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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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Condo, Development, Office, Retail

More Office Added to Final Tower at Solo District

Appia Development has applied to the City of Burnaby to amend the plan for the fourth and final tower at Solo District in Brentwood. The four tower project is over half completed with the first two towers complete and the third tower, Cirrus well into construction. The second tower, Altus, includes 12 floors and 260,000 SF of office space.

The approved master plan for the site envisioned a 48-storey residential tower for the Southeast corner of the site fronting Willingdon, with a small amount of restaurant space.

The revised proposal increases the office portion of the tower from a 4-storey podium to a 18-storey podium, an increase of 160,000 SF of office space.

The fourth tower will now be 40 feet taller, but slightly shorter than Altus.

Details of the proposed changes include:

  • Increase in the office podium from 4-storeys to 18-storeys;
  • Increased in office space from 46,837 SF to 187,127 SF;
  • Total increase in height from 48 to 52-storeys;
  • No change in residential unit count (319);
  • Increase in retail space from 4,754 SF to 11,945 SF;
  • Change of restaurant use to retail CRU.
June 10, 2020by david.taylor@colliers.com
Development

Market Spotlight: Burnaby Rezoning Applications

Below is a summary of current rezoning applications going before the City of Burnaby council.

2422 Alpha Avenue

2422 AlphaThe proposal for this 41,770 SF Brentwood town centre site, by Monark, was originally submitted back in September 2015 and calls for a 23-storey condo tower, that includes:

  • 160 units, including 4 townhouses
  • 59 one-bedrooms, 80 two-bedrooms and 21 3-bedrooms
  • underground and structured parking
  • total density of 3.6 FAR
  • 176 parking spaces

6050 Sussex Avenue

6050 Sussex_1The plan for this 2.9 acre site that includes an existing apartment building and church on the North side of Metrotown is for two towers including condos and rental apartments, under the RM5s designation in the Metrotown Centre Plan.The site is owned by Townline, and a preview of the proposal can be seen here.

Details of the proposal include:

  • a 41-storey condo tower and a 31-storey rental apartment tower
  • a redevelopment of the existing Burnaby West United Church
  • 321 condo units
  • 238 new rental apartment units
  • a total density of 5.0 FAR
  • retention of existing 18-storey and 15-storey apartment buildings with 254 units
  • 362 underground parking spaces

3700 Hastings Street

3700 HastingsThe plan for this 10,000 SF site in the Hastings Heights area is for a 4-storey mixed-use development, including:

  • 21 market rental apartment units
  • 3-studios, 12 one-bedrooms, 6 two-bedrooms
  • 6,278 SF of ground floor retail space
  • 28 parking spaces

SOLO District Phases 3 & 4

SOLORezoning for Appia’s four tower SOLO District project was approved back in 2012, and since that time two towers have now been substantially sold out, with tower one having been completed, and tower 2 currently under construction.

Appia is now seeking a rezoning amendment to tweak some of the details of the remaining two towers. The design changes include:

  • Phase 3 tower:
    • increase height form 39-storeys to 42-storeys
    • decrease unit count from 328 to 280
    • increase commercial area from 18,000 SF to 45,000 SF
  • Phase 4 tower:
    • increase tower height from 43-storeys to 48-storeys
    • decrease unit count from 365 to 319
    • increase commercial area from 35,000 SF to 60,000 SF

The architectural design, by Chris Dikeakos, has also been amended.

April 25, 2016by david.taylor@colliers.com
Development, Office, Retail

Construction Update: Solo District

Here is a construction update on the second phase of Appia’s Solo District project in the Brentwood Area of Burnaby.

The first phase of the project included a tower branded ‘Stratus’, a 367-unit 45-storey tower which has just recently completed and which is substantially sold out. Burnaby’s first Whole Foods is an anchor of the retail component of the project.

The second phase of the project is ‘Altus’, a 48-storey tower at the corner of Lougheed and Willingdon that includes 284 condo units above 250,000 SF of office space on 12 floors. Pre-sales launched in 2013 and this phase of the project is also nearing sell-out.

Solo District Feb 2016 (1)

photo courtesy mcminsen http://po.st/RDvsVU via @imageshack

Solo District Feb 2016 (3)

photo courtesy mcminsen http://po.st/avE0BU via @imageshack

Solo District Feb 2016 (2)

photo courtesy mcminsen http://po.st/ut93EP via @imageshack

February 24, 2016by 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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