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, Rental, Retail

Revised Rezoning Application for Broadway-Commercial Safeway Site Includes 981 Rental Units

Westbank and Crombie REIT are getting closer to going to council for their long anticipated redevelopment of the 105,000 SF Safeway site at 1780 East Broadway, just East of Commercial Drive.

The project, first proposed in 2019, has since been redesigned multiple times due to feedback from planning as well as changing market conditions. Primarily envisioned as a condo project originally, the revisions have since seen the project become taller and denser, and all rental units.

The current proposal includes three rental towers at 35, 36 and 39-storeys above a retail base. Details include:

  • 981 rental units;
  • 99 units secured at below market rates;
  • A total density of 7.87 FSR;
  • A max. building height of 425 ft.;
  • Commercial retail space at grade, including a 50,000 SF Safeway;
  • Office and commercial space within the podium levels;
  • A public plaza running parallel to the SkyTrain station;
  • Publicly accessible outdoor pace on top of the retail base; and
  • 440 vehicle parking spaces and 2006 bicycle spaces.

This application is being considered under the Grandview-Woodland Community Plan. The application requests consideration of height and density in excess of the existing policy.

The architect for the project is Perkins & Will.

March 14, 2024by david.taylor@colliers.com
Development, Rental, Retail

21-Storey Rental Tower Planned for East 13th Near Main Street

A new rezoning application has been submitted by JTA Development Consultants on behalf of Five Mile Holdings and Prospero International Realty for a site at 215-229 East 13th Avenue, just East of Main Street for a new rental project under the Broadway Plan.

The site is currently improved with two older lowrise apartment buildings.

The proposal calls to rezone the 20,364 SF site to allow for the development of a 21-storey mixed-use building that includes:

  • 193 rental units;
  • 20% below market rental units;
  • 6,000 SF of retail space;
  • a total density of 6.80 FSR;
  • A building height of 212 ft.

This application is being considered under the Broadway Plan.

The architect for the project is Studio One Architecture.

March 8, 2024by david.taylor@colliers.com
Development, Office

Large Scale Office & Industrial Proposal For Mount Pleasant Site

PCI Group has submitted a rezoning application for a site at West 4th Avenue and Ontario in Mount Pleasant.

The site is a combination of two parcels, one fronting West 3rd Avenue. The combined site area is 72,468 SF.

The proposal is to allow for the development of two 12-storey and 11-storey mixed-use industrial and office buildings with industrial and retail on the ground floor on two parcels separated by a lane and includes:

  • An overall density of 6.60 FSR;
  • A total buildable area of 442,251 SF, and
  • Four levels of underground parking.

5 West 4th Avenue (South / Heritage building)

  • 11-storey building;
  • A building height of 170 ft.;
  • 119,906 SF of light industrial space;
  • 80,475 SF of office space;
  • 20,365 SF of retail space;
  • Retention of the 36,000 SF Dominion Steam Laundry Heritage building;
  • Childcare facility within the heritage building; and,
  • 244 underground parking spaces and 193 bicycle parking spaces.

4-36 West 3rd Avenue (North Building)

  • 12-storey building;
  • A building height of 181 ft.;
  • 119,906 SF of light industrial space;
  • 90,268 SF of office space;
  • 39,343 SF of retail space;
  • 141 underground parking spaces and 66 bicycle parking spaces.

This application is being considered under the Broadway Plan.

The architect for the project is Perkins & Will.

February 29, 2024by david.taylor@colliers.com
Development, Rental

Two Tower, 542-Unit Rental for Kingsway Parking Lot Site

Quadreal has submitted their formal rezoning application for the redevelopment of the parking lot at Kingsway and Prince Edward Street, adjacent the Mount Saint Josephs Hospital.

The 1.21 acre site was acquired by Quadreal in 2019 for $29,100,000 and is currently a surface parking lot.

The site is located in the Mount Pleasant Centre Area (MCEC) of the Broadway Plan. The MCEC Policy Area permits tower forms up to a maximum height of 25-storeys and a maximum density of 8.5 FSR.

The proposal is for 25-storey and 32-storey buildings with a podium and includes:

  • 542 rental units;
  • 428 market rental;
  • 114 below market rental (20%);
  • 16,000 SF of ground floor retail space;
  • a 5,000 SF, 37-space private childcare facility;
  • a total density of 8.50 FSR;
  • A building height of 269 ft. with additional height for rooftop amenity space;
  • 297 underground parking stalls.

This application is being considered under the Broadway Plan.

The architect for the project is Acton Ostry Architects.

The full rezoning application can be viewed here: https://www.shapeyourcity.ca/2950-prince-edward-st

February 27, 2024by david.taylor@colliers.com
Development, Rental

183-Unit Rental Building Slated for Broadway Plan Site

Gracorp has submitted a rezoning application for a site on West 7th in Kits for a new rental tower under the Broadway Plan.

The proposal for the site at 1960 West 7th Avenue is to allow for the development of a 20-storey rental building that includes:

  • 183 rental units;
  • 20% below market units (approximately 35 units);
  • 38 studios, 82 one-bedrooms, 45 two-bedrooms & 18 three-bedrooms;
  • a density of 6.50 FSR;
  • A building height of 212 ft.

This application is being considered under the Broadway Plan.

The architect for the project is MCMP Architects.

February 22, 2024by 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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