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, Market Research

The West End’s Largest Properties

As the West End Community Plan is emerging, we thought it would be interesting to take a look at the largest lots in the West End. There aren’t many large lots; in fact, of privately held properties, there are less than 10 of an acre or more.  Here are the 40 largest parcels in the West End, by land area (SF):

West End_Top 40 LotsAll of the above properties are improved with sizable income producing (mostly apartment) properties that won’t likely be redeveloped anytime soon; however, many of these, and many smaller lots (of which there are over 500), will see some activity in the coming years as part of the West End Plan. Here is the City’s depiction of what the West End might look like in 30 years once built out per current policy:

West End Plan

Contact us if you would like to know more about the WECP and where are the opportunities are.

July 12, 2013by david.taylor@colliers.com
Development

City Initiates Planning Process for Langara Gardens Site

Next week the City of Vancouver will likely give the go ahead to start the planning process to guide the redevelopment of Langara Gardens, a 20.8-acre site at Cambie Street at 57th Avenue.
Langara Gardens_Map
Langara Gardens is a 621-unit apartment complex consisting of four towers and multiple townhouse buildings. The property was developed in the 1960′s and expanded with a fourth tower in 1988. The initial rezoning permitted a density of 0.687 FSR in the form of three 18-storey towers and approximately 270 apartment and townhouse units in 19 low-rise buildings.

In 1987 an amendment to the CD-1 Bylaw was approved which increased the density to
0.782 FSR and permitted the construction of a fourth 18-storey rental tower with
additional commercial space along West 57th Avenue.

Langara GardensSeveral additional requests to amend the zoning were submitted in 1990 and 1993, each proposing to construct additional rental apartment towers along west 57th Avenue. Each proposal failed in the face of significant public opposition to the tower forms and the lack of a local community plan. Council directed staff to commence a planning study for the site. Shortly thereafter, however, the study was put aside in favour of the emerging Oakridge Langara Policy Statement (OLPS), which was approved in 1995.

Langara GardensLangara Gardens was eventually sold by the Wosk family in 2009 to Ben Yeung’s Petersen Group for $157 Million, representing a 4.3% cap rate. This acquisition, a Vancouver record, is increasingly looking like a great move for Petersen, with significant redevelopment potential on this sizeable lot; likely to a minimum of 1.0 FSR and potentially much higher given the potential transit station at West 57th.

The eventual Policy Statement will establish principles and objectives relating to a range of topics, including:
  • land use
  • density
  • height
  • public benefits
  • transportation
  • sustainability
  • development phasing

The Policy Statement will be presented for Council’s consideration at the end of the process (likely at least a year) and, once adopted, used to inform any future rezoning of the site.

Source: City of Vancouver
June 20, 2013by david.taylor@colliers.com
Market Research, Retail

B.C.’s Commercial Rent Controls Debated

Small-business owners want B.C.’s new Christy Clark government to intervene in the marketplace and limit rent increases on commercial properties. The proposed changes to the province’s Commercial Tenancy Act would kick in when leases for small-business owners expire and would be aimed at providing property rent stability for independent businesses.

The idea of rent control, however, has plenty of critics because it flies in the face of free enterprise.

“There are reasons to regulate commercial leases,” said Mary Brookes, who owns Sophie’s Pet Palace on Commercial Drive. “One is to protect small businesses who employ locally, use local suppliers and create jobs, which has spinoff benefits.”

Vancouver Island University geography professor Don Alexander, who has co-written papers on the concept of commercial rent control, agreed.

“Small businesses contribute an enormous amount to the local economy because the money circulates more than if it goes to a chain store,” he said. “Small businesses are a benefit to social well-being and possibly to environmental well-being, so there’s a rationale in not allowing these guys to be as scarce as hen’s teeth.”

Read more: http://www.vancourier.com/VECTOR/8546485/story.html#ixzz2WlhUHsS0
June 20, 2013by david.taylor@colliers.com
Development

Holborn’s 1153 West Georgia Project to be Branded Trump

From the press release:

VANCOUVER, June 19, 2013 /CNW/ – Holborn Group and TA Global Bhd. today confirmed plans to welcome the city’s first Trump development, Trump International Hotel & Tower Vancouver®. Situated on Georgia Street in Downtown Vancouver’s Coal Harbour, the premium $360-million Arthur Erickson-designed tower will include a world-class hotel and residences.

In addition to 147 guest rooms, the luxury hotel will include a Champagne lounge, signature restaurant, Trump Spa, and banquet and conference centre. It will also be home to Vancouver’s first pool bar nightclub. Above the hotel will be 218 stylish residences, offering residents spectacular views of the North Shore and beyond. When completed, the twisting tower will stand at 616 feet (63 storeys).

The original twisting design of the tower maximizes the window features and views in every suite, making each unit distinctive, with no two views exactly alike. Attention to detail and personalized service will further differentiate the development. Residences will range from 644 to 2,117 square feet with the penthouses between 3,500 and 4,400 square feet.

Official announcement regarding Trump International Hotel and Tower streaming live at 1:30pm today on CTV.

trump

IMG_1653_zps3f2403dcTrump Vancouver

Pix by Built Form @ SSP

June 19, 2013by david.taylor@colliers.com
Development

Trump Sells Himself Outside the U.S.

Donald Trump, who first found fame as a real-estate developer, has put his name on mens’ fragrance, mattresses and neckties in recent years. But there is one type of product he hasn’t licensed his name to since the beginning of the financial downturn: a U.S. building.

The last time Mr. Trump signed a deal licensing his name to a U.S. real-estate project was in 2007, when he agreed to put it on the Trump Soho, a hotel-condo project in downtown Manhattan. He also sold his name to a golf resort in Puerto Rico in 2008.

Donald Trump’s name is everywhere — but not on a major real-estate project in the U.S. since 2008. Mr. Trump says he invests only in projects that he really believes in, licensing the use of his name to more than a dozen real-estate developers world-wide.

It isn’t that Mr. Trump has lost his taste for seeing his name stamped in capital letters on other developers’ undertakings. He is just doing it overseas instead. In recent years, Mr. Trump has licensed his name to more than a dozen real-estate developers in Turkey, the Caucuses, Brazil and other corners of the globe.

On Wednesday, Mr. Trump is expected to unveil plans for a Trump-branded hotel and condominium tower in downtown Vancouver, British Columbia, according to executives familiar with the project.

Plans for Trump-branded condominiums, resorts and commercial centers also are under way in the Philippines and Azerbaijan. In March, Trump Organization opened an office in Shanghai to identify Chinese branding deals for the company.

Read more: http://online.wsj.com/article/SB10001424127887323836504578553492930645794.html

June 19, 2013by 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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