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Showing posts for category Commercial Real Estate Development (Back to Index)
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New Westminster Waterfront Project is Underway with Bosa Development
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(Posted on Aug 29, 2016 at 02:45PM by Michelle Bogle)
After much planning, Bosa Development is moving forward with a multi-tower residential and commercial project in downtown New Westminster on one of the best tracts of undeveloped waterfront real estate in the Lower Mainland.Â
Earlier this year, Bosa Development bought the 1.6-hectare plot at 660 Quayside Drive in New Westminster, B.C. from its owner Larco Investments. Currently, the site is home to an empty parking lot in between Westminster Pier Park and the Fraser River Discovery Centre.
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However, despite its barren landscape, which has been this way for the last 40 years, the plot has amazing potential – one that the city rezoned in 2014 in order to make way for a new master plan site.
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The rezoning now calls for three residential towers ranging in size from 28 to 45 storeys and also offers a mix of land uses including residential, commercial, child care and the provision for a 150-room hotel. However, according to Bosa Development, there are no longer plans to build a hotel.
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In terms of the development’s design and architecture, it is promising some of the best, unobstructed waterfront views in the Lower Mainland and will feature outdoor patios where patrons can soak in the vistas. To date, many high-profile restaurant and retail operators are showing interest in the project.
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And, with interest building, Bosa Development is pushing to bring this project to market within the next 12 months. They are currently working with New Westminster on the plans and will be submitting development permit applications as soon as possible.
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Stay in the loop! 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. You can also view our featured listings by clicking here.
Rental Apartments Planned for West King Edward Avenue, Vancouver
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(Posted on Aug 24, 2016 at 01:00PM by Michelle Bogle)
A new block of rental apartments is currently being proposed for 431-455 West King Edward Avenue in Vancouver, B.C.The developer, South Street Development Group, submitted an application last month to rezone the 23,088 sq. ft. three-lot land assembly from a One-Family Dwelling (RS-1) to a Comprehensive Development (CD-1).Â
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The proposal is for a 4-storey residential building and 2-storey townhomes, which include:
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•   42 secured market rental units
•   mix of 5 one-bedroom and 13 three- and four-bedroom units
•   total building height of 45 ft.
•   total density of 1.98 FSRÂ
•   54 vehicle parking spacesÂ
•   63 bicycle spaces
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To view the context plans by the project’s architect, Integra Architecture, please click here.
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The City of Vancouver is also hosting a community open house on Monday, September 19, 2016, from 5-8pm, to address any questions about the proposed development.Â
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Stay up to date! 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. You can also view our featured listings by clicking here.
Vancouver Retail Development News: Pacific Centre Expansion
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(Posted on Aug 14, 2016 at 01:00PM by Michelle Bogle)
Cadillac Fairview, one of the largest owners, operators and developers of best-in-class office, retail and mixed-use properties in North America, has applied to the City of Vancouver for permission to replace the existing rotunda at Pacific Centre Mall with a three-storey commercial building.
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This multi-phase refresh will create an additional 31,603 sq. ft. of world-class high-end luxury retail in the heart of Vancouver. It follows other notable developments in the area, including Holt Renfrew and Nordstrom’s.
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According to Cadillac Fairview, the new Pacific Centre Georgia Street Pavilion will feature a strong and expressive roof line with raised planters and skylights, eye-catching building massing and a palate of high-quality materials, such as dark stone, timber soffits, glass and vertical screening.
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The building will consist of glazed retail frontages along Georgia and Howe Streets with six retail “Lanterns†across the second floor. The third level will feature an outdoor restaurant deck with a large cantilevered timber canopy overlooking Georgia Street and the Vancouver Art Gallery's North Plaza.Â
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It's sure to be a stunning addition to the area. To view the proposed design rationale by Perkins + Will Architects Canada, please click here.
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For more information on retail investment opportunities and developments across the Lower Mainland, please contact our Vancouver office to speak with our Retail Specialist, Ibrahim Aytug. You can also view our featured listings by clicking here.
New Office/Industrial Building Planned for West 5th Avenue in Vancouver
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(Posted on Jul 17, 2016 at 01:00PM by Michelle Bogle)
A proposed 55,000 sq. ft. office/industrial building is currently being planned for 151 West 5th Avenue in the Mount Pleasant neighbourhood of Vancouver, B.C.Â
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The builder, Champion Development Group Inc., has an application under review with the City of Vancouver for permission to build on the 18,128 sq. ft. site.
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The proposed development is a new four-storey mixed use building comprised of:
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•   Manufacturing uses on the first floor and mezzanines
•   General office uses on the second through fourth floors
•   Underground parking spaces (95 in total)
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The Mount Pleasant neighbourhood has traditionally been an industrial area with deep roots in manufacturing. This proposed build will add much-needed high-quality commercial and manufacturing space to the area.Â
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For more information on office and industrial commercial real estate investment opportunities across the Lower Mainland, please contact our Vancouver office to speak with a broker. You can also view our featured listings by clicking here.
Development Options for “Site 8†in North Vancouver
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(Posted on Jun 29, 2016 at 10:29PM by Michelle Bogle)
Locally owned and operated since 1980, the Polygon family of companies has built more than 26,000 homes throughout the Lower Mainland, ranging from concrete highrises to wood-frame condominiums, townhomes and single-family communities.Â
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Most recently, they have submitted a proposal including two options for a development at 119 – 131 West Esplanade, also known as “Site 8â€, which includes lands owned by the City of North Vancouver.Â
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The overall rezoning application seeks an amendment to the allowable building height and to rezone the site for construction of a mixed-use building consisting of a residential tower over a commercial podium. The project will also be supported by four levels of underground parking.
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Two option are up for consideration:
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Option 1 with Non-Market Office Space will include:
• An 11-storey tower with 107 residential units
• A building height of 122 ft.
• A total density of 3.78 FSR
• The sale of City lands, transfer density and density bonus, resulting is a cash contribution of $10.3 Million
• 6,000 SF of office space owned by Polygon and rented at below market rates to non-profits
• 100 parking spaces for off-site uses
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Option 2 with Community Amenity Space will include:
• A 12-storey tower with 117 residential units
• A building height of 139 ft.
• A total density of 4.07 FSR
• The sale of City lands, transfer density and density bonus, resulting is a cash contribution of $8.7 Million.
• 16,155 SF of City-owned community space for a museum
• 100 parking spaces for off-site uses
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For complete details regarding this project, please click here.Â
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For more information regarding this development plan, including its impact on commercial real estate opportunities in Vancouver, please contact our office to speak with one of our advisors.
More Highrises Could Be Coming to the Joyce-Collingwood Neighbourhood
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(Posted on Jun 25, 2016 at 09:16PM by Michelle Bogle)
The neighbourhood surrounding the Joyce-Collingwood SkyTrain station in East Vancouver could see a big boost in building heights and density if City Council approves a local development plan.
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At the present time, current land use does not take advantage of highly suitable sites located around the SkyTrain.
The new plan calls for a trio of highrises and a handful of mid-rise buildings around the station transitioning into townhouses and four-storey multi-family apartments.
It also aims to breathe more life into the area with improved:
The new plan calls for a trio of highrises and a handful of mid-rise buildings around the station transitioning into townhouses and four-storey multi-family apartments.
It also aims to breathe more life into the area with improved:
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• Land use, density and building forms
• Public spaces
• Amenities needed to support additional population
• Safety and connections for people walking, cycling, driving and taking transit
• Safety and connections for people walking, cycling, driving and taking transit
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While many people are in support of such a development, some community members have concerns about tower height, traffic congestion and the amenities proposed to support growth in the area. A recommendation to transition from large buildings around the station to lower townhouses near the edges of the plan area has been recommended as a result.
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To view the full Joyce-Collingwood Station Precinct Plan and Related Rezonings report, please click here.Â
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For more information regarding this development plan, including its impact on multi-family and retail commercial real estate opportunities in Vancouver, please contact our office to speak with one of our associates.
Surrey Lures Vancouver High Tech Firms with Affordable Rental Spaces
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(Posted on May 22, 2016 at 01:00PM by Michelle Bogle)
Whistler Blackcomb’s Renaissance Plan Faces Opposition
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(Posted on Apr 22, 2016 at 08:14PM by Michelle Bogle)
Since the release of the $345 million Whistler Blackcomb Renaissance modernization plan, opinions have been mixed over the project’s impact on housing, the environment and culture of the mountain resort, and the commercial real estate market as a whole.
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Plans for this long-term, three-phase, multi-million dollar investment include a new lift, an indoor adventure centre and waterpark, two luxury real estate developments and a major expansion of new bike trails.
Complete details of the plan can be seen here.Â
Complete details of the plan can be seen here.Â
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While some locals agree that revitalizing Whistler Blackcomb is necessary due to climate change and lower tourism rates, many others have major concerns:
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Affordable Housing
Whistler is already struggling with a tight housing market. It is estimated that the Renaissance will bring in 122,000 room nights and 407,000 visitor days annually by the third year of operation. The development will also have an additional 200- to 300-bed units from a 60-unit luxury townhome complex and a boutique hotel/residence at the base of Blackcomb. Residents are concerned about the lack of affordable housing – especially housing for all of the mountain resort’s employees.
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Strain on Infrastructure and Culture
Many locals are concerned about the anticipated strains on highway traffic and municipal infrastructure, as well as the erosion of Whistler's long-time ski culture.
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Environmental Impacts
There are a number of environmental impacts that residents are concerned about – one, in particular, is the sheer amount of water needed to fill The Watershed, which is the year-round, indoor adventure center focusing on water-based play located at Blackcomb’s upper base. It is estimated that it will take 2.9 million litres of water to fill the facility with an expected 15.9 million litres of water lost to evaporation flow/waste. This represents a third of a percent of Whistler's total annual water volume.
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Impact on Bear Habitats
Wildlife representatives are also concerned that the bear habitat will be put at risk, particularly in the Creekside area where 50 kilometres of new trails are slated for construction.Â
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Lack of Health Care
With any massive indoor/outdoor adventure project, availability of health care options is critical. Many residents are worried that their already strained health care system will not be able to handle the increased volume of visitors.
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With such limited support services and infrastructure in Whistler Blackcomb, the sustainability from a commercial real estate perspective is also being questioned by industry experts. As plans continue to evolve for this project, many are following this project very closely, which is sure to generate more opposition as the modernization unfolds.Â
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In our Vancouver office, David Fox monitors commercial real estate activity in the Sea-to-Sky corridor, including Whistler and Squamish. Please contact him for more information related to this exciting market.
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