More Jobs, Higher Retail Sales, and Great Commercial Real Estate Opportunities in Vancouver, BC
Real Estate News for Vancouver
Marcus & Millichap Latest News
Showing posts for category Commercial Real Estate Development (Back to Index)
Showing posts for category Commercial Real Estate Development (Back to Index)
(Login)
9 Storey Office Building Proposed for 401 West Georgia Site
Tags:
(Posted on Mar 25, 2017 at 01:00PM by Michelle Bogle)
A new nine-storey infill office building is being proposed by Oxford Properties on an underutilized portion of a 59,000 sq. ft. lot on a property owned by the company at 401 West Georgia in Vancouver, B.C. The site is currently home to an existing 22-storey office building.
Â
B + H Architects Inc. have applied to the City of Vancouver for permission to develop this site. The proposal, which suggests that the building will be constructed on the north part of the property facing Dunsmuir Street, includes the following:
Â
• 4,654 sq. ft. of new retail space
• 147,000 sq. ft. of new office space
• Building height of 139.4 ft.
• Office floorplates of 14,000 – 19,000 sq. ft.
• 6,600 sq. ft. of amenity space, 2,300 sq. ft. conference centre, 4,300 sq. ft. fitness facility
• Two levels of underground parking accessed from the lane
• Retention of the existing commercial building on the south portion of the site
Â
The project is being proposed under the existing DD zoning; therefore, it only requires a development permit as opposed to a full rezoning.
Â
To view the application for 401 West Georgia in its entirety, as well as contextual photos, design rationale and building renderings, please click here.Â
Â
For more information on commercial real estate investment opportunities and developments across the Lower Mainland, please contact our Vancouver office to speak with an advisor. You can also view our featured listings by clicking here.
Update: Construction Continues at Burnaby’s Amazing Brentwood
Tags:
(Posted on Jan 16, 2017 at 05:03PM by Michelle Bogle)
New Mixed-Use Development Proposed By Viva Grand Developments
Tags:
(Posted on Jan 13, 2017 at 07:42PM by Michelle Bogle)
Viva Grand Developments has applied to rezone a site at Cambie Street and West 42nd Avenue in Vancouver, which is located across from Oakridge Centre. The firm is the North American office of Xiangli, a leading real estate company with 22 years of experience and over 350,000 square feet of residential, mixed-use and infrastructure development in China.Â
Â
Viva Grand acquired the 31,194 square foot site, which is currently occupied by single storey retail, in 2013 for $26,000,000.
The plan includes rezoning from the existing C-2 (Commercial) to a CD-1 (Comprehensive Development) under the Cambie Corridor Plan, which will allow for a 10 and 8-storey mixed-use development, including:
The plan includes rezoning from the existing C-2 (Commercial) to a CD-1 (Comprehensive Development) under the Cambie Corridor Plan, which will allow for a 10 and 8-storey mixed-use development, including:
Â
• 117 residential units
• 20 studios, 28 one-bedrooms, 50 two-bedrooms and 11 three-bedrooms
• Eight live-work units at the lane
• Six commercial units at grade totalling 14,700 square feet
• 21,000 square feet of office space
• Maximum building height of 116 feet
• Total density of 5.22 FSR
• 215 underground vehicle parking spaces and bicycle spaces
Â
Full details of the rezoning application can be viewed here.
Â
To learn more about this mixed-use development or other commercial projects underway across the Lower Mainland, please contact Marcus & Millichap’s Vancouver office to speak with a commercial real estate advisor.
Phase One of Burnaby’s Gilmore Place is Underway
Tags:
(Posted on Dec 1, 2016 at 05:10AM by Michelle Bogle)
Onni’s high-density mixed-use retail, office and residential development, known as Gilmore Place, went before the City of Burnaby’s council last week. The 12-acre site, which is located at the intersection of Lougheed Highway and Gilmore Avenue in the Brentwood area of Burnaby, was initially approved earlier this year, but still requires further detailed rezoning applications for each phase of the project.The first phase of the project is currently underway.
Â
The Gilmore Place represents Burnaby’s largest revitalization and urban growth master-plan, with up to 2.5 million sq. ft. of residential development and 1 million sq. ft. of commercial and retail space, which are pre-leasing now.
Â
Phase one of the multi-phase project includes:
Â
Â
• A 64-storey signature tower with 643 units
• A 51-storey tower with 510 units
• A 43-storey tower with 410 units
• 71,498 sq. ft. of residential amenity space above the commercial podium
• 291,652 sq. ft. of commercial space in a large three-storey podium
• Large format, big-box and CRU retail opportunities
• Potential office and educational space on upper levels
• Potential office and educational space on upper levels
• 1,720 parking stalls
• Total density of 6.6 FAR
• Connection to the Gilmore SkyTrain station
• Prime high-density location just 15 minutes to downtown Vancouver by SkyTrain
Â
Here’s what Onni has to say about the vision of their highly-anticipated master plan:Â
Â
“Comprised of over 12 acres of land, Gilmore Place is anticipated to feature approximately 500,000 square feet of newly constructed transit-oriented retail space with an inviting communal plaza and an abundance of residential development, directly on-site.
Â
Surrounded by long-established neighbourhoods and on-site multi-family residential developments, Gilmore Place will offer an architecturally unique, walkable and convenient shopping experience for current and future locals alike. Given the village's strategic and transit-oriented location at Gilmore Avenue and Lougheed Highway, next to Gilmore SkyTrain Station, commuters from the surrounding communities will further augment the demand for Gilmore Place's collection of stores, boutique retailers, and restaurant vendors.Â
Â
Gilmore Place is poised to be an exciting new shopping destination for all of Metro Vancouver.â€
Â
To learn more about this high-density mixed-use retail, office and residential development and the investment opportunities that it presents, please contact our Vancouver office to speak with a commercial real estate advisor.
28-Storey Office Tower Proposed for Vancouver’s West Hastings Street
Tags:
(Posted on Nov 23, 2016 at 02:23PM by Michelle Bogle)
A new office tower is being proposed for a small vacant site at 619 West Hastings Street within the downtown business core, which is close to the hotel district, adjacent to Granville Street’s retail area and walking distance to Robson Street.Â
Â
The 52 ft x 120 ft site is sandwiched between two office buildings with the Royal Bank Building located immediately to the West at Granville and Hastings. The proposal also includes the upgrading and heritage designation of the Royal Bank Building, which is also controlled by the same owner as the vacant lot.
Â
The rezoning application (CD-1) will allow for a new 28-storey office building with:
Â
Â
• 150,837 sq. ft. of office space
Â
Â
• Floor plates of 5,400-5,800 sq. ft.
Â
Â
• An overall height of 330 ft.
Â
Â
• A density of 25.5 FSR
Â
Â
• Five levels of underground parking with 67 vehicle parking spaces
Â
Â
• Heritage designation of the exterior façade of the Royal Bank BuildingÂ
Â
Â
• A shared lateral force resisting system between the two buildings
Â
Â
• A light well between the two buildings for better light and air circulation
Â
To view the application in its entirety, which is was submitted by Musson Cattell Mackey Partnership, please click here.
Â
For more information on commercial real estate investment opportunities and developments across the Lower Mainland, please contact our Vancouver office to speak with a broker.
Â
You can also view our featured listings here.
New Industrial/Office Development Proposed for Vancouver’s Mount Pleasant Neighbourhood
Tags:
(Posted on Oct 12, 2016 at 01:00PM by Michelle Bogle)
The City of Vancouver has received a proposal from Conwest Developments for permission to develop on a 6,039 sq. ft. site, located on the south-west corner of 2005 Quebec Street and East 4th Avenue in the Mount Pleasant area of Vancouver.Â
Â
Development plans include a three-storey mixed use building consisting of industrial and office space. Specifically:
Â
Â
- Manufacturing uses on the first floor and mezzanine above
- General office uses on the second and third floors
- Underground garage with 15 parking spaces
- General office uses on the second and third floors
- Underground garage with 15 parking spaces
Â
The building has a total density of 2.92 FSR and a peak height of 61 ft. It also boasts an I-1 zoning, which was awarded in 2014 to allow for more office space in the area.
Â
You can view the design rationale from MGBA Architecture by clicking here.Â
Â
For more information regarding other commercial real estate investment opportunities and developments across the Lower Mainland, please contact our Vancouver office to speak with a broker.Â
Vancouver's Empire Landmark Hotel Redevelopment Plans
Tags:
(Posted on Sep 28, 2016 at 12:55AM by Michelle Bogle)
The Empire Landmark hotel has been a Vancouver icon since its development in the early 1970s. It’s 42 storeys with a revolving restaurant and bar on top offers breathtaking views – views of a neighbourhood that’s currently being transformed into a luxury highrise mecca, overtaking Robson Street.
Â
As such, it’s not surprising that the former hotel will be coming down to make way for a new condo development. Plans were recently published on the City of Vancouver’s website for two towers along the 1400-block of Robson.
Â
The buildings will be around 100 metres high, which is shorter than the existing structure, but the profit potential would be much higher, especially since high-end condos are going for up to $1,800 per square foot in the neighbourhood.
Â
Redevelopment plans for the 40,920 sq. ft. site include:
Â
Â
• Two towers: 28-storeys and 30 storeys
• 280 residential units (57 social housing units /223 market units)
• Retail use on the ground floorÂ
• Office use on the second and third floors
• 393,850 sq. ft. of floor area
• Total density of 9.63 FSR
• Four levels of underground parking accessed from the lane
Â
The site is currently owned by 1488 Robson Holdings Ltd., whose directors have the same address as the Hong Kong-based Asia Standard Hotel Group. Property records show that it sold in April for $46,528,000.Â
Â
To view the development plans in their entirety, please click here. Or, to stay abreast of other commercial real estate investment opportunities and developments across the Lower Mainland, please contact our Vancouver office to speak with a broker.Â
Sizzling Market Makes Way for Abbotsford's Tallest Tower
Tags:
(Posted on Sep 24, 2016 at 01:00PM by Michelle Bogle)
Quantum Properties is set to build a 26-storey mixed-use tower, named Mahogany at Mill Lake, located on Gladwin Road and Bevan Avenue in Abbotsford, B.C.Â
Â
Along with residential units, the condo tower will also offer 30,000 square feet of prime commercial space on the first three floors with plans for a medical clinic, pharmacy and restaurant. Standing at an impressive 80 metres tall, the tower is also expected to be the tallest residential building between Surrey and Calgary.Â
Â
Mahogany at Mill Lake is targeted specifically towards downsizers who are cashing in on valuable homes across the Lower Mainland, as well as people looking to move to Abbotsford for lower land costs and business opportunities. It is expected to be completed in 2018.Â
Â
Abbotsford, as a whole, is experiencing significant increases in development projects, such as Quantum Properties’ build, as well as inquiries by developers. Construction value in Abbotsford in the first quarter of 2016 totaled $52.8 million across all types, including agricultural, commercial, industrial and residential. That’s up $12.4 million dollars from the same period last year.Â
Â
The number of building permits issued has also increased – to 359 in the first quarter of this year from 302 across all types in the first quarter of 2015. The biggest gains came in industrial, single-family residential, multi-family residential and agricultural permits, while commercial permits retreated.
Â
With the growth in building projects within Abbotsford, many young buyers and investors, who are priced out of Metro Vancouver’s tight residential and commercial markets, are considering the city as the next logical place to invest. Here, they are able to secure affordable and available land much more easily. For foreign investors, Abbotsford also offers respite from the province’s new 15% foreign buyers tax on Metro Vancouver residential properties.Â
Â
With close proximity to the airport, river, highways and borders, Abbotsford, B.C. is becoming a hot-bed of activity. To learn about the Mahogany at Mill Lake development or other commercial real estate investment opportunities, please contact our office to speak with an associate.
New Multi-Family Development Planned for East Vancouver
Tags:
(Posted on Sep 13, 2016 at 12:05AM by Michelle Bogle)
Strand Development has submitted an application to rezone a 44,372 sq. ft. triangular site at the corner of 3681 Victoria Drive and 1915 Stainsbury Avenue in East Vancouver for a new rental apartment project.Â
The site is currently comprised of two former light industrial lots that are zoned MC-1. Strand Development wishes to rezone the sites to CD-1 under the Rental 100: Secured Market Rental Housing Policy.
Â
The proposal consists of a six-storey residential building which is situated over two levels of underground parking and includes:
Â
•   Floor area of 108,912 sq. ft.
•   Density of 2.46 FSR
•   Building height of 61 ft.
•   155 market rental apartment units, including six live-work units
•   43 studios, 44 one-bedrooms, 41 two-bedrooms and 21 three-bedrooms
•   101 residential parking spaces and one Class B loading space
•   194 Class A and six Class B bicycle parking spaces
 •   Density of 2.46 FSR
•   Building height of 61 ft.
•   155 market rental apartment units, including six live-work units
•   43 studios, 44 one-bedrooms, 41 two-bedrooms and 21 three-bedrooms
•   101 residential parking spaces and one Class B loading space
•   194 Class A and six Class B bicycle parking spaces
The application also involves the reconfiguration of lots by relocating a lane, as well as consolidating two lots previously separated by a lane.
Â
To view the development plans in their entirety, please click here.
For more information regarding multi-family investment opportunities within the Lower Mainland, please contact our Multi-Family Specialist, Charlie Hughes, in our Vancouver office at 604-675-5259. You can also view our list of featured properties by clicking here.
Error getting status updates from Twitter.
Powered by Webstager