Market Spotlight: Burnaby Rezoning Applications

A number of rezoning applications head to Burnaby City Council next week. Below is a brief summary of some of the larger projects planned:

4716-4780 Hastings Street

4716 Hastings

This 1.22 acre site is controlled by Adera Development and is a collection of seven individual parcels including the Destination Honda dealership. The site totals 459 feet of frontage and is located in the Hastings Street Area Plan Extension, which allows a total density of up to 2.40 FAR. The proposed plan is a new 4-storey project with retail, office and 59 residential units.


2751 Production Way 

2751 ProductionThis 223,495 SF site is located at the southwest corner of Production Way and Broadway, next to the Metro Vancouver Operations Centre and is currently improved with a vacant industrial building. The site is located in the Lake City Business Centre Plan area and is seeking rezoning for a new multi-tenant light manufacturing/ warehouse/ office development with a total height of 4-storeys and density of 1.0 FAR.


4828 Lougheed Highway and 4829 Dawson Street (Concord Brentwood Phase 2)

Concord Brentwood

This rezoning application is for the second phase of Concord Pacific’s ‘Concord Brentwood’ project. The 2nd phase is within the Flatlands Precinct of the master plan for the overall site. This phase will include two high-rise residential towers, a midrise tower and townhouses with a commercial and amenity podium. Access to the below and above ground parking will be from Dawson Street.


4500-4554 Dawson Street and 2223-2375 Alpha Avenue

DawsonThis is a 9.3 acre site (totaling 7 parcels) in Brentwood Town Centre that we reported as sold to Aoyuan Group back in June for $152 Million. The site is large enough to require a master plan and phasing which is the subject of this rezoning application. The master plan will include multiple residential towers, as well as commercial space and new north-south pedestrian linkage through the site. Most of the site will require above-ground parking due to soil conditions. Aoyuan’s website indicates that the plan includes “1,400 condominiums, 50 townhomes and a mix of commercial and retail units”.


4455 Alaska Street 

4455 AlaskaThis site is also located in the Brentwood Town Centre area and is slated for a tower. The 35,951 SF site is located at the corner of Alaska Street and Willingdon Avenue and is designated under the RM-4s high density residential guidelines which allow up to a density of 3.60 FAR. The developer for the proposed project is Amacon.

 

Market Spotlight: Burnaby Rezoning Activity

Here is an update to some of the rezoning applications that have been advanced to public hearing at Burnaby City council this week:

7201 11th Avenue (Southgate City –  Phase 2)

7201 11th AvenueThis proposal is the second phase of land to go through rezoning in Ledingham McAllister’s “Southgate City” master planned community in South Burnaby. The plan for this plot in the ‘Island Neighbourhood’ in the Southwest corner of the site includes:

  • a 28-storey tower and two 4-storey lowrise buildings
  • 321 units (213 in tower, 108 in lowrises)
  • 84 one-bedrooms, 225 two-bedrooms and 12 three-bedrooms
  • 354 underground parking spaces
  • 307,037 SF of gross floor area

6695 Dunblane Avenue & 4909-4971 Imperial Street

6695 Dunblane_1This “L” shaped property is owned by Transca Development, who acquired the assembly of four Metrotown lowrise apartments in February 2016 for $28,700,000 and submitted an initial rezoning inquiry at that time. The 56,239 SF site sits in a very active development zone, with The Park, Met 1 and Met 2 all nearby. Transca is now seeking approval to move to public hearing with a high-density residential project under the RM-5s designation including:

  • a 36-storey tower and 2-4 storey lowrise form
  • 313 units
  • total density of 5.11 FAR
  • 6,225 SF of live/work (commercial space) 0.11 FAR
  • 31 studios, 103 one-bedrooms, 112 two-bedrooms and 67 three-bedrooms
  • 387 underground parking spaces

6668-6730 Dunblane Avenue & 6661-6709 Marlborough Avenue

6668 DunblaneJust across Dunblane Avenue to Transca’s applicaiton, Polygon’s application on Dublane, originally introduced in November 2015, is now headed to public hearing. Details of the proposal for the 7-lot, 54,085 SF assembly of duplexes and apartment buildings includes:

  • a 38-storey tower with townhouses
  • 263 units (255 in tower and 8 townhouse units)
  • total density of 5.0 FAR
  • 1 studio, 220 two-bedrooms, 42 three-bedrooms

Market Spotlight: Newer Condo Resales

Here is a brief snapshot of the condo resales market since the start of 2016, shown as average price per SF broken down by sub-area/neighbourhood.

Condo Resales $ per SF_May 2016

Source: MLS Data

The above chart reflects data on all MLS sales for condo units that were one year old or newer at the time of sale, and only includes neighbourhoods with sales in multiple buildings. Pricing is slightly distorted by product type; for example, all of the downtown condo product is concrete highrise which is more expensive, whereas all of Maple Ridge product is in lowrise or townhouse form that is much cheaper to build and sell. Nevertheless, some may find the average pricing stats interesting.

The market for pre-sales inventory is likely to track above the average resales in a given sub-market.

Market Spotlight: Downtown Condo Resales

Here’s a quick look at the recent uptick in resales values and activity for Downtown Vancouver condos, which have reported to have taken quite an upturn over the last few months after having been relatively flat over the past few years.

Here is data derived from all Downtown Vancouver condo resales from 2011 to April 2016. A couple of observations:

  • the average price YTD 2016 is $908 per SF (up from $761 for the same period 2015)
  • Average sold price/list price ratio 2016 YTD is 1.03

DT Condo Resales_Apr 2016 DT Condo Resales_Apr 2016_1The above data contains all downtown Vancouver condo resales. For simplicity, all luxury  condo sales above $2,000 per SF were removed (approx. 40 sales).

Data source: MLS/REBGV data

Market Spotlight: Downtown Land Values…60 Years Ago

Here is an interesting map from 1956 from the City of Vancouver Archives showing land value assessments by $/SF from 1954 assessments in Downtown Vancouver.

Granville Street was the prime area back then at over $24.00 per SF of land! Conversely, Coal Harbour and Yaletown were steals at less than $1.50 per SF. Of course, these areas were still primarily industrial areas and condos were simply an idea that wouldn’t take hold for another decade. Fast forward sixty years and land values in those ‘hoods have increased approximately 2000%.

(click on the map for a zoomed in view)

Value of land (1954 assessment)“Scope and content Item is a map showing land values in dollars per square foot for the downtown area bounded by Burrard Street, Robson Street, and Nicola Street in the west and Main Street in the east.”