Metro LandShare Report spring 04
introduction The land market in Metro continues on its upward trajectory, with developers continuing to be bullish on the market despite growing awareness of its issues with land constraint. Overall, there has been a decrease in transactions but sites have been trading at much higher values as some owners are finally beginning to sell. Big Transactions Dominate the Marketplace Over the last six months, Metro has seen a surge in the completion of large-scale transactions. Notable developers have been quick to pull the trigger on opportunities in markets where recently introduced community plans have facilitated density increases. In the West End, the acquisition of the 400 Block of Alberni by Wall Financial was spurred by the added value that was created through the approval of the West End Official Community Plan. In addition, there have been more opportunities to purchase substantial projects in suburban areas fuelled by government and institutional owners capitalizing on strong market conditions. andard Life sold.5 acres surrounding Gilmore ation while the provincial government sold 88 acres at Burke Mountain in Coquitlam, 40 acres at the corner of Willingdon nue and Canada Way in Burnaby and 5 acres in the Panorama neighbourhood of Surrey. Areas that were expected to crest such as Metrotown and the Westside of have continued their upward pricing trend. A mixture of private equity and foreign investment have led the purchasing, with institutional developers taking a backseat and waiting for prime assets of scale. Fewer land transactions took place in 0 than the past several years. The year closed with 0 transactions compared to 55 in 0. Total sales volume also decreased from $.70 million to $.47 million. However, sites traded at a higher average value than previous years. Despite low overall volumes, high-density site transactions far exceeded 0 sales as land owners began to cash out. THE RESURGENCE OF RENTAL PRODUCT IN VANCOUVER When the City of released its Rental 00 plan in 0, it aimed for,50 units of new rental housing creation by 0. To date, approximately,00 units spread over 4 projects are proposed in the city. The unprecedented flurry of rental interest has been the result of excellent economic timing and the right mix of incentives from the city. As a part of the program, the City offers a district cost levy reduction, bonus density without community amenity contribution (CAC), relaxed parking requirements, unit size reductions, and an expedited permit process. With a low-rate climate allowing for a low cost of capital to developers, and a strong rental market, the return on investment is high for this type of product. As such, developers are realizing the potential in building the product and are either acting as builders in a forward-sale agreement, or are holding the assets to realize the cash flow. The Metro LandShare Report is a series of semi-annual reports on the land market in Metro with a special focus on residential land. In addition to a comprehensive analysis of residential activity, we will share our insight into the trends that affect the land market in Metro. Transaction Value (Millions) $,000 $,800 $,600 $,400 $,00 $,000 $800 $600 $400 $00 $0 Metro Land Activity $44 $47 $49 $8 $679 $4 $75 $70 $578 $604 $5 $47 $6 $49 $485 $90 $7 $578 $558 $59 $4 $4 $68 $8 $9 $5 $80 005 006 007 008 009 00 0 0 0 High Density Medium Density Low Density Number of Deals 800 700 600 500 400 00 00 00 0 Transaction Volume Source: RealNet Canada Inc. SPRING 0
table of contents market summaries Downtown West East North Shore 4 Richmond 5 Burnaby/New Westminster 6 Tri-Cities: Coquitlam, Port Coquitlam & Port Moody 7 Surrey 8
vancouver downtown As predicted in the fall of 0, the recently-approved West End Community Plan has been the catalyst for transactions in the downtown land market, unlocking value along the Robson, Davie, and Burrard reet corridors. The end of 0 did not see a slowdown in applications across downtown, with at least 5 high-density residential developments currently in the approval process. The off-market sale of 444 Alberni reet and 740 Nicola reet to Wall Financial Corporation for $8.5 million represents the first of many expected transactions in the West End. The properties have a combined site area of 4,8 square feet and are currently improved with two mid-rise office complexes and one 0-storey apartment building built circa 970. With the City of s adoption of the West End Community Plan in November 0, new developments in the Georgia Corridor are designated for a maximum height of 500 feet. Paragon Gaming, in partnership with Dundee Corporation and 60 VOX, has submitted a development proposal to construct a large urban resort development to the southwest of BC Place. The project would contain two hotel towers, a conference centre, and retail space which would include the existing Edgewater Casino. The total project size would be roughly 675,000 square feet. S mox ll Gilford well Cardero Haro Denman Bidwell Nicola Sunset Beach Broughton Cardero Pendrell Davie Burnaby Harwood Beach Burrard Bridge Bidwell Bute Nicola Nelson Comox Thurlow Pacific Blvd Broughton Barclay May & Lorne Brown Park W. Georgia Alberni Jervis Burrard Hornby. Paul s H W. Commissioner Bute Haro Drake Pender Hornby Davie Seymour Thurlow Richards Melville Homer Harbour Green Park A Burrard Helmcken Robson Howe Granville Nelson Blvd Yaletown/ Roundhouse Burrard W. Georgia Smithe City Centre Richards Hamilton Mainland Canada Pl Dunsmuir Pender Hastings Granville Seymour Hamilton Canada Place Cordova Homer Cambie Beatty Expo Blvd Waterfront BC Place adium Pacific Blvd E. Commissioner adium/ Chinatown Dunsmuir Viad Rogers Arena Water Abbott Keefer Carrall Georgia Viad Expo Blvd Columbia Quebec Science W Powel Pender ADDRESS PURCHASER PRICE SIZE (SF) * Current zoning does not permit residential development BASE FLOOR SPACE RATIO (FSR). 444 Alberni reet and 740 Nicola reet Wall Financial Corporation $8,500,000 4,8 6.00 -. 75-79 & 8-8 Granville reet 0956 B.C. Ltd. $4,800,000 6,0.50 $8. 50-540 West Pender reet* Serracan Properties Ltd. $6,70,000 9,65 7.00 $0 8 Expo Boulevard (0 Terry Fox Way, 47 Nelson reet): Concord Pacific s application for two condominium towers was referred to public hearing on May, 04. The towers will contain 60 dwelling units for a total of 48,40 square feet. 754-77 Pendrell reet: DTKH Pendrell Developments has applied to rezone the property to a CD- zoning which will include 98,47 gross buildable square feet of market condominium space and 4,66 square feet of non-market rental housing. The total floor space ratio is 6.7. rage land SALES RANGE (Price per Buildable Square Foot) Downtown Core N/A N/A $90-$50 Downtown East/ Chinatown N/A $95-$05 $90-$75 508 Helmcken reet: Brenhill Developments proposal for a 6-storey tower on the former Jubilee House social housing site was enacted in the fall of 0. The tower will contain 55 market residential units and 09 rental units. SPRING 04
th th vancouver west Land values continue to climb on the Westside as end-user and investor demand remains strong. The highly contested Marpole Plan was approved on April nd allowing for an increase in density to certain sites along key corridors without the need to rezone the properties. As under-improved land becomes scarce on the Westside and the Cambie corridor, the development community will be attracted to the added density in Marpole. st Upper Queens Mathers Inglewood Fulton 5th Levels Southboroug Taylor Wy Lions Gate Bridge Denman evens Dr Capilano R 5th Welch Edgemont Blvd Fell Harbourside Dr Harbourside Pl Delbrook Larson W Esp Av W th W NW Davie Pacific City Council submitted its final vote to approve the redevelopment of Oakridge Mall on March 4th. The final plan has 4 towers with roughly.7 million square feet of gross residential floor area and just less than million square feet of commercial area. The Little Mountain rezoning process moved forward in October 0, which will bring a large-scale masterplanned project to the site at East rd nue and reet. Holborn s project is expected to bring online,400 market housing units and 4 non-market housing units with a social and seniors component. rong absorption in both concrete and product has driven demand for land along the Westside, particularily along the Cambie Corridor. High-density site values have exceeded $50 per buildable square foot and site values are edging closer. Mosaic s project at Cambie and 50th, Cambria, will be the first six-storey project along the corridor and will be a good test of the market for the increasingly attractive product. ADDRESS PURCHASER PRICE SIZE (SF) BASE FLOOR SPACE RATIO (FSR). 58-5866 Cambie reet 88669 Ltd. $6,000,000,00 4.50 $85. 56 West 50th nue & 669, 6649, 6669, 6689, 6709 Cambie reet Mosaic Homes Ltd. $6,860,800 46,47.49 $46. 750, 758 & 7550-7554 Cambie reet Gardenia Investments $,500,000 9,40.50 $70 4. 408-466 West King Edward nue Care Pacific Holdings Ltd. $,900,000 5,98.75 $0 5. 6455 West Boulevard Cressey Developments $9,000,000,547.50 $66 4949-509 Cambie reet: The proposal for rezoning to CD- has been referred to public hearing. The proposal consists of three six-storey buildings containing 0 market residential units for a total floor space ratio of.6. 806-850 Cambie reet, 454 West th nue and 465 West th nue: Shato Holding s revised rezoning application was approved on May 7th, 04. The project proposes an eight-storey mixed-use development with a floor space ratio of.. Wesbrook Mall University of British Columbia SW W 4th Update - 55 Quebec reet, 600 Ontario reet, and 95 East st nue: Concert Properties proposal for two 5-storey buildings, one 4-storey building, and one -storey building providing a total floor area of 64,5 square feet was sent to public hearing on May th, 04. rage land SALES RANGE (Price per Buildable Square Foot) West (Excluding Cambie Corridor) W 0th Crown Point Grey Dunbar W Broadway W 6th No. Blenheim River Railway Moncton Macdonald Granville Blundell Francis Williams $5-$00 $5-$50 $75-$50 Robertson Dyke Cambie Corridor $45-$60 $50-$00 $40-$00 No. Cornwall Arbutus 5 C.P.R. eveston Hwy Gilbert Granville reet Westham Island Olympic Village Broadway/ City Hall 4 W rd W 49th Oak W 70th King Edward Oakridge/4st Langara/ 49th Richmond Garden City Cambie No. 4 SE Marin N Kent Bridgeport Shell Gre at Northern E rd Av E 4st Av W 57th W 57th No. W th King Edward W 4st Oak Bridge Cambie No. 5 Fraser E Vulcan W Fraser - Delta Thruway River G K SPRING 04
th 6B vancouver east Inglewood E 9th After three years of preparation, the new Downtown East Side Plan was approved in March to mixed reviews. Fulton While encouraging social and rental housing, the economics of the plan have been called into question, putting 5th strain on a development community starving for dowtown expansion. Farther W down th the Hastings corridor, hesitation Welch among end users has limited demand for upcoming projects, while the Harbourside Harbourside, Pl Dr Central Park and Mount Pleasant are seeing a surge in end-user demand which is in turn driving up the land market in these areas. The City of has announced that it will no longer allow residential redevelopment of the False Creek Flats south of nd reet, instead hoping that the expanded I- zoning will be a catalyst for greater industrial and office development. The area is to be retained as a jobs centre, with residential development being focused along the major corridors. The Grandview-Woodlands community plan has continued through the planning process with the Citizens Assembly recommendations formally submitted in May 04. Despite potential for immense growth in the area, the plan has been slowly moving through the municipal process since July of 0 and has no immediate release date scheduled. ADDRESS PURCHASER PRICE SIZE (SF) 0-84 Knight reet: The rezoning application from uart Howard Architects to allow for a five-storey rental building on the corner of Knight and 5th has been referred to public hearing. The development consists of 5 rental housing units and an floor space ratio of.7. 50-5 East Hastings reet: A community open house was held on April nd, 04 to review the application to rezone to a CD- zoning. The proposal calls for a six-storey mixed use building that will be built under the Rental 00 program, bringing 87 rental units to market for a total floor space ratio of 4.00. BASE FLOOR SPACE RATIO (FSR). 5-489 East Hastings reet Solterra Homes $,80,000 50,878 - -. 5050-508 Joyce reet Westbank $9,90,000 9,80.00 $67. 7 & Lot 6 East 4th nue* 4. 695-775 East 8th nue; 65 ive *I- commercial zoning Wesbrook Mall NW SW W 4th W 0th Crown Point Grey Dunbar Kevington Building Corporation Ltd. West City Centre Burrard Olympic Village Granville Yaletown/ Roundhouse Broadway/ City Hall King Edward Waterfront Oakridge/4st adium/chinatown Commercial E Broadway Renfrew $7,5,000 8,.00 $ Cressey Developments $6,70,000,57 - - No. Blenheim River Railway st W Broadway W 6th Macdonald Moncton Upper Queens Mathers Granville Blundell Francis Williams No. 5th Cornwall Arbutus eveston Hwy Levels Gilbert Southborough Dr Lions Gate Bridge Granville reet Davie Denman Pacific W rd W 49th Oak evens Dr W 70th Richmond Bridgeport VCC/Clark Broadway E th 955 Hastings reet: After being pulled from the market for a short while, Wall Financial s 900 Hastings project has been renamed The Heatley at rathcona Village and is expected to launch in June 04. The project contains 8 units Huston over three towers with 70 units of social housing. Garden City Cambie No. 4 Capilano Edgemont Blvd rage land SALES RANGE (Price per Buildable Square Foot) Shell SE N Kent Larson E rd E 4st Fraser Delbrook W 57th W 57th No. Taylor Wy W th King Edward W 4st Oak Bridge Cambie Fell No. 5 Chesterfield W Esplanade Fraser - Delta Thruway Nanaimo North 9th Delta - East $00-$80 $65-$50 $00-$70 George Massey Tunnel Hopcott Tyne Rupert Joyce River Boundary Eton Gilmore Patterson River Vantage Wy Grange Metrotown Imperial Rumble Progress Wy 80th Mt Seymour Pkw Parker Brentwood Town Centre Hol Deer Lake Pkw Nelson Royal Oak Marine Wy Byrne B Royal 60th SPRING 04 W nd Knight Knight Bridge Lonsdale Georges W rd E rd E Keith No. 6 No. 7 No. 8 Nelson No. 9 Dyke on 4 Braemar E Grand Blvd E Esplanade Nanaimo McGill Dundas Venables st Lynn Valley Brooksbank E Hastings reet Renfrew 49th E Kerr Richmond Annacis Rupert Iron Workers Memorial Bridge 7nd Lillooet Kent S W Riverside Dr Grandview Hwy Blundell 76th E Riverside Dr Berkley Old Dollarton Gilmore Willingdon Hyannis Dr Dollarton Hw Spro N
th th north shore Despite trepidation over lengthy municipal processes and limited investor demand, large local developers continue to show interest in projects of scale in the North Shore. An influx of concrete product has raised concern about end user absorption that has affected demand for higher density sites. Alternatively, townhome product continues to be Capilano a rare and sought-after asset. A number of landmark developments were approved Lake in late 0 and early 04 that should set precedent for the revitalization of the three municipalities. Concert Properties Harbourside development application recieved its second and third reading in April by the City of North. The development will see a drastic change in North s waterfront with roughly 800 market condominiums and 00,000 square feet of commercial space. The plan is awaiting approval once the legal process has been passed. The adoption of the Lynn Valley Town Centre plan, the Lower Lynn Valley Centre plan, and the Lower Capilano Marine Village Centre plan have created opportunity and a renewed interest in the District of North. That being said, a newly-implemented CAC policy in these areas may affect vendors decisions to sell as the economics might not currently make sense until land values rise. ADDRESS PURCHASER PRICE City Centre SIZE (SF) BASE FLOOR SPACE RATIO (FSR) Roundhouse. 85 Union nue & 90 Camelot Road Zhong An Real Estate $7,577,000 6,749 - -. 4 & 47 East st reet University of North Lake Ventures Inc. $7,800,000 8,706 VCC/Clark.50 $09 British Columbia Commercial Broadway/ Broadway. 5-67 Mount Seymour Parkway 09500 B.C. Ltd. $7,47,598 67,69 City Hall.0 E Broadway$7 Lynn Valley Mall ( Lynn Valley Road): Public hearing was held on April 5th, 04 to hear feedback on Bosa Development s proposal to redevelop Lynn Valley Mall. The project would consist of two -storey condominium towers housing units and would revitalize the current retail trade area. The original concept contained plans for a -storey tower, which has since VANCOUVER been revised. AIRPORT Sea Island 75 ive, West : A second open house was held in February Centre to YVR Airport address concerns over Larco Group s development of a portion of the Park Royal Shopping Centre. The redevelopment is proposed to contain two towers, 9 storeys and 4 storeys, and podium. The development will contain 79 market residential units. SPRING 04 Wesbrook Mall NW SW rait Of Georgia W 4th Wesbrook Mall NW SW W 0th Crown INTERNATIONAL BC RAIL Point Grey W 4th Dunbar Blenheim River st W Broadway W 6th W 0th Macdonald Crown West West Upper Queens English Bay L Dunbar Arbutus Blenheim Mathers Inglewood Fulton 5th Point Grey W Broadway W 6th Granville Levels Cornwall Macdonald rage land SALES RANGE (Price per Buildable Square Foot) North $0-$40 $70-$0 $90-$60 Lansdowne River Queens Mathers Inglewood Fulton st Taylor Wy Upper 5th Arbutus Granville Levels Cornwall Olympic Village Southborough Dr Lions Gate Bridge Granville reet Taylor Wy Davie Denman Pacific W rd W 49th Fraser Cambie SE SE N W Kent 70th N Kent Bridgeport E 4st Fraser W 57th W 57th W 57th W 57th C.P.R. Templeton Aberdeen Brighouse Southborough Dr Lions Gate Bridge Granville reet Davie Denman Pacific W rd W 49th Oak W 70th evens Dr W th Burrard King Edward W 4st Oak Bridge Cambie Bridgeport Capilano 5th Welch Cambie King Edward Granville Yaletown/ Oak evens Dr W th King Edward W 4st Oakridge/4st Langara/ 49th Edgemont Blvd Waterfront Oak Bridge Capilano 5th W th Welch Burrard Inlet adium/chinatown Fell Harbourside Dr Harbourside Pl Bridgeport Delbrook Larson W Esplanade E rd E 4st Cambie Edgemont Blvd Harbourside Dr Harbourside Pl E th Chesterfield Knight Knight Bridge Lonsdale Georges Fell W rd E rd E Keith Braemar E rd Delbrook Larson E 9th E Grand Blvd W th Chesterfield W Esplanade E Esplanade E th Renfrew Knight Knight Bridge Lonsdale Georges W rd E rd Nanaimo Nanaimo North E Keith Renfrew 9th Braemar E 9th E Grand Blvd E Esplanade Nanaimo o. 7 North Vancou McGill Eton Dundas Venables st Lynn Valley Brooksbank E Hastings reet Tyne Rupert Joyce River C.N.R. Boundary Gilmore Renfrew Gilmore Kerr 4 E Broadway Patterson Richmond Annacis Richmond Annacis o. 7 McGill Dundas Venables st Lynn Valley Brooksbank E Hastings reet 49th E Kerr o. 8 Rupert Iron Workers Memorial Bridge Lillooet Kent S 9 Grandvie Rupert Tyne Kent A C.N.R. o. 8 o. 9 ridge Grange Bren Tow 49th E Metrotown Imperial W Riverside Dr Grandview Hwy elson Berkley Rumble Hyann E Riverside Dr Old Dollarton Willingdon Mt R P D Ma
6B richmond NW Wesbrook Mall SW W 4th E rd Residential land sales decreased in the latter half of 0 and early 04. Large local developers and off-shore E 4st investors still desire high density sites, but as supply diminishes and new launches dilute the market, Richmond may be in line for a quieter 04. W 0th Crown Point Grey Dunbar W Broadway W 6th Blenheim Macdonald Cornwall Arbutus Granville reet W th King Edward W rd W 4st W 49th Oak Cambie Fraser W 57th W 57th E th Knight Nanaimo Venable st E Bro 49th A An increase in land values may be due to scarcity in the market for prime, highdensity sites. The most desired types of land in the are high-rise and townhome, with the top four sales in the last six months representing more than $05 million in transactions. Construction has started on a new luxury mall located near International Airport on Sea Island developed by McArthur Glen Designer Outlet. The 0-acre parcel is Crown land leased by the airport and looks to be a major economic driver in the North Richmond area. After 0 years of opposition, the Delta City Council approved the development of the 56-acre Southlands site. As was mentioned in the Fall Landshare Report, the application by Century Group aims to develop 950-units of townhome, single family, and multifamily product. VER ONAL RT YVR Airport Sea Island Centre Templeton Aberdeen Lansdowne River Brighouse Granville No. Railway Blundell Francis Williams 4 SE W 70th N Kent Oak Bridge Bridgeport Cambie Richmond Gilbert No. Garden City No. 4 Bridgeport C.N.R. Knight Bridge Richmond Annacis No. 5 Fraser - Delta Thruway No. 6 No. 7 ADDRESS PURCHASER PRICE SIZE (SF). 5 & 54 No. Road & 7960 Alderbridge Way BASE FLOOR SPACE RATIO (FAR) Sunrise Developments $69,000,000,79 4.00 $8. 65 Sexsmith Road Polygon Group $4,48,889,68.00 $55. 6560-6700 No. Road Bene (Richmond) Development $0,00,000 5,880 4.00 $97 4. 5700-5750 Cedarbridge Way 0967 B.C. Ltd. $6,80,000 6,590.00 $84 Moncton eveston Hwy Robertson No. Dyke Westham Island Shell George Massey Tunnel River W D 60t Arthur Dr 64th 8800-8960 Patterson Road & 40-40 Sexsmith Road: Concord Pacific proposed the development of a five-phase residential development (Concord Gardens) which was approved by Council on February, 0.,45 residential units are expected to be built upon the completion of phase five. 66 Pearson Way: Oval 8 Holdings proposed the development of a -storey and a 4-storey residential building which was approved on March 7, 0. The plan includes the construction of 7 residential units. rage land SALES RANGE (Price per Buildable Square Foot) 4B Richmond $70-$00 $80-$90 $65-$00 7B Deltaport Wy 5nd 5rd 8th 56th 6 8-87 Cambie Road & 65 Sexsmith Road: Polygon proposed the development of three high rises with a total of 58 dwellings and the replacement of the Cambie Field. The application was approved by Richmond City Council on November 9, 0. SPRING 04 Causeway th 6th Point Roberts 6th Boundary Bay 5
th 6B burnaby/new westminster North Burnaby continues to be one of the most demanded municipalities in the land market. The transparency in municipal Queens Mathers Inglewood E 9th process is praised by developers, Fulton and coupled with strong end-user demand, has led to an unprecedented development appetite in the region over the 5th last year. High expectations of land owners has become an issue for W th Welch developers as consistent year-over-year appreciation and a continuing low interest rate climate leaves little Harbourside Harbourside Pl Dr Port Moody incentive for disposition of development sites. Granville With dwindling supply and sustained demand for high-density sites in Metrotown adium/chinatown and Brentwood, developers are turning their focus to the remaining town centres of Cornwall Lougheed and Edmonds. Onni Group is in the process of rezoning 49-55 North VCC/Clark Road in the Lougheed Town Centre area with the intention of building a high-rise E th tower, while Cressey has applied to develop three towers on 750 Edmonds reet. Despite mediocre absorption, New Westminster has quietly sustained a steady pipeline of high-density development with five projects currently selling E rd and nine more in the approvals process. The city has seen renewed interest E 4st by niche developers such as Salient Group due to its heritage feel. The Musqueam and Tsleil-Waututh First Nations are partnering with the Aquilini group to assist with redevelopment plans for the recently purchased Willingdon SE W 70th N Kent Lands at the corner of Willingdon and Canada way. The property was recently sold by the B.C. Provincial Government. ADDRESS PURCHASER PRICE SIZE (SF). 40-490 Lougheed ; 46-475 Dawson reet, Burnaby. 405 Willingdon nue, Burnaby BASE FLOOR SPACE RATIO (FSR) 96th Onni Development Corp. $0,794,000 545,8.40 88th $56 Richmond Block K Land General Partner Ltd. $57,908,000,74,400 - -. 45 Beta nue (Beta Square), Burnaby Thind Properties Ltd. $,500,000 0,47.50 $6 4. Wesbrook Mall NW SW W 4th W 0th 666-6668 Nelson nue & 665 Dunblane nue, Burnaby Crown Point Grey Dunbar No. Blenheim River Railway st W Broadway W 6th Macdonald Moncton West Upper Granville Blundell Francis Williams No. 5th Arbutus eveston Hwy Levels Gilbert Southborough Dr Lions Gate Bridge Granville reet Davie Denman Pacific W rd W 49th Oak Burrard Waterfront W 57th W 57th No. Taylor Wy evens Dr W th King Edward W 4st Oak Bridge Garden City Cambie Cambie No. 4 Capilano Edgemont Blvd Bridgeport Intergulf Development Group Shell Fell No. 5 Fraser Delbrook Larson W Esplanade Fraser - Delta Thruway Chesterfield Knight Knight Bridge Lonsdale Georges W rd E rd E Keith Broadway No. 6 George Massey Tunnel Braemar E Grand Blvd E Esplanade Commercial E Broadway Renfrew Nanaimo No. 7 McGill Dundas st Nanaimo Lynn Valley Brooksbank E Hastings reet Venables Renfrew 9th 49th E Kerr No. 8 Richmond Annacis Rupert Hopcott Tyne Rupert Joyce River C.N Boundary Eton Gilmore Patterson River Vantage Wy 7nd Iron Workers Memorial Bridge Lillooet Grandview Hwy Kent S Blundell W Riverside Dr Nelson Grange Metrotown Imperial Rumble Progress Wy E Riverside Dr Berkley Old Dollarton Huston 76th Gilmore 80th Willingdon No. 9 Hyannis Dr Mt Seymour Pkwy Parker Dollarton Hwy Brentwood Town Centre Holdom Deer Lake Pkwy 4 Nelson Royal Oak Marine Wy Byrne Holdom Sprott Royal Oak Curtis Sperling/ Burnaby Lake Burnaby Gilley North Fraser Wy Edmonds Fraser River $0,75,000 49,97.40 $ Delta Mt Seymour Sperling Deep Cove Derwent 7A Gerald Lougheed Trans Canada Queensborough Bridg Cliveden nd 6th Lake City Way New Westminster e Alex Fraser Bridge Wy Annacis Barnet Winston Nordel Wy Gaglardi Wy ewardson Wy Simon Fraser University 0th Production Way/ University 8th 6th Queens th New Westminster Bedwell Bay Columbia 84th 80th 7nd Lougheed Town Centre North Sapperton Columbia Scott 0th Braid Scott Clarke Patullo Bridge 9nd Como Lake Blue Mountain Newton Gatensbury Scott April Gateway Sunnyside 00th King George 8th nd 84th 76th 6th Ioco. Johns United Blvd R. Po Coquitla Surrey Central East Linton Hartley King George 40th Heritage Mountain Blvd Austin Grosvenor Brunett 08th Av 04th A 00th A 44th 6 Dyke Kitson Pkwy 64th 846-904 Gilmore nue: Millennium Development, applied to develop a 46-storey apartment building, three townhouse units and an amenity building with a total inventory of 40 residential units with a FSR of 5.00. The first phase of the Brentwood Town Centre redevelopment is expected to break 4B ground in the near future and includes the construction of two residential towers, Deltaport Wy a single-storey commercial building and a public plaza. SPRING 04 Robertson Westham Island Causeway 7B 5nd Arthur Dr th 6th River W 5rd 8th 56th Point Roberts 6th Boundary Bay 60th 7nd rage land SALES RANGE (Price per Buildable Square Foot) 64th 58th Edmonds $90-$0 $80-$0 $65-$90 Brentwood $90-$00 $75-$90 $65-$90 6th Ladner Trunk Road Metrotown $0-$5 $90-$0 $85-$0 Lougheed/ Burquitlam $00-$0 $65-$80 $60-$90 New Westminster $90 $0-$75 $0-$75 40th Bayview 4th ation 56th 8th Cres cent 4th 0th White Rock Colebrook 40th 40th 6 nd 8t North Bluff R st
th 6B Mariner Wy t tri-cities Railway st dway Macdonald cton Excitement surrounding the Evergreen SkyTrain line has quelled for the time being as developers wait to see what impact the line will have on the land market in the Tri-Cities. The Port Moody Official Community Plan is in third reading and should be finalized after it is aligned with the Metro Regional Growth rategy, which is expected between September and November, 04. West Granville Blundell Francis Williams Robertson Upper Queens Mathers Fulton Inglewood No. 5th The introduction 5th of the Partington Creek Neighbourhood Plan has led to W th Welch tremendous interest Harbourside in the Dr area on and around Burke Mountain. The Province of Harbourside Pl British Columbia sold 88 acres of land across Burke Mountain to Wesbild Holdings. The sale of Crown lands, and the anticipated sale of the Ratcliff lands, represents 90 percent of the remaining single family lots in Coquitlam. Land values have noticeably increased McGill in Port Moody and Coquitlam as strong Burrard Waterfront Eton absorption of concrete Granville and townhome product has made developers bullish on the adium/chinatown market in these areas. Land values Venables may continue their upward Parker trend Curtis once Cornwall uncertainty surrounding planning policies st in Port Moody is finally put to rest with VCC/Clark Gilmore Brentwood the release of the Official Community Plan. Town Centre Arbutus Broadway E th Commercial E Broadway Renfrew E 4st Burnaby Pitt Braid 49th E Meadows Patterson Metrotown Sapperton Imperial Royal Oak BASE FLOOR ADDRESS PURCHASER PRICE SIZE (SF) Rumble SPACE RATIO (FSR) SE Edmonds 6th New W 70th. N Kent Burke Mountain Crown Lands, Coquitlam Wesbild Holdings Ltd. Westminster $50,000,000 Marine Wy 88 acres - - Columbia. 58 Sheffield nue, Coquitlam Gardenia Homes Ltd. New $4,000,000 Westminster Scott 95,97 - - nd 08th 08th Gateway. 4 Hazel nue, Bridgeport Coquitlam Benchmark Management $,50,000 0,767 - - 04th 04th Surrey 4. 965 Delestre Cambie nue, Coquitlam Private $,050,000 9,640 - - Central eveston Hwy Richmond 567-58 Clarke Road, Coquitlam: Marcon is in the pre-application stages, proposing a -storey apartment tower with 47 units. Delta George Massey Tunnel 655 North Road and 55 Foster nue, Coquitlam: Bluesky Properties has 60th proposed a -storey residential tower with 87 units that contains commercial space at 655 North Road, and one -storey -unit residential tower, one 5-storey, -unit residential tower, eight townhouse units and one four-storey 46-unit market-rental apartment building at 55 Foster nue. The project would aim to replace 46 of the current units of rental housing. Dyke Levels Gilbert Westham Island Southborough Dr Lions Gate Bridge Granville reet Davie Denman Pacific W rd W 49th Oak W 57th W 57th No. Taylor Wy evens Dr W th King Edward W 4st Oak Bridge Garden City Cambie No. 4 Capilano Edgemont Blvd Shell Fell No. 5 Fraser Delbrook Larson W Esplanade E rd Fraser - Delta Thruway Chesterfield River W Knight Knight Bridge Lonsdale Georges W rd E rd E Keith No. 6 Braemar E 9th E Grand Blvd E Esplanade Nanaimo No. 7 Nanaimo North Lynn Valley Brooksbank Dundas E Hastings reet Renfrew 9th Kerr No. 8 Richmond Annacis Rupert Hopcott Tyne Rupert Joyce River Boundary River Vantage Wy 7nd Iron Workers Memorial Bridge 7nd Lillooet Grandview Hwy Kent S Blundell W Riverside Dr Nelson Huston 76th Progress Wy Ladner Trunk Road E Riverside Dr Berkley Old Dollarton Gilmore Grange 80th Willingdon No. 9 Hyannis Dr Mt Seymour Pkwy Dollarton Hwy Holdom Deer Lake Pkwy Nelson Royal Oak Byrne Holdom Sprott Sperling/ Burnaby Lake Gilley North Fraser Wy Mt Seymour Sperling Deep Cove Derwent Gerald Lougheed Trans Canada Queensborough Bridg Cliveden e Alex Fraser Bridge Wy 6th Annacis 40th Barnet Lake City Way Winston Nordel Wy Gaglardi Wy ewardson Wy Simon Fraser University 0th Production Way/ University 8th 6th Queens th Bedwell Bay 84th 80th Lougheed Town Centre North Columbia Scott 0th Scott Port Moody Clarke Patullo Bridge 96th 9nd 88th Como Lake Gatensbury April Sunnyside 00th King George Ioco C.P.R. East Port Moody Heritage Mountain Blvd Coquitlam Linton Austin Panorama Dr rage land SALES RANGE (Price per Buildable Square Foot) 7nd Newton Surrey 68th Landsdowne Dr Kitson Pkwy 64th Coquitlam $9-$4 $0-$65 $40-$80 Port Coquitlam $0-$40 $0-$50 N/A 58th Port Moody N/A $55-$70 $5-$80 ation Blue Mountain 8th 4 56th nd 84th 76th. Johns United Blvd Hartley King George Grosvenor 40th Colebrook Brunette 00th 44th Port Mann Bridge 48th 76th 7nd 48th Coquitlam Central Fraser 5nd Johnson 7 Port Coquitlam Port Coquitlam 56th Pinetree Wy Shaughnessy Mary Hill Bypass 60th Woodland Pipeline 60th Shaughnessy Pitt River 96th 88th 80th 64th Broadway Perimeter 68th Coast Meridian Prairie Woolridge Cedar Dr Burns Lougheed 76th Pacific 9nd Harvie 84th 7nd 60th 56th Fraser Cloverdal Arthur Dr 4B 64th 6th 40th 40th Pacific SPRING 04 7B Deltaport Wy 5rd 8th 5nd 56th Bayview Cres cent nd 8th 60th 68th nd 8th 7 84th
6B Be Mariner Wy rey roadway ve Blenheim ver Railway Macdonald oncton surrey Granville Burrard Broadway E Broadway Como Lake Despite praise for the E th City of Surrey s carefully planned growth strategy, and an abundance of inexpensive land, the Port Surrey land market was generally quiet at the end Sprott of 0 through Winston the begining of 04. The pieces are in place for Nanaimo Austin Coquitlam 9th E rd Deer Lake Pkwy the expansion of the City Centre, however, Joyce it is up to end-user demand to determine the timeline. Land values generally E 4st Burnaby remained on par with last fall, however, Patterson product is begining to trade at or above concrete values. Waterfront Granville adium/chinatown Metrotown Imperial High-density product in the City Centre area and townhome and Bridgeport product in South Surrey and White Rock area continues to lead demand amongst developers, with Cambie first-time home buyers and downsizers driving end-user demand. However, with many projects in the City Centre on hold, the development community is waiting until end-user demand justifies building. City Centre was completed in the spring of 04 bringing more than 4,000 square feet Richmond of strata office to the market supporting Blundell the City s Innovation Boulevard. Granville Blundell Surrey has come under scrutiny from the development community about its Huston government-owned development arm, Surrey City Development Corporation (SCDC). Although the entity exists to drive development of the city, many are concerned about using tax dollars to compete with the private sector. However, the SCDC has been an active partner with developers Delta on major projects such as Civic Plaza, and may be a catalyst for development in the future. Francis Williams No. Cornwall Arbutus eveston Hwy Dyke Gilbert Lions Gate B Granville reet Davie Denman Pacific W rd W 49th Oak W 57th W 57th W 70th No. W th King Edward W 4st Oak Bridge Garden City Welch Harbourside Dr Harbourside Pl Cambie No. 4 N Kent Shell No. 5 Fraser W Esplanade SE Fraser - Delta Thruway W rd E rd Knight Knight Bridge E Keith No. 6 George Massey Tunnel E G E Esplanade Nanaimo No. 7 McGill Dundas st Brooksbank E Hastings reet Venables Renfrew 49th E Kerr No. 8 Richmond Annacis Rupert Hopcott Tyne River Boundary Eton River Vantage Wy 7nd Iron Workers Memorial Bridge Lillooe Grandview Hwy Kent S Nelson Old Dollarton W Riverside Dr 76th Gilmore Rumble Progress Wy Grange 80th Willingdon No. 9 Mt Seymour Pkwy Dollarton Hwy Parker Nelson Royal Oak Marine Wy Byrne Holdom Royal Oak Curtis Gilley North Fraser Wy Sperling Edmonds Deep Cove Gerald Lougheed Trans Canada Queensborough Bridg Cliveden Derwent New Westminster e nd Alex Fraser Bridge Wy Annacis 6th Barnet ewardson Wy Nordel Wy 9 Simon Fraser University Gaglardi Wy 0th 8th 6th Queens th Be Columbia New Westminster 80th 7nd Kitson Pkwy 84th North Columbia Scott 0th Scott Port Moody Clarke Patullo Bridge Blue Mountain 96th 9nd 88th Newton Gatensbury Scott April Gateway Sun 00th King George 8th nd 84th 76th 64th 6th Ioco. Johns United Blvd A Coquitlam Surrey Central East Linton Hartley King George 40th Heritage Mountain Blvd Grosvenor Brunette 08th 04th 00th 44th 4 Landsdowne Dr Port Mann Bridge 48th 76th 7nd 68th 48th Panorama Dr Fraser 5nd Johnson 56th Surrey SOUTHERN Pinetree Wy Shaughnessy Mary Hill Bypass Woodland Pipeline 60th Shaughnessy Pitt River 96th 88th 80th 64th Broadway 08th 04th Perimeter 68th Coast Meridian Prairie C.N.R. Woolridge Cedar Dr Burns Lougheed 76th Pacific Pitt Meadows 9nd Harvie 84th Fr 7nd Robertson ADDRESS PURCHASER PRICE SIZE Westham Island BASE FLOOR SPACE RATIO (FSR). King George ation Lands PCI Group $4,0,000 4,94 SF 5.5 $8. 58 04th nue Bosa Development $0,6,60 9,966 SF 5.5 $0. 88 04th nue 6th Bosa Development $5,87,700 8,56 SF 5.5 $5 4. 584, 5858, 588, 5904, 596-598 Deltaport Wy 44th reet 7B 60th *Land assembly with 560-5640 Mountain View Drive & 850 56th reet 5nd Arthur Dr 5rd th 4B 8th 56th Point Roberts 6th Boundary Bay 6th 665 07A nue and st 0740 and 0768 King George Boulevard: Tien Sher Investment group is moving through the approval process on a large-scale residential development which includes four towers: 8, 0, 5, and 4 storeys in height. The proposed development will contain approximately,00 units. Causeway River W 850 56th reet: Zenterra Homes received formal recommendations from the City in May on its application to amend the OCP in hopes of developing a 56-unit townhome complex in the Grandview Heights area. The site has a gross area of 0.65 acres. 64th 7nd Ladner Trunk Road 40th B.N.R Vesta Properties $0,86,000 9.98 acres 0* nd $,08,876** rage land SALES RANGE (Price per Buildable Square Foot or as Specified) City Centre $0-$40 $5-$40 $8-$5 Newton Cloverdale South Surrey 58th Bayview 4th ation 56th 8th Cres cent 4th 0th White Rock Colebrook 40th 40th North Bluff $,00,000-$,400,000 per acre $,000,000-$,00,000 per acre $,800,000-$,000,000 per acre 8th 5nd 0th Cloverd 60th 40th Buena Vista 60th 8th $5-$5 N/A $5-$5 N/A $5-$40 $65-$80 68th 7nd Pacific 76th nd 8th 4th 0th 6th 84th Campbell River 60th 56th 0 Boundary SPRING 04 8
Colliers Canada 44 Offices,44 Employees 89 Brokers 4,66 Lease/Sale Tranactions in 0 $7.8 billion in transaction volume in 0 46.4 million SF managed contact information Kirk Kuester Managing Director Brokerage DIRECT: + 604 66 084 kirk.kuester@colliers.com James Lang Market Intelligence Manager DIRECT: + 604 66 0868 james.lang@colliers.com Investment Team: John Boer* Hart Buck Robert Down Morgan Dyer* eve Fame* John Gee Joe Genest Simon Lim* Kelvin Luk Marshall Macleod* George McLachrie Sam Nakhleh* Oliver Omi Scott Peters Casey Pollard* Will Pullinger Jas Sandhu Matt Saunders Sheldon Scott* David Taylor Cecilia Tse* Casey Weeks* Owen Yates* Downtown Office 00 Granville reet, 9th Floor, BC V6C R6 MAIN + 604 68 4 FAX + 604 66 0849 This report has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, express or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/ or its licensor(s). 04. All rights reserved. *Personal Real Estate Corporation.