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, Office

New Look for 1133 Melville Street Proposal

Oxford Properties has changed the design plan for their 1133 Melville Street office building project, originally proposed for rezoning back in July 2015. The previous design was not supported at the Urban Design Panel in 2015, and has since been reworked with a smaller, but taller building.

The new design by James Cheng, features a much more interesting building massing. The revision includes stacked box design with the third box twisted from the street grid. There is a slight increase in height from 33 to 34-storeys. Details include:

  • a building height of 550 ft.
  • a total floor area of 555,047 SF
  • a total density of 18.20 FSR (down from 22.46 FSR)
  • four floorplate sizes, multiple decks including a rooftop deck
  • floor to ceiling windows
  • six levels of underground parking (231 vehicle spaces and 221 bicycle spaces)

1133 Melville_71133 Melville_8 1133 Melville_9The previous rezoning application can be viewed here: http://rezoning.vancouver.ca/applications/1133melville/index.htm

May 23, 2017by david.taylor@colliers.com
Development, Office

Oxford Properties Unveils Plans for Melville Street Tower

Oxford Properties has formally applied to rezone their property at 1133 Melville Street; a 30,510 SF site currently occupied by a 7-storey parkade and office building topped with two floors of vacant multi-residential.

The project, rumoured for the last couple of years, calls for a 33-storey office building with retail at grade, including:

    • a building height of 524 ft.;
    • 658,687 SF of office and retail space;
    • a density of 22.65 FSR; and
    • 287 underground parking spaces.

This rezoning application is being considered under the Rezoning Policy for the Central Business District (CBD) and CBD Shoulder, General Policy for Higher Buildings and Rezoning Policy for Sustainable Large Developments.

Once completed, it will be one of the tallest and largest office buildings in Vancouver. Comparable nearby shorter towers include Bentall 5, which contains 583,000 SF of office space; Park Place at 596,000 SF; and Bentall IV at 548,000 SF.

1133 Melville_2

1133 Melville 1133 Melville_1

The architect team of KPF and Kasian, describes the project in the application:

“The tower consists of multiple volumes. A step creates green terraces and demarcates volumes. A diagonal cut through the building reduces shadow impact and creates an iconic crown to cap the tower, alluding to the surrounding layered landscape of Vancouver’s mountain backdrop.

The project stands at 33 storeys. Typical floor plates are approximately 20,000 SF with a five storey bustle on the west side of the tower separating the tower volume from the adjacent Loden Hotel and providing 5 floors with a 23,000 SF floor plate. The ground floor is programmed with both lobby and active retail space.”

Oxford acquired the property in 2010 for $27,650,000. The property was previously owned by Amacon who developed the Loden Hotel next door. Amacon had originally planned a hotel and office tower project on the property, but later elected to sell it.

July 27, 2015by 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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