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

FOR SALE: Cambie Corridor Development Site

I am pleased to introduce this phenomenal 20,250 SF development site on the best stretch of the Cambie Corridor. 

Please download the brochure here: 4361-4387CambieSt_Van_Brochure_E Copy

January 18, 2018by david.taylor@colliers.com
Apartment, Development, Retail

40-Unit Rental Building Planned for Kingsway

Conwest Group has submitted an application to rezone a 10,676 SF mid-block site at 3070 Kingsway from C-2 to CD-1 to allow a 6-storey mixed-use building with a 3-storey townhouse development at the lane, consisting of:

  • 40 secured market rental units;
  • 3,080 SF of retail at grade;
  • A total density of 3.27 FSR;
  • A height of approximately 60 ft.; and
  • 24 parking spaces.

The site is located on the South side of Kingsway between Rupert and Kerr Street, just south of the Joyce Collingwood neighbourhood. It is currently improved with a nondescript retail building.

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

The architect for the project is GBL Architects.

The site was acquired in October 2015 for $3,750,000 or $106 per buildable SF based on the application.

December 20, 2017by david.taylor@colliers.com
Development

SOLD: Cambie Corridor Phase 3 Townhouse Development Site

We are pleased to announce the completion of another sale in the Cambie Corridor. 404-434 West 23rd Avenue is an assembly of five single family lots expected to be rezoned for townhouse use in the forthcoming Cambie Corridor Phase 3 Plan. The total site area is 24,503 SF.

Contact us for further details.

December 8, 2017by david.taylor@colliers.com
Development

Changes Coming for Vancouver’s DCL By-law

The City of Vancouver is updating its DCL by-law to include new rates, new by-law rate categories, updated DCL allocations, and select new uses for DCL relief following a comprehensive review of forecasted growth and DCL eligible growth costs.

The rationale for the changes is outlined in the City’s policy report:

“In July 2015, Council directed staff to review and update the City-wide DCL Bylaw. The City-wide DCL update is a based on a 10-year timeframe (2017-2026) and includes the following components:  

  • Updating population and job growth projections.
  • Identifying capital costs for corresponding DCL eligible public amenities and infrastructure (including sewer, drainage, and water programs as new items)
  •  Determining DCL allocations and rates
  • Establishing a new City-wide DCL by-law

As a result of the review, staff recommends that the City-wide DCL rates be adjusted to recover a share of the updated costs associated with the forecasted 10-year DCL capital program. The recommended DCL rates in this report are anticipated to generate approximately $1.0 billion that will help fund approximately 60% of the contemplated growth costs over the next 10 years (2017-2026), with the residual amount of approximately $0.8 billion across Engineering, Housing, Childcare and Parks to be addressed in the 2019-2022 Capital Plan.”

Recommendations include:

  • Adjustment of City-wide DCL rates (see below)
  • Addition of new DCL rate categories
  • Hold industrial and commercial DCL at current rates
  • Adjust DCL allocations
  • Reducing DCL rates for social and community uses
  • Replacement of Downtown South DCL with City-wide DCL ($17.36/SF)

The proposed rate changes and categories are outlined as follows:

DCL Rates 2017

The full policy report can be viewed here: http://council.vancouver.ca/20170726/documents/pspc4.pdf

July 21, 2017by david.taylor@colliers.com
Development

Rezoning of Turner’s Dairy Property Includes 13 Units

The City of Vancouver has received a rezoning application for the Turner’s Dairy property, a commercial/industrial building built in 1913 and located at the southwest corner of Ontario Street and West 17th Avenue in Vancouver. The RS-7 zoned site is 11,812 SF.

The building was bought in 1978 by the Hemani family and converted to a manufacturing space for the family business: leather goods, and has operated there since that time.

The rezoning proposal is for the adaptive reuse of the existing 3-storey building, including:

  • heritage restoration and designation;
  • a total of 13 market residential units in stacked/courtyard rowhouse form;
  • a total density of 1.82 FSR;
  • a building height of 35 ft.;
  • 20 vehicle parking spaces; and
  • 18 bicycle spaces.
6 West 17th_2

Existing Building

6 West 17th_1 6 West 17thThe rezoning is being made under the City’s Heritage Policies and Guidelines, including the Heritage Action Plan

The architect for the project is ASIR Studio.

The full rezoning application can be viewed here: http://rezoning.vancouver.ca/applications/6w17thave/index.htm

May 30, 2017by 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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