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, Rental, Retail

69-Unit Rental Building Envisioned for Point Grey Corner

Third Space Properties has submitted a development application for a site at 10th & Discovery in the Point Grey Village area of Vancouver. The plan for the site includes a new 6-storey rental building with:

  • 69 market rental units;
  • 6,200 SF of retail space;
  • a density of 3.50 FSR;
  • a building height of 72 ft.;
  • Two levels of underground parking with access off the lane.

Under the site’s existing C-2 zoning, the application is conditional so it may be permitted. However, it requires the decision of the Director of Planning.

From a media release: “Residents will have access to shared indoor and outdoor amenities, including a versatile lounge and coworking area designed to provide space for gathering, studying, and working. The building design seeks to fit into the existing village scale, while serving as a gateway to Point Grey Village. Streetscapes along both 10th Avenue and Discovery Street have been carefully planned, featuring active retail and residential frontages, alongside generous setbacks to encourage comfortable movement, adding to the vibrancy of one of Vancouver’s oldest village centres, Point Grey.”

Teh architect for the project is Integra Architecture.

December 4, 2024by david.taylor@colliers.com
Condo, Development

A Rare Sighting: A 100% Condo Tower in the Broadway Plan

Bastion Development has submitted a rezoning application for their site at Arbutus & West 10th Avenue for a 20-storey condo tower. The site at 2120-2150 West 10th Avenue is 17,248 SF and located just one block from the Arbutus Station.

A previous proposal for the site in 2021 was for a 5-storey condo building with 42 units under existing zoning.

The project is the first application under the Broadway Plan seeking 100% condo use. Most sub-areas of the Plan require rental, or a mix of condo and social housing. This particular sub-area, known as Kitsilano Arbutus Broadway Sub area C, allows for 100% condo with a CAC payment.

Details of Bastion’s proposal for the site is a 20-storey tower that includes:

  • 86 condo units;
    • 71 two-bedrooms, 12 three-bedrooms & 3 townhouses;
  • 3,900 SF of retail space on the ground floor;
  • a total density of 6.93 FSR;
  • A building height of 217 ft.
  • 144 parking stalls on 4 underground levels.

The rezoning will require a CAC payment, yet to be determined.

The architect for the project is Arcadis.

The full application can be viewed here: https://www.shapeyourcity.ca/2120-2150-w-10th-ave

November 6, 2024by david.taylor@colliers.com
Apartment, Development, Hotel

29-Storey Hotel Proposed for West End Site

Marcon has submitted a rezoning application for 2030-2038 Barclay Street in the West End. The site is currently a 4-storey extended stay hotel property called Rosellen Suites.

The site was previously approved for a 10-storey, 19-unit condo project under the existing RM-5B zoning.

The new proposal is to allow for the development of a 29-storey hotel and long-term stay building and includes:

  • 292 units;
    • 65 short term stay rooms & 227 serviced apartments;
  • 2,800 SF of restaurant space;
  • a total density of 14.7 FSR; and
  • A building height of 329 ft.

The architect for the project is Henriquez Partners.

The full rezoning application can be viewed here: https://www.shapeyourcity.ca/2030-2038-barclay-st

November 4, 2024by david.taylor@colliers.com
Apartment, Development, Rental

First Application Under New TOA Rezoning Policy Seeks 6-Storey Rental In Place of Approved Townhouses

Sightline Properties has submitted the first rezoning application under the City of Vancouver’s TOA Rezoning Policy, adopted by City Council in June 2024 following the Provincial TOA legislation.

The 50,013 SF site at 520-590 West 29th Avenue is a full city block land assembly between Cambie and Ash Street. The site was previously approved in 2022 as a 46-unit townhouse project under the RM-8A zoning under the Cambie Corridor Plan.

As the site is located 500 metres from the King Edward Canada Line Station and under the TOA Rezoning Policy, will allow up to 3.0 FSR (80% market rental, 20% below market rental).

The proposal envisions two 6-storey woodframe rental buildings, with townhouses on the lane. It includes:

  • 230 rental units (20% below-market);
  • a total density of 3.0 FSR;
  • A building height of 69 ft.;
  • an 1,800 SF gym on the parkade level with natural light from clerestory windows;
  • a single level of underground parking.

The massing and project setbacks are based off of the City’s existing RR-2C District Schedule.

The application is being considered under the Transit-Oriented Areas Rezoning Policy.

The architect for the project is Yamamoto Architecture.

October 22, 2024by david.taylor@colliers.com
Development, Office

Oxford Unveils Plans for Mount Pleasant Commercial/Industrial Project

Oxford Properties has submitted their rezoning application for 11 East 4th Avenue, a 24,185 SF site at the northeast corner of East 4th and Ontario Street in Mount Pleasant.

The proposal for the site is to allow for the development of a 8-storey mixed-use industrial building and includes:

  • 78,000 SF of office/lab space;
  • 78,000 SF of industrial space;
  • 6,800 SF of ground floor retail space;
  • a total density of 6.70 FSR; and
  • A building height of 146 ft.

This application is being considered under the Broadway Plan.

The site was acquired by Oxford in 2021 for $30,500,000, or $187 per buildable SF based on the application.

The architect for the project is Chernoff Thompson Architects.

The full rezoning application can be viewed here: https://www.shapeyourcity.ca/11-15-e-4-ave

October 10, 2024by 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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