THE MARKET

THE MARKET is a collection of City of Surrey focused real estate news and intelligence covering the newest policies, development applications and trends shaping the city. 

 

Non-residential investment in Surrey's City Centre continues to increase, underscoring the growth trajectory underway in the regions fastest growing city.


At 23-storeys, this will be the tallest office to-date in Lark Group's City Centre office development. Branded as City Centre 4, the building will comprise 358,976 square feet of space.


Breakdown of square footage use is as follows:

  • 25,854 SF of commercial space (retail)

  • 4,725 SF of restaurant space

  • 21,484 SF of medical office use

  • 266,094 SF of office space

  • 42,969 SF of space for a college

Highlights from application:

  • The proposed mix of uses, including office, medical office, and ground floor commercial retail space will support the vision of the Medical District in the City Centre as a dense medical and health technology office district, having the highest concentration of innovation and health related offices in the city.

  • The proposed office building will be 23 storeys in height and consist of approximately 841 square metres of ground floor retail space within multiple commercial retail units (CRUs) and a restaurant, with office, medical office and college space above. An additional 1,816 square metres of retail space within multiple commercial retail units (CRUs) and a restaurant are proposed on Level 2, accessed from the courtyard on the northern elevation of the building.


Fore more information on the application:

https://www.surrey.ca/sites/default/files/planning-reports/PLR_7921-0347-00.pdf

Pacific Reach Properties has submitted a development application for a new 31-storey, 280-unit residential tower located adjacent to its Guildford Sheraton Hotel -- located just northeast of 152nd Street and 104th Avenue.


The original Sheraton Hotel has been operating on the property since 1992.


Additionally, "the applicant also proposes a 3-storey addition to the existing 6-storey office building on the GCC site (Guildford Corporate Centre located adjacent to the Hotel). The existing GCC building consists of a 6-storey component along the southern half of the building, while the northern half is only three storeys in height".


Highlights from application:

  • The proposed density (4.2 gross FAR) is consistent with the "Mid to High Rise Mixed Use" designation in the Guildford Town Centre – 104 Avenue Corridor Stage 1 Plan, including density bonus.

  • Overall, the development proposal supports transit-oriented development, focusing growth and increased density along frequent transit corridors, along main roads, near transit routes and adjacent to major parks and civic amenities

  • The proposed indoor amenity is divided into three (3) areas of the building as follows:

  • Level 2: fitness area and gym, as well as study and meeting spaces;

  • Level 7: kitchen and dining area, as well as a games room and lounge that connect to the outdoor amenity space; and

  • Level 31 (rooftop): small storage room and restroom for the rooftop garden.


Fore more information on the application: https://www.surrey.ca/sites/default/files/media/documents/AGN%20RCLU%20Package%202022%2005%2009.pdf

Updated: May 3

A quick Craigslist/MLS search will show you an insignificant amount of available rental and ownership housing options along Surrey's Scott Road and 72 Avenue corridors, one of the regions most busiest Frequent Transit Networks.


"The FTN is a network of major corridors throughout Metro Vancouver where transit service runs at least every 15 minutes in both directions throughout the day and into the evening, every day of the week. The Corridor is currently serviced by several bus routes, including the 319 (Scott Road/72 Avenue), which is the FTN service route."

As population South of the Fraser continues to experience explosive growth, the neighbourhoods adjacent to these corridors have become some of the most popular for new students and immigrants to settle.


The proximity to frequent transit networks connecting to the rest of the region, retail (e.g. Strawberry Hill Shopping Centre and other ethnically-diverse retail amenities along these corridors), post-secondary schools (e.g. Kwantlen Polytechnic University), employment nodes (e.g. Newton industrial lands) and the city's main form of affordable rental housing supply (basement suites in single-family neighbourhoods) has contributed to increased demand for housing in these areas.


New multi-family housing development along these busy corridors has been underserved over the years. In 2019, RioCan REIT - the owner of Strawberry Hill Shopping Centre - submitted a development application for a 6-storey, 123 unit building on its property. For most in the neighbourhood, this was an obvious and much-welcomed application.


Support from the mom & pop investor community has also been strong, underscored by the extremely successful pre-sales of the few residential condominium projects that have been brought to market in recent years.


Throughout the region, corridors such as Scott Rd & 72 Avenue have become focal points in the density conversation. The City of Vancouver's recently approved Secured Rental Policy for Low Density Areas provides a great example of increased density options along arterials. The City of Vancouver now allows for up to 6-storey rental buildings fronting major arterials, and up to 4-storeys on streets located just off the arterials.


For more information on the City of Vancouver plan: https://shapeyourcity.ca/rental-rz


Notes from the April 11 Corporate Report:

  • The OCP outlines objectives and policies to encourage transit-oriented development along FTN corridors, including the intent to undertake transit-supportive secondary land use plans. The intent focuses on creating compact, complete urban neighbourhoods with higher density mixed uses that align with and support frequent transit service.

  • The Corridor is subject to ongoing population, employment, and institutional growth. This growth, along with the existing FTN designation and the OCP’s supportive policies, emphasize the need for a land use planning review along the Corridor.

  • The Corridor already contains a diverse mix of employment and residential uses within several established neighbourhoods, as well as business park and industrial uses within the South Westminster area.

  • New land use plans will need to be established for the Scott Road portions of the Corridor, as well as potentially the area around Kwantlen Polytechnic University along 72 Avenue.

Link to Corporate Report: https://www.surrey.ca/sites/default/files/corporate-reports/CR_2022-R071.pdf


Link to RioCan approved rental application: https://www.surrey.ca/sites/default/files/planning-reports/PLR_7919-0185-00.pdf


City of Vancouver Secured Rental in Low Density Areas: https://shapeyourcity.ca/rental-rz







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