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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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, Development

Proposal Would Switch Cambie Condo Project to Rental

A second rezoning application has been submitted for a small corner site at Cambie and West 32nd in Vancouver that had been previously approved for a 15-unit condo project in 2017. The rezoning was never enacted and the project never went into pre-sales.

The new proposal seeks to switch the project from condo to rental, keeping the same 6-storey building form and density.

The rental proposal includes:

  • 34 market rental units (from 15 condos);
  • a density of 2.46 FSR (unchanged);
  • Building height of 71 ft.;
  • 29 vehicle parking spaces and 64 bicycle parking spaces.

There is no change in the density, height, or form of development from the prior approved application. This new application will be subject to all current policies, guidelines, bulletins, and development permit requirements. A virtual Q&A will not be held for this application, however questions can be emailed to staff at any time.

The application is being considered under the Cambie Corridor Plan.

June 18, 2020by david.taylor@colliers.com
Development

15-Unit Building Planned for Cambie & 32nd Ave

The Airey Group has submitted a rezoning application for a site at 618 West 32nd Avenue, at 32nd and Cambie. The plan for the 9,983 SF site is to rezone from RS-1 District to a CD-1 per the Cambie Corridor Plan. The proposal, entitled “Quarry” is for a 6-storey building that includes:

  • 15 residential units;
  • a building height of 71 ft.;
  • a total density of 2.46 FSR;
  • 25,367 gross buildable SF;
  • 29 vehicle parking spaces and 20 bicycle spaces.

618 West 32nd 618 West 32nd_1 618 West 32nd_2

The application describes the project as follows:

“The subject site is a large single family lot currently under firm contract, which double fronts Cambie Street and West 32nd Avenue. The Cambie Street frontage of the site is 124.99 feet and West 32nd frontage is 79.88 feet yielding a surveyed area of 9,983 square feet. The site is located immediately to the north of the Elizabeth, an existing 5 storey development fronting Cambie Street. The site slopes from the southeast approximately 8’-3” to the northwest.
The upper two levels of the development step back 8 feet from the lower levels on both the Cambie and the majority of the 32nd Avenue façades. Large decks wrap the east, north and west faces of the 5th floor. The western wall of the 6th floor is further setback to respond to and provide a more gentle transition to the existing single family residential urban fabric of the neighbourhood. This step back allows for an expansive, west facing rooftop deck for the single residential unit of this level. Large sheltering overhangs are provided at both the roof level and the western edge of the sixth floor to extend the use of the rooftop decks on both the fifth and sixth levels.”
The architect for the project is Shift Architecture.
April 4, 2016by 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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