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, 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
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
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David Taylor Personal Real Estate Corporation

Colliers International

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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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