5 Metro Vancouver CRE Projects To Watch This Year
A host of high-profile projects come to fruition in 2016. Here are five developments we're keeping an eye on.
1. Exchange Tower
Location: 475 Howe St
Developer: Credit Suisse | SwissReal
Specs: 31 storeys, 369k SF; involves LEED Platinum heritage restoration.
Why it matters: Lease-up of the latest downtown office tower—currently only National Bank has taken space—will offer indication of whether the office market's unexpected strength last year has carried into 2016.
2. Tsawwassen Mills
Location: Highway 17 & 52nd Street, on Tsawwassen First Nation Lands
Developer: Ivanhoé Cambridge
Specs: 1.2M SF, with 16 anchors and a mix of premium fashion brands, factory outlets, restaurants and first-to-market retailers, plus a 1,100-seat food court.
Why it matters: Ivanhoé's third "mills" project in Canada is slated to open this fall, arguably Metro Vancouver's biggest retail happening in 2016. Saks OFF 5TH and Bass Pro Shops are among the anchors.
3. The Duke
Location: Kingsway & East 11th Avenue
Developer: EDGAR Development Group
Specs: 14-storey, LEED Gold rental building, with 201 units and nearly 5k SF of ground-floor retail.
Why it matters: Among several purpose-built rental projects spurred by the city’s Rental 100 policy, which offers incentives for construction of 100% rental buildings, like added density and development charge waivers.
4. Golden Ears Business Park
Location: Pitt Meadows, north end of Golden Ears Bridge
Developer: Onni Group
Specs: Two acres of prime industrial land with 4M SF of buildable area for build-to-suit spaces and multi-tenant warehouses.
Why it matters: A welcome injection of new supply to help alleviate Metro Vancouver’s chronic industrial space shortage. Phase 1 is fully leased and Phase 2 buildings are being rolled out through 2016, most built on spec.
5. Station Square
Developers: Anthem Properties & Beedie Development Group
Specs: Five residential towers (second tower is under construction), 1,800 units total. 400k SF of office and retail, including Bed Bath & Beyond.
Why it matters: Part of a wave of new major mixed-use projects built at regional transit hubs, Station Square is near Metrotown SkyTrain station and beside Metropolis, the Lower Mainland’s largest mall.