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, Condo, Development

Wesgroup Envisions 241 Units for Balfour Block

Wesgroup has submitted their rezoning application for the ‘Balfour Block’, a unique 101,883 SF (2.3 acre) site located at West 18th Avenue and Laurel Street in the Cambie Village area, just East of Oak Street. The existing site contains 16 older duplex buildings that will be replaced.

The proposal calls for the development of a 6-storey rental building; a 6-storey condo building with a rooftop amenity and a childcare space on the ground floor and six 4-storey and two 3-storey stacked townhome buildings.

The proposal includes:

  • 241 total units;
  • 84 townhouses;
  • 57 condo units;
  • 100 secured rental units (with 25% at below-market rates);
  • A total density of 2.16 FSR;
  • Building heights of 37.5 ft. to 82.6 ft.;
  • 334 vehicle parking spaces and 630 bicycle parking spaces.

The application is being considered under the Cambie Corridor Plan and theRezoning Policy for Large Sustainable Developments.

Wesgroup acquired the site in 2015 for $46,200,000 or $210 per buildable SF based on the application.

The architect for the project is Formwerks.

February 8, 2021by david.taylor@colliers.com
Condo, Development, Retail

76 Condos Planned for Former Cambie Gas Station Site

Wesgroup has submitted a rezoning application for the former Chevron Station site that they own at the Southwest corner of Cambie & West 59th Avenue.

The 19,800 SF site at 7525 Cambie Street has been operating as a community garden since the gas station shut down a couple of years ago.

The rezoning proposal is to allow for the development of a 6-storey condo building with commercial uses at grade. Details include:

  • 76 condo units;
  • 5 studios, 42 one-bedrooms, 21 two-bedrooms & 8 three-bedrooms;
  • 7,895 SF of ground floor retail space;
  • A total density of 3.54 FSR;
  • A building height of 80.6 ft.;
  • 112 vehicle parking spaces and 160 bicycle parking spaces.

The application is being considered under the Cambie Corridor Plan.

The architect for the project is Yamamoto Architecture.

Wesgroup acquired the property in 2017 for $18,558,700, or $265 per buildable SF.

December 1, 2020by david.taylor@colliers.com
Apartment, Development

222 Rental Units Planned for Oak & 41st

Wesgroup has submitted a rezoning application for a 37,000 SF site they own at the Southwest corner of Oak Street and West 41st. The site is comprised of the former Chevron gas station at the corner, as well as a 2-storey medical office building, and comprises effectively a full city block bounded by West 42nd and a lane.

The proposal calls for a large-scale rental development that includes includes:

  • Two towers, 8 & 16-storeys in height;
  • 222 market rental units (including 52 below market units);
  • 20 studios, 123 one-bedrooms, 55 two-bedrooms & 24 three-bedrooms;
  • 17,000 SF of retail space including a proposed grocery store;
  • A total density of 5.03 FSR;
  • Building heights of 179 ft and 90 ft.;
  • Partial 17th storey common amenity space;
  • 212 vehicle parking spaces and 492 bicycle parking spaces.

The application is being considered under the Cambie Corridor Plan.

The architect for the project is IBI Group.

The full application can be viewed here: https://shapeyourcity.ca/5763-5791-oak-st-and-1008-w-41-ave

Wesgroup acquired the two lots separately in 2017 for a combined $28.6 Million, or $147 per buildable SF based on the application.

September 16, 2020by david.taylor@colliers.com
Apartment, Development

424-Unit Rental Tower Planned for New Westminster Site

Wesgroup has applied to the City of New Westminster for a zoning bylaw amendment for a site that they own at 100 Braid Street in the Sapperton area.

The site was previously rezoned in 2016 from light industrial to mixed use to allow a 21-storey condo tower. The lot is 47,006 SF and is adjacent to the new Urban Academy School (also subject of the previous rezoning), and just south of the large Master Planned Sapperton Green project. It is currently occupied by four commercial tenants.

The revised proposal for the site is a 35-storey, 100% market rental tower that includes:

  • 424 rental units;
  • 57 studios, 260 one-bedrooms, 86 two-bedrooms & 21 three-bedrooms;
  • a total density of 6.60 FSR;
  • a building height of 390 ft.;
  • 422 underground parking spaces;
  • 4,252 SF of community art gallery/studio space that would be offered to tenants at discounted rents.

There will be a 5-storey mixed-use podium. The podium would be situated on the north and east frontages while the tower would be located at the northeast corner of the site. An art gallery/studio space would be provided at the ground-level within the podium along the Braid Street frontage adjacent to the Urban Academy School.

The proposal would include townhouses on the south frontage that would be accessed from within the development as well as from a private walkway that runs along the south and east edges of the site. This walkway would also provide access to other groundoriented units located within the easterly podium levels. The development would share a vehicular entry and multi-use pathway with the school to the west. The parkade entrance
for the building would be located off of the shared driveway between this site and Urban Academy.

The architect for the project is Chris Dikeakos.

July 12, 2020by david.taylor@colliers.com
Condo, Development, Retail

6-Storey Condo Planned for Commercial & 12th Corner

Wesgroup has submitted a rezoning application for a site at the corner of Commercial and East 12th in East Vancouver, sold by our team in 2019.

The proposal is to allow for a 6-storey mixed-use building. The zoning would change from C-2C1 to allow development of:

  • 62 condo units;
  • 7,200 SF of ground floor retail space;
  • A total density of 3.00 FSR;
  • Maximum height of 74.3 ft.;
  • 71 vehicle parking spaces and 117 bicycle parking spaces.

The architect for the project is Ciccozzi Architecture.

July 10, 2020by 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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