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Vancouver's Empire Landmark Hotel Redevelopment Plans
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(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.
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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.
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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.
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Redevelopment plans for the 40,920 sq. ft. site include:
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• 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
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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
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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
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(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
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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
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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
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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
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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.
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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
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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.
Industrial Condos: An Alternative for Weary Residential Property Investors
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(Posted on Sep 22, 2016 at 02:18PM by Michelle Bogle)
Real estate investors spinning from the recent dive in Metro Vancouver’s condominium sales may want to consider another asset class: industrial strata.
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It offers weary residential investors a chance to get into the commercial market, where the price per square foot is much healthier, as is the demand for the space. Industrial investors are also exempt from B.C.’s Residential Tenancy Act regulations and the 15% foreign buyer tax on Metro Vancouver residential real estate.Â
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This year, the average price of industrial space in East Vancouver hit $596.50 per square foot, soaring 50% higher than in 2015. This compares with Vancouver condo apartment prices, which have increased about 30% in the last year.
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In terms of vacancy rate, Metro Vancouver’s industrial vacancy is the lowest in Canada at 1.5% with Calgary (6.6%), Edmonton (6.3%) and Toronto (3.3%) following behind.
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Vancouver industrial building per-square-foot prices now range from $189 to $824, with industrial land in the city selling for an average of $386. And, since Metro Vancouver industrial rents are the lowest in Western Canada, they could be set for an increase.
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Having said this, don’t you think it’s time to consider investing in Vancouver’s industrial condo market? At Marcus & Millichap Vancouver, we think it is. To learn more, please contact our office to speak with an associate. Time is of the essence – don’t delay!
New Manufacturing/Office Building Proposed for East Vancouver Site
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(Posted on Sep 17, 2016 at 01:00PM by Michelle Bogle)
As industrial and office properties continue to be in short supply across the Lower Mainland, the City of Vancouver recently received a development application for a new industrial-zoned property located in the Strathcona area of East Vancouver.Â
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The plan is for an 11,616 sq. ft., I-2 zoned site on 1157 Parker Street. The developer, Yamamoto Architecture, is looking to build a new four-storey, mixed-use building on the site.
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The proposal includes the following:
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• 23,198 sq. ft. of manufacturing uses on first, second and third floors
• 11,650 sq. ft. of general office uses on third and fourth floorsÂ
• Total building area of 34,848 sq. ft.
• Total density of 3.00 FSR
• Two levels of underground parking
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You can view the application in its entirety by clicking here.
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New commercial builds offering manufacturing, industrial and office spaces are in high demand across Vancouver and beyond. Should this development receive approval, it is sure to cause a stir with eager entrepreneurs, start-ups and manufacturers in dire need of space within the Lower Mainland.
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To stay abreast of proposed developments and other commercial real estate investment opportunities, please ‘like’ and ‘follow’ Marcus & Millichap Vancouver on Facebook or contact our office to speak with a broker.
New Multi-Family Development Planned for East Vancouver
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(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.
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The proposal consists of a six-storey residential building which is situated over two levels of underground parking and includes:
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•   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.
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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.
Construction Takes “Shape†at Burnaby’s Amazing Brentwood
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(Posted on Sep 9, 2016 at 04:49PM by Michelle Bogle)
New Options for Owners of Older Strata Properties
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(Posted on Sep 5, 2016 at 01:00PM by Michelle Bogle)
Positive news for strata property owners – the Strata Property Act has been amended to permit strata corporation members to terminate a strata corporation by an 80% vote. Previous, a strata corporation could only be terminated with a 100% vote.
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According to the Hon. Rich Coleman, Minister of Natural Gas Development and Minister Responsible for Housing, this change was made to give strata lot owners more freedom to choose what they want to do as their property nears the end of its life cycle.Â
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He adds, “We don’t want strata owners to be stuck in a situation where they’re paying for repairs on a property not worth repairing, but they can’t terminate the strata because it’s really difficult to get a unanimous vote.†With the amendments made to the Strata Property Act, owners now have some much-needed flexibility.
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Tony Gioventu, the Executive Director of the Condominium Home Owners’ Association, agrees with this change – it’s a definite step in the right direction. “This also benefits strata corporations considering liquidation of their buildings for redevelopment,†said Gioventu.
To read the Strata Property Act in its entirety, please click here.
To read the Strata Property Act in its entirety, please click here.
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For more information on strata housing investment opportunities in the Lower Mainland, please contact our Vancouver office to speak with an associate.
You can also view our current commercial real estate listings by clicking here.
You can also view our current commercial real estate listings by clicking here.
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.
Exclusive Land/Single-Family Offering: 3390 West 41st Avenue, Vancouver
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(Posted on Aug 18, 2016 at 01:00PM by Michelle Bogle)
Marcus & Millichap Vancouver is pleased to announce details regarding a new exclusive land/single-family opportunity in prime West Vancouver, B.C.
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Situated on an arterial street, this 66 x 141 lot has an abundance of potential for developers, as the property is part of a possible land assembly with up to one acre of land to be developed.Â
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Currently, the zoning is RS-5, which is single family; however, the official community plan outlines densification for this particular block, including (but not limited to) townhomes and multiples. An opportunity for further densification may be available upon City of Vancouver approval.Â
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This block is located between the affluent neighbourhoods of Kerrisdale and Dunbar. Highly regarded private schools, shopping and restaurants are in close proximity, as are many private golf clubs.
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Priced at $6,776,000, this is an excellent development property for seniors looking to downsizing or families wanting to enter the west side market.Â
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For complete details regarding this land asset in West Vancouver, please click here or contact Ari Gelmon at (604) 675-5254 for a showing.
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You can also follow along with Ari’s blog where he shares the latest commercial real estate news as it relates to land and residual value property investment opportunities within Metro Vancouver.
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For more featured listings across British Columbia, please click here.
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