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5 Vancouver Developments And Deals That NAIOP Digs Most

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

5 Vancouver Developments And Deals That NAIOP Digs Most

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

5 Vancouver Developments And Deals That NAIOP Digs Most

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 

5 Vancouver Developments And Deals That NAIOP Digs Most

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

5 Vancouver Developments And Deals That NAIOP Digs Most

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

5 Vancouver Developments And Deals That NAIOP Digs Most

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.