Articles from Storeys

Brookfield is looking to sell the retail component of the Shangri-La Vancouver, just months after acquiring it alongside the hotel. The retail section, located at 1121 Alberni Street, is a fully leased 40,996 square foot property, housing tenants such as Burberry and The Keg, with an occupancy rate of 100%. This offering presents a significant investment opportunity in Vancouver’s premier retail corridor, as foot traffic is expected to increase with the rebranding of the hotel to a Park Hyatt by 2026.

KingSett Capital, a Toronto-based private equity real estate firm, has acquired the Pender Place office towers in downtown Vancouver from Cadillac Fairview and the Investment Management Corporation of Ontario for $125 million. The property, consisting of two 16-storey buildings constructed in 1973, offers a total of 292,613 sq. ft of leasable space and was valued at $146,174,000. This acquisition adds to KingSett's portfolio of Vancouver office properties, amidst its involvement in various transactions and insolvency proceedings across Canada.

Bosa Properties, in partnership with Chunghwa, has proposed a 40-storey residential tower in Burnaby, near Central Park. The project will contain 327 market rental units and 91 non-market units, including replacements for existing rental spaces. A unique rental unit transfer proposal seeks to adjust unit allocations among nearby projects, improving economics while maintaining overall unit commitments. If successful, the project will integrate transportation demand management strategies and is anticipated to proceed soon, following favorable city council discussions.

Amacon is proposing the construction of two towers at 1745 W 8th Avenue in Vancouver, replacing a low-rise commercial building. The project will include a 28-storey and a 29-storey tower, providing a total of 528 residential units, of which 107 will be social housing. Rezoning from commercial to comprehensive development is sought to facilitate this project that aligns with Vancouver's Broadway plan for mixed-use development and community benefits.

Onni Group has submitted a formal rezoning application for a new development at 375 E 1st Avenue in Vancouver, adjacent to the Great Northern Way-Emily Carr SkyTrain Station. The proposal includes three 35-storey mixed-use towers and one 40-storey tower, featuring a mix of residential units, hotel rooms, office space, retail, and art production spaces. The project aims to integrate various uses around shared spaces like an internal atrium and a greenway, reflecting a transit-oriented development approach. Additionally, it incorporates cultural elements related to the region's Indigenous history, with input from Squamish Nation Hereditary Chief Ian Campbell.

The Government of British Columbia has announced a rent increase cap of 2.3% for 2026, tying it to inflation. This decision is meant to make housing more affordable while allowing landlords to maintain their properties. The cap, one of the lowest in decades, aims to protect tenants from unfair hikes amid economic uncertainty. The government also highlights other measures to support renters, such as a rental assistance program and interest-free loans for those facing financial difficulties.

Starlight Investments is planning to build three new infill towers up to 45 storeys high at Lougheed Village in Burnaby, British Columbia, without redeveloping the existing buildings. The proposed towers will add 1,467 market rental units without displacing current residents. The development will occur in three phases and utilize Burnaby's height-based development framework. Starlight plans to integrate transportation demand management strategies, including transit subsidies, despite the area having no parking requirements.

The Government of British Columbia has set housing supply targets for ten additional municipalities, including Burnaby, Coquitlam, and Richmond, bringing the total to 40. These targets span five years and are part of the Housing Supply Act, which aims to address the provincial housing crisis. The new cohort of municipalities begins their targets on September 1, 2025, aiming to fulfill 75% of their housing needs by 2030. The announcement follows the implementation of targets for three previous cohorts since September 2023.

Nicola Wealth Real Estate has revised two Vancouver projects on W 41st Avenue after buying out its partner, Coromandel Properties, which filed for creditor protection. The new proposals for these projects include increased height and density, aligning with provincial transit-oriented legislation introduced in 2023. The changes involve a 26-storey and an 18-storey tower with 497 rental units at one site, and a 13-storey tower with 131 rental units at the other, both receiving approval for rezoning text amendments.

Reliance Properties has submitted a revised rezoning application for a project at 904-920 Davie Street in Vancouver. The new proposal features a 32-storey tower with 244 condos, expanding from the previous 29-storey plan. The updated design includes increased residential units and reduced office space, responding to changes in market demand. The application emphasizes the integration of mixed-use amenities and architectural innovation and is currently under review by the City of Vancouver.

A 16-storey hotel is proposed for 888 W 8th Avenue in Vancouver, near Vancouver General Hospital. The development, planned by Value Property Group, aims to cater to the lack of hotel accommodations in the area and enhance the Broadway Corridor. It includes 152 suites with kitchens for extended stays, and amenities such as a bar, meeting rooms, workspaces, and a fitness facility. The project seeks rezoning from commercial to comprehensive development and aims to contribute to a more connected and vibrant neighborhood.

Bonnis Properties has submitted a rezoning application to build a narrow 32-storey tower near Vancouver City Hall on Broadway. The new development will include 176 rental units with a mix of studio, one-bedroom, two-bedroom, and three-bedroom apartments, accompanied by office and retail spaces. Remarkably, the proposal includes no vehicle parking, leveraging the site's proximity to public transit and emphasizing sustainability measures, such as bicycle parking and limited car usage. This marks Bonnis Properties' third significant rezoning proposal in Vancouver this year.