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, Retail

2,800 Unit Master Plan Project Envisioned for Coronation Park

Wesgroup has submitted a pre-application for an OCP amendment and rezoning for a 15-acre, 59 single family lot land assembly in the Coronation Park neighbourhood on the Eastern edge of Port Moody.

In 2017, the City of Port Moody amended their OCP to include the Coronation Park Neighbourhood, thereby allowing a significant amount of potential new density. A number of assembly efforts emerged in the following couple of years, with Wesgroup emerging now having 48 of the 59 lots under contract.

Six properties to the north of Guilford Drive, including the large townhouse site (Balmoral Place) and the Esso gas station are not included in the assembly.

Wesgroup’s preliminary proposal for the 645,301 SF site includes:

  • Six highrise towers (32-36 storeys), five lowrises
  • Approximately 2,800 residential units;
  • 450 market rental units and 50 affordable units;
  • 12,000 SF of retail;
  • a total density of 4.40 FAR;
  • one acre of park space;
  • a road network based largely on existing site grades.

In it’s application cover, Wesgroup notes that they have until June 2022 to enact a rezoning as part of their agreements with owners. They also note contingency plans to deal with remaining holdout owners.

The next step for the project will be to move to a formal OCP Amendment and Rezoning Application later this year.

The architect for the project is Ciccozzi Architecture.

May 22, 2020by david.taylor@colliers.com
Condo, Development, Retail

47-Unit Building Proposed for Cambie & 16th Site

Wesgroup has submitted their rezoning application for the former Chevron site at the Southeast corner of Cambie & 16th. The application seeks to rezone 3220 Cambie Street from C-2 to a Comprehensive Development District. The proposal for the 14,881 SF site consists of a 6-storey concrete mixed-use development and includes:

  • 47 condo units;
    • 26 one-bedrooms, 16 two-bedrooms & 5 three-bedrooms;
  • 7,800 SF of ground floor retail space;
  • a total density of 3.79 FSR; 
  •  building height of approximately 77.4 ft.; and
  • two levels of underground parking with 38 spaces and 96 bicycle spaces.

 

This rezoning application is being considered under the Cambie Corridor Plan.

Wesgroup acquired the site from Chevron in 2017 for $18,604,470, or $331 per buildable SF based on the application.

The architect team for the project is American firm Olson Kundig, in partnership with IBI Group.

June 24, 2019by david.taylor@colliers.com
Condo, Development, Office, Retail

Tallest Tower at Brewery District to Include 225 Condo Units & Office Space

Wesgroup has submitted a development application for Building 7 at their Brewery District master planned community. The overall master plan for the Brewery District was approved almost ten years ago and has been under development in phases since initial development permits were granted in 2010. The site is bounded by the Royal Columbian Hospital, the Braid Industrial Area and the Sapperton residential neighbourhood.

Building 7 is located at 268 Nelson’s Court, at the north west end of the Brewery District site. To the north of the site is the future Transit Plaza and 200 Keary Street which contains a nine storey mixed use building (Anvil) with commercial at grade and market strata residential. To the south of the site is 258 Nelson’s Court which will contain a 26-storey market strata residential building.

The proposal for Building 7 is a 32-storey tower, the tallest in the overall project, that includes:

  • 225 condo units;
    • 24 studios, 98 one-bedrooms, 71 two-bedrooms & 32 three-bedrooms;
  • 53,000 SF of office space (on levels 2-4);
  • 9,5000 SF of daycare space;
  • 4,600 SF of retail space;
  • A total density of 5.25 FSR;
  • A total building height of 320 ft;
  • 414 underground parking spaces.

The architect for the project is Chris Dikeakos Architects.

October 1, 2018by david.taylor@colliers.com
Development, Office

5-Storey Office/Industrial Building Planned for Mt. Pleasant

Wesgroup Properties has applied to the City of Vancouver for permission to develop a 15,098 SF, I-1 zoned site at the Southwest corner of Manitoba Street and West 5th Avenue in Mount Pleasant.

Details of the proposal include:

    • a 5-storey, mixed-use building with Wholesale use on the 1st and 2nd floor and office use on the 3rd, 4th and 5th floor,
    • cast in place concrete walls;
    • 13 foot floor-to-floor heights;
    • a fully programmed, high quality rooftop with fitness and recreational amenities such as urban agriculture and multi-sport court;
    • two levels of underground parking having vehicular access from the lane.

110 West 5th 110 West 5th_1

Under the site’s existing I-1 zoning, the application is “conditional” so it may be permitted; however, it requires the decision of the Director of Planning.

The architect for the project is Taylor Kurtz.

The full application can be viewed here.

September 25, 2017by david.taylor@colliers.com
Apartment, Development

Wesgroup Acquires Chevron Site at 41st & Oak

Wesgroup has acquired the Chevron at 1008 West 41st Avenue (Southwest corner of Oak and 41st) for $12,249,400. The 135′ x 130′ (17,500 SF) site is currently zoned C-1 commercial, but can be potentially rezoned to allow greater density for rental housing.

Wesgroup also acquired the adjacent building and lot to the South at 5775 Oak Street earlier this year for $16,350,000.

1008 West 41st

The two sites combined would create a consolidated lot 35,980 SF in size.

August 30, 2017by 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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