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

Onni Submits Plan for Final Phase of Suter Brook

Onni Group has submitted a plan to the City of Port Moody’s Community Planning Advisory Committee in order to move forward with their final phase of the City’s largest master-planned community: Suter Brook Village. The project is located on the eastern edge of Port Moody.

The first phases, completed just over 10 years ago, comprise a total of 959 units, as well as over 300,000 SF of retail and office space.

Parcel D, the final phase of the project, is located just north of the recently opened Inlet Centre Skytrain station. The plan for Parcel D includes:

  • a 26-storey tower and two 4-storey lowrise buildings
  • 290 units
  • average unit size of 900 SF
  • outdoor pool, BBQ area and children’s play area
  • a total amenity package of $1.5 Million

Suter Brook_1Suter Brook_3Suter Brook_4Suter BrookSuter Brook_2The architect for the project is Ciccozzi Architecture.

February 8, 2017by david.taylor@colliers.com
Apartment, Development, Office, Retail

Ambitious Plans Envisioned for 31-Acre Flavelle Mill Site

The owner of the 31-acre Flavelle mill waterfront property in Port Moody has formally submitted their application to amend the Official Community Plan in order to redesignate the site to allow a new high-density mixed-use waterfront development.
 
Flavelle Oceanfront Development, which owns the site, is the real estate division of Mill & Timber Products, a family business based in Surrey that acquired the cedar sawmill operation in 2000. To date, they have proceeded with development plans on their own rather than entertaining a sale or partnership arrangement.
 
A redevelopment of the site, occupied for over 100 years by the Flavelle Sawmill Company, has been in the works for several years in conjunction with the City of Port Moody’s new OCP, which was adopted in 2014.
 
flavelle-oceanfront_7A point of contention had been the site’s designation in Metro Vancouver’s Regional Growth Strategy (RGS) as industrial use. Its conversion to residential uses can only happen with Metro Vancouver’s approval to remove its industrial designation. The Board previously declined to amend the RGS designation for the site in 2014 – partially due to what they viewed as an incomplete development plan. Further community and stakeholder consultation coupled with the completion of the Evergreen Skytrain extension has created a renewed impetus to move forward with redevelopment.
 
Flavelle had previously applied in June 2015 to amend the OCP land use designation, and then held open houses in early 2016 to present their preliminary redevelopment plans to the public, and subsequently to stakeholders such as the Port of Vancouver, Translink and  Metro Vancouver in addition to 24 other organizations for feedback. Brook Pooni Associates has been working with the owners on the urban planning and public communication phase. Wensley Architecture has contributed to the design work to date.
 
A full land use plan has now been developed for the City of Port Moody’s consideration. Details of the current proposal include:
 
  • 3,397 residential units
  • total density of 3,850,000 SF
  • 3,260,000 SF of residential density (including 55,000 SF of rental)
  • 99,000 SF of office space
  • 103,000 SF of light industrial space
  • 72,000 SF of retail
  • total density of 2.82 FSR
  • 11 towers ranging from 16 to 38-storeys in height
  • a mix of  light industrial, commercial, office, private indoor amenity space, and possibly a congregate care facility and a hotel.
  • Approximately 7.53 acres publicly dedicated as parks and open space
  • Upon full build out – resident population 7,000 people and over 1,000 jobs

flavelle-oceanfront_1flavelle-oceanfront_2flavelle-oceanfront_4flavelle-oceanfront_3flavelle-oceanfront_6 flavelle-oceanfront_5If the OCP amendment is approved by the City of Port Moody, and subsequent approval is obtained from Metro Vancouver, a more detailed rezoning application would then be submitted to the City.

Several developers have approached Flavelle to sell the site in the past. It remains to be seen whether Flavelle will proceed to develop the full site on their own, in partnership with a developer, or whether they will ultimately dispose of the site, which will be worth a considerable amount once the OCP amendment and Metro Vancouver approvals are obtained.

The project has a website with further information: http://www.flavelleoceanfront.ca/

January 17, 2017by david.taylor@colliers.com
Development

Revised Port Moody Application Heading Back to Council

Aragon Properties is heading back to City of Port Moody council with a revised rezoning application for their site at 2713-2725 Clarke Street.

Aragon had submitted a rezoning application back in April 2016 for a 6-storey condo building per the guidelines in the OCP; however, several residents in Aragon’s previous project “The Station” spoke in opposition of the rezoning due to view loss. City council voted in favour of the residents and against the previously approved OCP by defeating the application at third reading. (all but the Mayor and one councilor voted in favour).

The application being brought back is still a 6-storey building with only a minor 2.5 ft. reduction in height.

If Council approves the required bylaw amendments, the project will go back to public hearing on October 11, 2016.

2713-clarke_1 2713-clarke

September 12, 2016by david.taylor@colliers.com
Development

FOR SALE: 1.7 Acre Port Moody Residential Development Site

We are pleased to introduce for sale 3370 Dewdney Trunk Road, a 1.7 acre transit-oriented development site located in the Inlet Centre Station subarea of Port Moody.

3370 Dewndey TrunkDownload the brochure for further details here.

August 17, 2016by david.taylor@colliers.com
Development

FOR SALE: The Evergreens, Port Moody

We are pleased to introduce The Evergreens, a 64-unit townhouse apartment property located on a 7.2 acre site in the College Park area of Port Moody.

210A EvergreenBrochure: 210A Evergreen_Brochure_Email

August 9, 2016by 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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