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Landshare Report First Half 2015 MARKET SUMMARY Introduction

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Landshare Report First Half 2015 MARKET SUMMARY Introduction Metro Vancouver LandShare Report FIRST HALF 2015 MARKET SUMMARY INTRODUCTION Through the first half of 2015, the Metro Vancouver multi-unit residential land market saw 200 transactions worth approximately $845 million, which is up from approximately $519 million across the same number of transactions. Interestingly, of the 200 transactions, 14% were zoned high density in 2014 versus 26% in 2015. FOCUSED HIGH DENSITY, LIVE-WORK-PLAY DEVELOPMENTS CAMBIE CORRIDOR PLAN ENTERS INTO PHASE THREE CONTINUE TO GROW The Cambie Corridor Plan has now reached its final stage focusing Coquitlam Centre, Oakridge Mall, Brentwood Mall, and now Lougheed on connecting neighbourhoods with low-medium and higher density Town Centre are all examples of strategic regional and municipal mixed-usedevelopments. planned growth areas that allow for high density mixed-use development. The area-focused plans are designed to concentrate The City will be looking at more opportunities to provide diverse residential, office, and retail developments that promote a Live- housing options, such as townhomes and rowhomes. As well, the Work-Play environment, a strategy developed in the Metro Vancouver City plans to explore long-term redevelopment sites within the 2040 plan. corridor, such as King Edward Mall. and connecting major projects in the corridor with the phase three developments (ie. Oakridge The City of Coquitlam, for example, anticipated the development of Transit Centre). the Evergreen Line and proactively rezoned the land surrounding Coquitlam Centre mall to allow for high density residential Looking at the overall program, the City has approved 26 rezoning developments, attracting developers such as Bosa, Onni, and applications between 2011 and March 2015, which includes 6,600 Polygon. This development has attracted many young professionals, new housing units, of which 630 are rental housing. Additionally, families, and retirees looking to downsize due to its proximity to the the plan has fostered the planning and redevelopment of Langara shopping mall, grocers, and the new LRT. Gardens and Pearson Dogwood Lands. Similarily The City of Vancouver with Oakridge mall and The City of Burnaby with Brentwood mall, have reassessed the land surrounding major corridors and transit hubs to allow for high density mixed-use The Metro Vancouver LandShare Report is a series of development. While Oakridge is still in the planning stage, Brentwood is now a large live-work-play community, with what was once empty semi-annual reports on the land market in Metro parking lots and low density sites. Vancouver with a special focus on multi-unit residential land. In addition to a comprehensive analysis of Metro Vancouver Land Sales Activity $2,500 800 residential activity, we will share our insight into the 700 trends that affect the land market in Metro Vancouver. $2,000 $423 600 500 $1,500 $424 $437 $493 $282 $913 400 $679 Volume Transaction Transaction Value (Millions) Value Transaction $1,000 $753 300 $686 $578 $235 $138 $604 $163 $417 $215 200 $500 $485 $840 $390 $72 100 $578 $543 $579 $412 $413 $168 $483 $139 $180 $0 $115 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 Mid Year 2015 High Density Medium Density Low Density Number of Deals Source: RealNet Canada Inc. FIRST HALF 2015 taBLE OF CONTENTS MARKET SUMMARIES Vancouver – Downtown 1 Vancouver – West 2 Vancouver – East 3 North Shore 4 Richmond 5 Burnaby/New Westminster 6 Tri-Cities: Coquitlam, Port Coquitlam & Port Moody 7 Surrey 8 FIRST HALF 2015 1A MARKET SUMMARY S t a n l e y P a r VANCouver – doWNTOWNk S D t r a n le S y t a Beaver P n a l Lake r e k y D P r a P r i k p C e l a i u n s e e Stanley w R a d Throughout the first half of 2015, downtown multi-familyPark y residential land sales reached approximately $50,300,000 Avison W a across 5 transactions; the same period last year saw one transaction worthy $2,175000. Discussions continue to 1A 99 ark Dr y P nle circle around the rezoning of Canada Post site, which is expectedr to include tamarket condominium housing and n D S S goo ta La nl ey N P ar k rental housing, in addition to office and Dretail.r Looking forward, we expect to see this trend continue with the Lost Lagoon Devonian Coal Harbour rezoning and redevelopment of existing sites in order to expose theHarbour Parkhighest-and-best use. W. Georgia St Alberni St Lagoon Dr HIGHLIGHTS Park Ln Haro St Beach Ave Chilco St Harbour Pendrell St Green Park W. Commissioner St » Earlier this year, Townline homes applied to the City of Vancouver to rezone 1335 Gilford St Comox St Bidwell St Pender St Howe Street, the Quality Inn, to permit a 40-storey residential building. This new Denman St Pendrell St W. Georgia St Canada Pl Alberni St Canada Place development is projected to house 389 market condominium units with a density Nicola St Melville St Bidwell St English Bay Cardero St Broughton St 99 Waterfront allowance of 11.2 FSR. In the meantime, this site is currently being used as Ave Beach Jervis St Hastings St E. Commissioner Cordova St temporary housing, managed by the City of Vancouver, in an effort to control Nelson St Barclay St Bute St Burrard Pender St 1A Bidwell St Haro St Dunsmuir St Pendrell St Thurlow St Water St homelessness. Cardero St Comox St W. Georgia St Powell St Columbia St Nicola St St Abbott Burrard St Seymour St Granville St Carrall Robson St » A development application has been submitted to the City of Vancouver to Davie St Broughton St Burnaby St redevelop 717 Davie Street, which is located on the corner of Granville and Davie City Centre Homer St Howe St Pender St Harwood St Street. The preliminary project plan is to redevelop the existing site into a 7-storey St. H Bute St 1 Paul’s Granville St Richards St Stadium/ Keefer St Smithe St 2 Quebec St DunsmuirChinatown Viad mixed use building including, 94 residential units, ground floor retail, and 47 Sunset Hornby St Cambie St Beach Beach Ave Hamilton3 St Thurlow St Nelson St Pacic Blvd Burrard St underground parking stalls, with a total floor area of 69,300 SF. The building Rogers Expo Blvd Davie St Helmcken St Beatty St Arena Blvd Georgia Viad height is expected to reach 71 feet with a total density of 3.85 FSR. BC Place Drake St Stadium Hornby St Mainland St Expo Vanier Hamilton St Park May & Lorne Brown Park Seymour St Burrard Bridge Pacic Blvd Richards St Yaletown/ Roundhouse Science Homer St World Pacic Blvd Point Grey Rd Kitsalano Beach Cambie Bridge St Quebec George Wainborn David Lam KEY SALES Granville Granville Bridge Park Park Trafalgar St Trafalgar Island Balsam St Balsam Maple St Johnston Street False Creek Yew St Yew Olympic Village BASE FLOOR PRICE PER BUILDABLE 99 ADDRESS 1 AvePURCHASER 1 Ave PRICE SIZE (SF) 1 Ave SPACE RATIO (FSR) SQUARE FOOT (BSF) Stephens St Stephens Cartwright Street Larch St Larch Vine St 2 Ave 2 Ave Cypress St Cypress 2 Ave Old Bridge Street 1. 1065 Harwood Street & 1332 Thurlow Street 3 AvePrivate Investor 3 Ave$24,000,000 17,293 9.00 1 Ave 3$154 Ave 2. 150 Robson Street Amacon Development Corp. $21,750,000 16,335 5.00 $286 3. 118 Robson Street Amacon Development Corp. $10,800,000 6,403 5.00 $286 DEVELOPMENT & REZONING PERMits NOTABLE NEW DEVELOPMENTS: AVERAGE LAND SALES RANGE (Price per Buildable Square Foot) » Reliance Properties applied to the City of Vancouver to develop a 22-storey TOWNHOUSE APARTMENT APARTMENT WOODFRAME WOOD FRAME CONCRETE secured market rental building with retail on the ground floor. The development is Downtown Core N/A N/A $200-$250 proposed at their site on the corner of Bidwell and Davie Street. The project would include 108 rental units with a total gross floor area of 102,927 SF and total Downtown East/ N/A $95-$105 $90-$175 density of 7.4 FSR. Chinatown » In the Fall 2014 Land Share Report we discussed a project by Bosa Properties at 500 West Georgia Street. Since then, the project has been updated and the development is slated to include 48 residential floors over an approximate 329,400 gross SF The unique design of the building will look similar to stacked Jenga blocks, created by German architect Ole Scheeren. FIRST HALF 2015 1 Buntzen Lake Capilano Lake MARKET SUMMARY West r m D r d h R A g u o n Vancouver o n VANCouver – weST r a a r l i i o D p d b s a mar Rd n th n Ave e I u e C ra 99 Upper So v B te Edgemont Blvd S Queens Ave Le ve ls Delbrook BC RAIL Mathers Ave d Pitt Lake Highway R E 29th St ur Inglewood Ave o 21st St 11th St 11th m Fulton Ave 1 Hyannis Dr y Investment continues along major corridors in Vancouver West, particularly along Cambie Street, which experienced e S e Lynn Valley Rd North t v 15th St A E Riverside Dr M Taylor Wy Taylor l Ma l rin e e F Vancouver Rd Dr y Mountain Hwy over 50 transactions YTD. This growth has been stimulated by the 2011 Cambie Corridor Planning Program, which Larson Rd a B 15th St ll e ge Lonsdale Ave d Ave Chestereld d w Harrison Lake i W 13th St Ave St Georges R d r t e B e B Berkley Rd Berkley Welch St Mountain Hwy o e W W 3rd St E Sunnyside Rd Sunnyside E Grand Blvd E Grand t o Mt Seymou r a K l Pkwy is now in Phase Three.
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