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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Condo, Development

55-Unit Building Proposed for Little Mountain Area

A rezoning application has been submitted for a 5-lot land assembly at the corner of Quebec Street and East 33rd Avenue in the Little Mountain Adjacent Area of Vancouver. The site at 4906-4970 Quebec Street is currently zoned RS-1 but can be rezoned under the Little Mountain Adjacent Area Rezoning Policy.

The proposal consists of a 6-storey residential building over two levels of underground parking and includes:

  • 55 condo units;
  • a total density of 2.30 FSR;
  • a building height of 65 ft.; and
  • 64 underground parking spaces and 69 bicycle spaces.

The architect for the project is Cicozzi Architecture.

October 15, 2018by david.taylor@colliers.com
Condo, Development

17-Unit Building Planned for Single Cambie Lot

A rezoning application has been submitted for a 69′ x 127′ corner lot at Cambie and West 35th Avenue. The site at 485 West 35th Avenue sold in December 2017 for $8,500,000, or $394 per buildable SF.

The proposal is for a rezoning based upon the Cambie Corridor Plan, and consists of a 6-storey market residential building over one level of underground parking and includes:

  • 17 condo units;
  • a total density of 2.46 FSR;
  • a building height of 61 ft.; and
  • 21 underground parking spaces and 28 bicycle spaces.

 

The architect for the project is GUD Group.

October 15, 2018by david.taylor@colliers.com
Apartment, Development, Retail

Another Passive House Rental Building Planned for Hastings Heights

Another Rental 100 rezoning application has been submitted in East Vancouver on East Hastings. This is the second passive house multifamily rezoning application, just West of 8th Avenue Development Group’s “The Heights” project, an 85-unit project just completed at the corner of East Hastings and Skeena.

This application for 3435 East Hastings Street, between Cassiar and Skeena Street calls to rezone the 11,366 SF mid-block subject site from C-2C1 to permit the development of a 6-storey rental residential building. The proposal includes:

    • 45 secured market rental units;
    • 13 studios, 16 one-bedrooms, 10 two-bedrooms & 6 three-bedrooms;
    • 2,712 SF of retail space at grade;
    • a density of 3.14 FSR;
    • a building height of 68 ft.; and
    • 28 underground parking spaces.

This application is being considered under the Secured Market Rental Housing (Rental 100) Policy.

The architect for the project is Cornerstone Architecture.

March 15, 2018by david.taylor@colliers.com
Apartment, Development, Retail

Plan Emerges for Revelopment of 21-Acre Langara Gardens Site

The Planning Policy Statement for Langara Gardens has been released for consideration by Vancouver City Council. The 20.8 acre site was acquired by Peterson Group in 2009. Peterson later partnered with Concert Properties in 2015, after which a formal planning effort to redevelop the site with City of Vancouver planning got underway, with open houses and town hall meetings over the next two years.

Langara Gardens is located west of Cambie Street between 54th and 57th Avenues and was initially developed as a rental apartment property, with three towers and later a fourth tower in the 1980s. The site is currently improved with 605 apartment units and some retail space and is built to a fairly low density equivalent to a single family zoning (approx. 0.78 FSR). A large majority of the site is currently built as lowrise townhouses which is the focus of the redevelopment effort. The existing rental towers will be maintained.

The site at Pearson Dogwood, directly south, is proposed for the same density and will get underway with rezoning of the first phase shortly.

The vision for the property has included retention of the four existing apartment highrises while adding new residential buildings and various new services and amenities. “Langara Gardens will continue to be primarily residential, with a mix of housing opportunities for a variety of households, ages and income levels. A key element of the planning program is to maintain or replace the 605 existing rental housing units on a one-for-one basis.”

Details of the policy statement which will guide future rezoning applications for the site include:

  • a maximum overall site density of 2.80 FSR (on gross site area);
  • a total of 2,540,000 SF of development (about 2,100 units total);
  • 11 towers (including existing four towers to be retained);
  • All 605 existing rental units retained or replaced;
  • Building heights from 3 to 28-storeys;
  • 20% of net new floor area as affordable housing (approx. 430 units);
  • Redesign and upgrade of existing retail space (approx. 25,000 SF);
  • A new 69-space childcare facility;
  • A new 1-acre City-owned park;
  • A financial contribution towards a potential future station at 57th Ave;
  • A community amenity contribution(s) to be determined/negotiated.

Park and Open Space Concept

Building Heights

The next step will be a site specific rezoning that will include further details such as exact units counts and building layout and design.

Full details on the planning policy statement can be viewed here: http://council.vancouver.ca/20180313/documents/p1.pdf 

March 7, 2018by david.taylor@colliers.com
Apartment, Development, Office

SOLD: 3680 East Hastings Street, Vancouver

We are pleased to announce the completion of sale of Pacific Professional Centre, 3680 East Hastings Street, Vancouver, B.C. The 34,000 SF office building is located on a 14,000 SF C-2C zoned corner site. Nearly fully leased, the Property presents an optimal mix of potential income growth, coupled with future redevelopment potential under the City’s Rental 100 rezoning policy for rental apartments.

March 7, 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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