For the first time in a long time, we just found out about a massive, 32-story office building that’s coming to downtown Vancouver in the next few years. The building is the result of a partnership between the local company Reliance Properties and Hines, which is one of the largest real estate developers in the world.
They’re going to be replacing 1166 West Pender Street, which was the longtime home of the Canada Revenue Agency for the region. But, it’s been eyed for demolition for a few years now, with initial proposals dating back to 2018. But, property development moves slowly, and then 2020 hit.
Hines has partnered with @reliancepropltd to redevelop 1166 West Pender on the current site of the Canada Revenue Agency tower in the heart of downtown #Vancouver, our first project in the city https://t.co/gCFMK3qRkL #Hines pic.twitter.com/LhG1AqGhZA
— Hines (@Hines) March 26, 2021
And that’s why Hines is moving in now. The company believes that there are significant ‘signs of recovery‘ in Vancouver, even though the vacancy rate is understandably higher than normal. So, by the time the tower is actually complete, they’re hoping to see things recovered.
As with pretty much anything new in Vancouver, the office building will have top-of-the-line sustainability and efficiency, plus a fun design. In this case, they decided to go with a V-shaped cutout for the top floors. Those will offer private terraces and lounges for tenants, which is pretty cool.
Maybe we can get a deal! Hey Hines/Reliance, do you accept your rent in exposure bucks? Great, we’ll draw up the paperwork.