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

4-Storey Industrial/Office Building Planned for Mt. Pleasant Site

A development application has been submitted by Rendition Developments to the City of Vancouver for permission to develop a 99′ x 122′ site at 224 West 8th Avenue in the Mount Pleasant area. The site is currently improved with an old two-storey office building.

This area has seen a slew of applications since the I-1 zone was changed in 2013 to permit more general office use to a density of 3.0 FSR.

The plan for this site is for a 4-storey, mixed-use building consisting of:

    • Manufacturing uses on the first storey and mezzanine above;
    • General Office uses on the second through fourth storeys;
    • a total density of 3.0 FSR;
    • a total building size of 36,258 SF;
    • two levels of underground parking, providing 51 parking spaces

224 West 8th 224 West 8th_1 224 West 8th Ave_3Under 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 Mallen Gowing Berzins Architecture.

The site was acquired by Rendition in February 2017 for $9,500,000 or $262 per buildable SF.

July 6, 2017by 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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