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

Strand Revises West 2nd Project to Include Rental Units

Strand has submitted a new rezoning application for their site at 360 West 2nd Avenue, which was previously approved for rezoning in 2021 for a 7-storey for lease industrial and office project, branded ‘Three Sixty‘.

Previously approved "Three Sixty", 7-storey commercial project
Previously approved 7-storey office/industrial project.

Office market conditions and the subsequent adoption of the Broadway Plan have led to design changes incorporating extra height, density and residential rental units, and removal of most of the proposed office space.

The new proposal anticipates a 19-storey mixed-use building that includes:

  • 203 rental units;
  • 33,319 SF of industrial space;
  • 16,424 SF of office space;
  • a total density of 11.81 FSR;
  • A building height of 211 ft.

This application is being considered under the Broadway Plan. The application requires Official Development Plan (ODP) and Regional Growth Strategy (RGS) amendments.

The architect for the project is Yamamoto Architecture.

The full rezoning application can be viewed here: https://www.shapeyourcity.ca/302-360-w-2-ave

October 4, 2024by david.taylor@colliers.com
Apartment, Rental, Retail

14-Unit Rental Project Planned for 33 ft. Commercial Drive Lot

A development application has been submitted for a small lot at the Northeast corner of Commercial Drive and East 14th Avenue in East Vancouver.

2954 Commercial Drive is a 3,797 SF lot (33′ x 115′) that is zoned C-2C1. The site is now vacant but was previously home to the Scribes Rugby Club.

The proposal for the site is a 6-storey mixed use building with rental above retail, including:

  • 14 rental units;
    • 4 studios, 4 one-bedrooms & 6 two-bedrooms;
  • Retail space at grade;
  • a total density of 3.49 FSR;
  • A proposed height of approximately 68.0 ft.;
  • 6 vehicle parking spaces located down the block at 1725 East 13th (off the lane).

The architect for the project is MA + HG Architects.

September 27, 2024by david.taylor@colliers.com
Condo, Development

Ten Towers, 3,800 Units Envisioned for 3200 East Broadway Site

MST Development, in partnership with Aquilini Development has initiated the rezoning process for 3200 East Broadway, a 9.2 acre site formerly housing BC Liquor Distribution.

The City of Vancouver is seeking public input on this proposal at an early stage in the rezoning process, called the enhanced rezoning stage.

The site is considered a “Unique Site” in the Rupert and Renfrew Station Area Plan that is concurrently in the final stages of public consultation.

Early details of the proposal for 3200 East Broadway include:

  • Ten towers up to 60-storeys in height;
  • 3,800 residential units;
  • Commercial space for 1,750 jobs;
  • a childcare facility
  • 2.3 acres of public open space.

The enhanced rezoning pre-application can be viewed here: https://www.shapeyourcity.ca/3200eastbroadway

Public consultation will commence in October, with a full rezoning application expected in 2025.

September 26, 2024by david.taylor@colliers.com
Condo, Development, Rental, Retail

Bosa’s Revised Plan for Alberni Site Includes More Height, Units

Bosa Properties has submitted their revised rezoning application for 1706-1738 Alberni Street in the West End.

The site has had two previous applications/design iterations, with the first in 2020 and a subsequent design in 2021. The two designs had featured international architects and were presumably costly builds.

In July 2024, Vancouver Council approved amendments to the City’s view cone policy that relaxed a view cone (20.1) that previously restricted the Alberni site. Now, the building heights have been increased.

The proposal for the site is two mixed-use buildings at 44-storeys (east tower) and 41-storeys (west tower) above a 6-storey podium. The more conventional proposal includes:

  • 236 condo units (west tower);
  • 377 rental units (east tower);
  • 5,000 SF of retail space;
  • A total density of 16.11 FSR (east tower) and 14.60 FSR (west tower); and
  • Building heights of 385 ft. with additional height for rooftop amenity space.

This application is being considered under the West End Rezoning Policy.

The architect for the project is Henriquez Partners.

The full application can be viewed here: https://www.shapeyourcity.ca/1706-1738-alberni-st-and-735-bidwell-st

September 20, 2024by david.taylor@colliers.com
Condo, Development, Retail

82-Unit Condo Mixed Use Project Slated for Cambie Corridor Site

Matchpoint Development has submitted their rezoning application for the 600 Block of West 33rd Avenue, just West of Cambie Street.

The proposal is to allow for the development of a 5-storey mixed-use building that includes:

  • 82 condo units;
    • 18 studios, 17 one-bedrooms, 24 two-bedrooms, 15 three-bedrooms & 8 four-bedrooms;
  • 20,000 SF of commercial space (10 CRUs);
  • a total density of 2.65 FSR;
  • A building height of 55 ft.

This application is being considered under the Cambie Corridor Plan.

The architect for the project is GBL Architects.

The site was assembled in 2018 for $25,060,000 or $227 per buildable SF based on the application.

September 19, 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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