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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Development

210-Units Planned for Port Moody Site

An Official Community Plan amendment and rezoning application has been submitted to the City of Port Moody for a new development with two buildings containing a combined total of 210 residential units.

The 1.35 acre site is configured in an “L” shape and consists of six lots located at 3101 & 3103 St. Johns Street, as well as 3104-3112 St. George Street at the corner of Buller Street and just west of Moody Middle School. Each of the subject lots is currently occupied with either a single family home, duplex, or quad-plex.

Details of the proposed development include:

  • 210 total residential units in two buildings (120 & 90 units);
    • 157 condo units;
    • 32 market rental units;
    • 21 below-market rental units;
    • 2 studios, 145 one-bedrooms, 54 two-bedrooms & 9 three bedrooms;
  • 9,331 SF of commercial space (intended for daycare use) on the ground floor;
  • a total density of 2.80 FAR;
  • 306 parking stalls on two underground levels.

The architect for the project is WA Architects.

The site was assembled in 2018 for $21,200,000, or $209 per buildable SF based on the rezoning application.

January 15, 2020by david.taylor@colliers.com
Condo, Development, Retail

117-Unit Project Planned for Port Moody Site

Porte Development  has submitted a rezoning application to the City of Port Moody for two properties with a combined site area of 40,041 SF located at 3227 and 3239 St. Johns Street. The two lots are currently occupied by an automotive shop and an auto dealership.

The application proposes a new 6-storey mixed commercial/residential project comprising:

  • 117 condo units;
    • 68 one-bedrooms, 39 two-bedrooms and 10 three-bedrooms;
  • 10,379 SF of retail space on the ground floor;
  • a total density of 2.80 FAR;
  • 181 underground parking stalls;
  • a total CAC charge of $595,706 ($5.30 per SF)

As part of the project, Porte has proposed an affordable housing program which consists of:

  • a “locals-first” marketing program where Port Moody residents will have an opportunity to purchase a unit before sales are opened to the wider public;
  • a 3% discount to Port Moody community workers
  • a housing agreement to ensure that any future residential strata corporation cannot enact bylaws or regulations that would preclude an owner from renting their unit; and
  • a total of 10 rental units (nine market units and one below-market unit) The proposed below-market unit would be rented for 10% below market rates.

The architect for the project is Integra Architecture.

June 21, 2019by david.taylor@colliers.com
Condo, Development

145-Unit Terraced Condo Building Proposed for Port Moody Site

Atti Group has submitted an OCP amendment and rezoning application for a 4.3 acre site in Port Moody. The site was previously given third reading in 2012 pending geotechnical, stormwater and environmental reports for development permit approval. Subsequently, the site was sold in 2018.

The site is located at the southwest corner of Buller Street and Henry Street. It is bounded by Coquitlam to the south, unopened City of Port Moody road right-of-way to the east, undeveloped medium-density townhouse residential (RM4) lots across Henry Street to the north, and older Multi family to the west.

The site itself is vacant and primarily covered with second growth forest at a steep grade of 25-35%. 

The proposal is a unique U-shaped, terraced 11-storey terraced residential development, including:

  • 145 condo units;
  • A total density of 1.33 FAR;
  • a 1.2 acre park dedication;
  • $870,000 CAC;
  • 268 parking spaces on three levels of underground parking.

With the grade of the site, the building is up to 6-storeys in height above grade at any given point.

A video rendering of the project can be viewed here:

The architect for the project is Ankenman Marchand.

February 12, 2019by david.taylor@colliers.com
Development

Port Moody Site Sells in $18.8 Million Deal

A prominent site in Port Moody has sold to Marcon Homes for $18,800,000. The 2.0 acre vacant lot at the corner of St. Johns Street and Barnett Highway is located at the Western edge of the City’s Moody Centre rezoning area, which allows for rezoning up to 6-storeys in height.

2021-2025 St. Johns Street was previously listed with an asking price of $26,000,000.

There is no word yet on a rezoning application.

January 23, 2019by david.taylor@colliers.com
Development

30-Unit Townhouse Project Slated for Port Moody Land Assembly

Paulsun Holdings Ltd. has submitted a rezoning application to the City of Port Moody for three single family lots located at 2301, 2305, and 2307 Clarke Street. The 26,144 SF site is located in the Moody Centre area of Port Moody’s OCP, which permits a range of low- to medium-density building forms, including townhomes.

The proposal for the site includes:

  • 30 stacked townhouse units;
    • 22 two-bedroom and dens, 8 three-bedrooms;
  • a total density of 1.42 FAR;
  • 47 underground parking spaces
  • A CAC payment of $180,000 ($6,000 per unit)

The architect for the project is Jordan Kutev.

October 19, 2018by 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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