4 industrial lots on Dollarton Highway, just East of Cates Park. The plan calls for a 95 units; broken down as 80 condominium
units in three, 4 storey apartment buildings; and, 15 townhouses in five blocks containing 2 to 4 units, arranged along the waterfront.

Dollarton_PolygonThe 4.74 acre site consists of 4 industrial lots located on the south side of Dollarton Highway, immediately west of Cates Park/Whey-au-Wichen as illustrated on the aerial photograph.

The site is currently occupied by Noble Towing (Dollarton Shipyard) and McKenzie Barge and Marineways and has been historically used for ship building/repair purposes.

Dollarton_Polygon 2Dollarton_Polygon 3

 

January 9, 2014by david.taylor@colliers.com
Development

Richmond School District Steveston Secondary for $41 Million

The site of the former Steveston secondary in Richmond sold to Polygon Homes for $41,125,000.

“The board is enthusiastic about what this means for our district,” said Donna Sargent, board chair at Richmond School District No. 38. “The sale of these lands provides us with funding that can be used for other capital projects and will ensure the legacy of Steveston will remain within the Richmond community.”

The 13-acre site will be split into eight acres sold to Polygon and five acres reserved for a park. There are no conditions on the sale and any rezoning will be done with the city.

12.58 acre Steveston Secondary Site

12.58 acre Steveston Secondary Site

The secondary school closed in June, 2007 and was merged with the nearby London secondary to become Steveston London secondary in September, 2007.

Read more: http://www.vancouversun.com/news/Richmond+school+district+sells+site+former+Steveston+secondary+million/9072480/story.html#ixzz2iaZ4Jtga
October 23, 2013by david.taylor@colliers.com
Development

Apartments to Spring up Around Future Walmart

Apartments to spring up around future Walmart – Richmond Review.

The road to Walmart is about to get more crowded.

Polygon is moving ahead with plans to build an apartment complex with 547 homes on Alexandra Road, across from the proposed SmartCentres retail mall. A development permit panel considered the application for Alexandra Court, from Polygon Development 269 Ltd. at Richmond City Hall.

89288richmondpolygonalexandracourt

“The proposal responds well to creating a strong, street-oriented building frontage character and the continued development of the pedestrian Alexandra Way corridor through the neighbourhood,” noted planned David Johnson in a report.

Four buildings, each with five to six storeys, along with a separate amenity building, would cover a one-level parkade on the 2.5-hectare (6.2-acre) development site near Garden City Road.

City council approved rezoning of the site earlier this year. Two residents complained over the growing density of the Alexandra neighbourhood, but the project is within the projected population targets under the West Cambie Area Plan.

Read more: http://www.richmondreview.com/news/227910411.html

October 17, 2013by david.taylor@colliers.com
Development

Polygon Pursuing Height Amendment for North Vancouver Site

Polygon Homes, who successfully bid for a full city block on West Esplanade from the City of Vancouver last year, is looking for an OCP amendment to allow a highrise. Two development options presented to council for the 2.24 acre property  at 255 W. 1st Street include a mix of residential and commercial uses to a density of 2.6 FAR.

Option 1 includes a Concept a 5-storey built form with commercial uses accessible from W. Esplanade and residential uses above. Development is divided into two buildings. The larger building is “U” shaped with the opening facing south to maximize on harbour/city views as well as light exposure. The second building runs parallel to Mahon Avenue.

Option 2 proposes a 7 storey building on the western edge of the site running parallel to Mahon Avenue, terracing gradually down to a 4 storey street wall against W. Esplanade. A separate 16 storey tower is proposed in the southeast corner of the site containing the rest of the residential density. Because the existing OCP only allows 6-storeys, this option would require an OCP amendment;  however, it is supported by the City.

255 W Esplanade

255 W Esplanade_2

September 24, 2013by 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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