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.
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Condo, Office, Retail

12-Storey Mixed Use Project Envisioned for Port Moody Site

A preliminary rezoning and OCP amendment application has been submitted by 100 Developments to the City of Port Moody for a new mixed-use development at 2115-2131 St. Johns Street in the Moody Centre area.

The 1-acre site is made up of five single family parcels located on the south side of St. Johns Street and west of Douglas Street.

The OCP designates the subject site for Multi-Family Residential uses up to a maximum of 6
storeys.

The development proposal consists of two 12-storey mixed-use buildings (one residential and
one office building, each with commercial uses, and includes the following:

  • 80 condo units;
  • 36 seniors units with 50% as affordable rental;
  • 89,500 SF of strata office space;
  • 21,600 SF of retail space;
  • a total density of 6.3 FAR;
  • 3,500 SF of daycare space;
  • 325 parking stalls.

A Heritage Revitalization Agreement (HRA) to retain the Martha Johnston Residence and convert it into a medical office (the HRA would take place of a Zoning Bylaw amendment to rezone the site).

The architect for the project is Bite Design Group.

July 20, 2022by david.taylor@colliers.com
Apartment, Development, Office

PCI Proposing 12-Storey Mass Timber Rental Building for Port Moody

PCI Group has submitted their OCP amendment, rezoning and development permit application to the City of Port Moody’s Advisory Design Panel for 2933-3005 Murray Street, a 45,000 sq ft site just east of the Moody Street overpass in the Moody Centre area. The site sits directly North across the train tracks from Moody Centre Station.

The current OCP designation for the site is 6-storeys and mixed use commercial, industrial and residential.

The application proposes to amend the OCP and rezone to allow a 12-storey, mass timber building containing:

  • 207 market rental units, including 21 (10%) below-market units;
    • 156 studios and one-bedroom units, 48 two-bedrooms & 3 three-bedroom units;
  • 8,400 sq ft of mixed employment space;
  • 1,000 sq ft of ground floor affordable artist space;
  • a total density of 3.31 FSR (after dedication);
  • 15,000 sq ft dedicated as protected land for Slaughterhouse Creek;
  • a total of 139 parking spaces.

The application describes the overall concept: “The proposed development is configured in a U-shape with two narrow east and west facing wings, served by external single-loaded corridors above a two-storey podium. This creates a south facing outdoor courtyard between the two wings on top of the podium. This site layout along with the 12-storey building form means that when the development is viewed from Murray Street, as well as the east and west, the massing may appear somewhat bulky and overwhelming given the relatively small site size, especially given that the OCP envisages a six-storey form of development along Murray Street.”

The architect for the project is Perkins + Will.

September 14, 2021by david.taylor@colliers.com
Apartment, Development

133 Rental Units Planned for Port Moody Site

PC Urban has submitted a preliminary rezoning application to the City of Port Moody for a 6-storey market-rental project on a four single-family lot assembly at 3316-3330 Dewdney Trunk Road.

The 33,233 SF site is located down the block from a 229-unit rental project built by PC Urban, now nearing completion.

Details of the new proposal include:

  • 133 rental units;
  • 52 one-bedrooms and 58 two-bedrooms;
  • a total density of 3.38 FSR;
  • 90 underground parking spaces.

The OCP indicates 4-storeys for this site, and so an OCP amendment is required.

The architect for the project is NSDA Architects.

January 18, 2021by david.taylor@colliers.com
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
Condo, Development, Retail

Port Moody Site Slated for 204 Units + Retail

A rezoning application has been submitted by Mosaic Homes for a new development at 3015-3093 Murray Street in the Moody Centre area of Port Moody. The site is located on lands with the relatively new “Mixed Employment” OCP land use designation.

The 100,000 SF site currently vacant and being used for construction storage. This area has traditionally been an industrial area in transition. The site is in close proximity to the Moody Centre SkyTrain and West Coast Express station, though access is currently only possible via two circuitous routes, the pedestrian overpass accessed off Klahanie Drive or the Murray Street overpass, both of which are approximately one kilometre. If and when on overpass is constructed over the CPR line from the station area, the site will be between 200-300 metres from the station.

Mosaic is proposing to rezone the site from Light Industrial (M1) to allow three 6-storey mixed-use buildings located on a two-storey parkade that acts as a podium to the south abutting the CPR rail line and is wrapped with commercial retail units on the Murray Street and Electronic Avenue

Details include:

  • 204 condo units;
  • 102 one-bedrooms & 102 two-bedrooms;
  • 17,900 SF of ground floor retail;
  • a total density of 2.02 FAR;
  • 301 parking spaces;
  • 43,000 SF of outdoor amenity space on the parkade podium.

The application may require an OCP amendment as the intent of the Mixed-Employment designation was to include light industrial uses or second floor office space.

The architect for the project is Michael Green Architecture.

Mosaic acquired the site in 2017 for $18,300,000 or $88 per buildable SF based on the application.

May 27, 2020by 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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