NAIOP Vancouver and Business in Vancouver lauded the city’s top projects and dealmakers at an awards gala last week at the Fairmont Waterfront. Here’s a look at five of the winners.
1. Marine Gateway
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Award: Mixed-Use Development
Developer: PCI Developments Corp
Why it matters: The first major mixed-use project to be directly integrated with the Canada Line. Built on a one-block, five-acre site, the 820k SF LEED Gold community includes a 14-storey office tower anchored by Westport Innovations, plus 461 condo and rental apartments in two towers. A model for the smart growth Vancouver wants to see at transit nodes.
2. MNP Tower
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Award: Office Development
Developers: Oxford Properties Group | CPPIB
Why it matters: Built on the last available site in the harbour district with views, the 35-storey LEED Gold tower is the fourth in a 1.1M SF Oxford-owned complex that includes Guinness Tower, the Marine Building and Oceanic Plaza. With MNP as anchor, plus CBRE and Atimi Software, the tower boasts a high-end restaurant run by David Hawksworth.
3. McArthurGlen Designer Outlet
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Award: Retail Development
Development team: Templeton DOC LP, a JV between McArthurGlen Group and Vancouver Airport Authority
Why it matters: It’s the first location in North America for the UK-based designer outlet mall builder. The European-flavoured open-air village is being built in phases: the first opened last summer—creating traffic chaos—with 240k SF of retail; Phase 2 will add 135k SF. Vancouver-area outlet mall fans no longer have to cross the border to get their fix.
4. Boundary Bay Industrial Park
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Award: Industrial Development
Project team: Dayhu Group | CBRE
Why it matters: BBIP's Phase 2, a 440k SF building with 36-foot-clear ceilings, is the largest facility of its kind in the Lower Mainland—the size of 15 football fields. The 47-acre park, close to Deltaport and South Fraser Perimeter Road, helped Delta outperform other industrial markets in 2014; CBRE leased its entire first 440k SF first phase.
5. WIP Portfolio Sale
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Award: Investment Transaction
Deal team: Western Investment Properties (seller) | CBRE (Tony Quattrin, Jim Szabo, Lance Coulson)
Why it matters: The $170M sale to CAPREIT of WIP’s apartment portfolio—19 properties/titles, 22 buildings, including 2010 St. Johns St in Port Moody, above; 919 rental units total—was BC’s largest-ever one-time multifamily portfolio trade. The province is a tough place for multifamily investors seeking scale, making CAPREIT’s deal remarkable.
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