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

Marpole Community Plan Before City Council Today

UPDATES VIA TWITTER

Marpole Community Plan adopted.

#Marpole Community Plan #MarpoleCP approved unanimously with minor additions to emphasise most significant community concerns #VanPoli

— Liveable Vancouver (@LiveableVan) April 3, 2014

Speaker in favour of revised #Marpole plan: “Far more reasonable balance between market forces & community values” than previous. #vanpoli

— NPA Vancouver (@NPAVancouver) April 2, 2014

 

Speaker proposing rental housing project on behalf of client for Southwest Marine Drive in #Marpole. To consider as part of plan. #vanpoli

— NPA Vancouver (@NPAVancouver) April 2, 2014

 

So far speakers are supportive of Marpole plan. Not perfect, but a step forward. Pleased at less single-family home rezoning #vanpoli

— emily jackson (@theemilyjackson) April 2, 2014

1st speaker to Marpole plan: supports plan, could not have asked for better process since Council agreed to extend consultation #vanpoli

— Van Mayor’s Office (@VanMayorsOffice) April 2, 2014

Staff say most #Marpole rezonings would not reach FSR noted in plan. A rare few “anomolous” properties might exceed FSR in plan. #vanpoli

— NPA Vancouver (@NPAVancouver) April 2, 2014

 

The revised Marpole Community Plan finally goes before council today — two years after city staff began working on it. Once adopted, the plan will guide growth and development over the next 30 years.

Residents protested the draft plan, largely over concerns about proposed rezoning of single-family areas, but the latest document appears to satisfy many critics, including Mike Burdick, spokesman for the Marpole Residents’ Coalition, who said the majority of the group’s members support the plan.

“The reason we’re in favour of it is because it basically fulfills our mandate when we started the coalition, which was to remove the single-family homes from the rezoning effort,” he said. “Almost 100 per cent of the single-family homes were going to be rezoned and now it’s only about 15 per cent.

Burdick acknowledged not everyone backs the document, “but they have a right to speak to that at the council meeting. As far as the organizing group goes, the people who have been to meetings for the last 10 months, we’re happy with it.”

(Tuesday afternoon, a copy of proposed amendment for the Marpole Plan was emailed to the Courier, which was drafted by Marpole residents Don Larson, Wendy Turner, Anita Romaniuk, Claudia Laroye, Gudrun Langolf, Ron Richings and Terry Slack. It asks that city council instruct city staff to investigate the undeveloped lands between Kent Avenue south to the Fraser River in the proximity of Cambie Street [to the west] with an intent to purchase one or more properties for the purpose of developing a ten-acre park. The proposed amendment asks that the park be created in the next two years and that a committee be formed to assist in developing and designing the proposed park and riverfront walkway.)

Read more: http://www.vancourier.com/news/developing-story-revised-marpole-plan-earns-support-1.938412

April 2, 2014by david.taylor@colliers.com
Development

1134 Burrard Street

By ChangingCity

1134 BurrardHere’s another of the projects that are being developed to help solve the very limited housing opportunities for the homeless and hard to house in Vancouver. We haven’t featured the building before on the blog, in part because the render that was available showed a rather unexciting project (and a dematerializing vehicle).

Fortunately the reality is far more attractive. Designed by DYS Architecture, it’s a 16-storey 141 unit building that will be run by The Kettle Friendship Society in conjunction with Family Services of Greater Vancouver. The main floor will house the Directions Youth Services Centre that was on the City-owned site before the redevelopment. BC Housing provided the majority of construction funds, but the project was also financially supported by Streetohome Foundation with contributions from both CIBC and Canadian Western Bank.

Directions provides health, mental health and addiction services, counseling, employment and training opportunities, peer support services, access to community and business partnerships and practicum programs, literacy and life skills training, and recreational, interactive, and artistic (music and art) programs. It will also include a Vancouver School Board Learning Centre. 30 of the units will be committed to youth under the age of 25.

 …read more

Source: Changing City

March 30, 2014by david.taylor@colliers.com
Development, Investment

Three Lower Mainland First Nations Buy Crown lands in Burnaby and East Vancouver

The B.C. government has signed an agreement with three Lower Mainland First Nations that includes the sale of Burnaby’s Willingdon Lands and the Liquor Distribution Branch warehouse site in Vancouver.

The agreement with the Musqueam, Tsleil-Waututh and Squamish nations outlines how the proceeds of Crown land sales within the bands’ territories will be shared and how to develop the properties in partnership with the government.

“This agreement is so important for our three communities and we hope it sets a positive example of what can be achieved when we truly work together as one,” Tsleil-Waututh Chief Maureen Thomas said in a news release.

Andrew Wilkinson, the minister of technology, innovation and citizens services, called the agreement “historic” in a written statement.

Under the agreement, the Musqueam and Tsleil-Waututh have purchased the Willingdon Lands at Willingdon Avenue and Canada Way, while all three nations have signed a contract to buy the LDB warehouse site on East Broadway. Representatives of the three nations could not be reached for comment on what the lands will be used for.

The sale price for the Willingdon property was $57.9 million, a price that the province says was based on an independent appraisal. The LDB property sale is expected to close by the fall, at which time the price will be publicly available.

Read more at Vancouver Sun.
March 28, 2014by david.taylor@colliers.com
Development

Housing Moves into False Creek Flats

Vancouver city planners vow that Onni’s plan to build 209 condominiums in the largely industrial False Creek Flats will not spark a housing frenzy on what many view as a warehouse and distribution area.

Instead, Onni’s two-building Canvas development, which will launch pre-sales later this month, is the exception, City of Vancouver general manager of planning Brian Jackson stressed to Business in Vancouver.

 “There’s no permission for any further residential other than what Onni has,” Jackson said. Thanks to Metro Vancouver’s two-year-old regional growth strategy, any change in zoning on the flats will require more than just Vancouver city council approval. Converting what is mostly industrial land to other uses would also require regional approval.

 “We’re looking at this as being primarily a jobs area,” said Jackson.

 He added that city staff are preparing land-use and transportation plans for the area, which is bounded by Clark Drive, Great Northern Way, Main Street and Prior Street. They will present that plan to council next year, when council considers approving tearing down the Georgia and Dunsmuir viaducts to the east.

Read more: http://www.vancourier.com/news/housing-moves-into-false-creek-flats-1.930889

March 28, 2014by david.taylor@colliers.com
Market Research

MARKET SPOTLIGHT: Concrete Condo Resales Prices

Here is a snapshot of pricing for resales of concrete condos in Vancouver’s submarkets over the past two years. It shows moderate price gains in most areas, with those more pronounced gains in Burnaby and North Vancouver as a result of newly completed projects which saw some resales upon completion.

Concrete Condo Sales_PPSF_March 2014

The analysis used only condos built since 1999 and concrete construction. Surrey was the only submarket without any price growth since 2012.

March 20, 2014by 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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