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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Apartment, Development, Retail

One of First Broadway Plan Rezonings Proposes 25-Storey Rental Tower for Main

Westbank Corp. has submitted their formal rezoning application for a site at the Southwest corner of Main & 4th. This is one of the first rezoning applications to be put forward under the Broadway Plan.

The project, entitled ‘Prototype’ is envisioned as a case study of open-source mass timber construction and ‘Net Zero Lifecycle Carbon’. The concept was unveiled last year as a 21-storey tower and has since been refined, with an increased building height and fewer units.

The proposal is to allow for the development of a 25-storey mass-timber building on the southern portion of the site. The proposal includes:

  • 210 total rental units;
  • 168 market rental units;
  • 42 below market rental units;
  • 3,800 SF of retail space at grade;
  • A total density of 6.22 FSR;
  • A building height of 256 ft. with additional height for a rooftop amenity space;
  • No vehicle parking spaces and 377 bicycle parking spaces;
  • Mass timber construction; and
  • Retention of the existing building on the northern portion of the site.

The application is being considered under the Broadway Plan.

The architect for the project is Henriquez Partners.

The application describes a potential second phase on the North portion of the site that WeWork currently occupies:

“The overall site is proposed to be redeveloped in two phases, with the surface parking lot redeveloped as part of Phase 1 and the existing office building to be redeveloped as part of a future Phase 2. The Phase 1 redevelopment of the surface parking lot at the south portion of the site is the subject of this rezoning application.

We are proposing a hybrid mass timber rental housing tower with a density of 4.59 FSR for the residential tower, and a total of 6.22 FSR for Phase 1 (this rezoning application) including the existing M1 office building on the site. A future rezoning application for Phase 2 will include the demolition of the existing M1 building, to be replaced by a new retail podium and M6 tower, up to the maximum permitted 8.5 FSR.”

October 18, 2022by david.taylor@colliers.com
Apartment, Development, Retail

Rental Building Proposed for Main Street Site

A rezoning application has been submitted by Vorden Development Corp. for an 18,487 SF site at 4906-4958 Main Street, at the southeast corner of Main Street and East 33rd Avenue within the Riley Park-Little Mountain neighbourhood of Vancouver.

The proposal plans to replace this 5-lot assembly with a new 6-storey rental building that includes:

  • 72 market rental units;
    • 22 studios, 24 one-bedrooms, 14 two-bedrooms & 12 three-bedrooms;
  • 8,000 SF retail space at grade;
  • a total density of 3.20 FSR;
  • A building height of 21.5 m (70.5 ft.); and
  • 75 vehicle parking spaces and 147 bicycle parking spaces.

The application is being considered under the Affordable Housing Choices Interim Rezoning Policy.

The architect for the project is WT Leung.

October 15, 2022by david.taylor@colliers.com
Apartment, Development

28 Rental Units Proposed for SW Marine Drive Site

A rezoning application has been submitted to the City of Vancouver that would allow a new rental townhouse development on a one-acre single family lot at 1890 SW Marine Drive in Vancouver.

The site is currently improved with a newer 4,300 SF house with a pool and tennis court. The house was built in just 2005. It most recently sold in 2017 for $10,500,000.

The zoning would change from RS-1 to CD-1. The proposal includes:

  • 28 secured market rental units;
  • A total density of 0.73 FSR;
  • Building heights of 41 ft.; and
  • 24 underground vehicle parking spaces and 68 bicycle parking spaces

The application is being considered under the Affordable Housing Choices Interim Rezoning Policy.

The architect for the project is Stuart Howard.

September 17, 2022by david.taylor@colliers.com
Development, Land

SOLD: Arbutus Street Land Assembly

I am pleased to announce the sale of six (6) lots at the Southeast corner of Arbutus Street and Nanton Avenue on the Westside of Vancouver. Stay tuned for details regarding redevelopment plans!

June 9, 2022by david.taylor@colliers.com
Apartment, Development, Retail

33-Unit Rental Building Slated for East Van Site

A rezoning application has been submitted for a long-vacant property at the Southeast corner of Clark Drive and East 12th Avenue in East Vancouver.

The proposal for 1302-1318 East 12th Avenue is to allow for the development of a 6-storey mixed-use building that includes:

  • 33 rental units;
  • 4,600 SF of retail space;
  • a total density of 3.0 FSR;
  • A building height of 66 ft;
  • 29 vehicle parking spaces and 56 bicycle parking spaces.

The application is being considered under the Grandview-Woodland Community Plan.

May 30, 2022by 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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