NORTH VANCOUVER – ICBC’s North Vancouver headquarters is set to change from offices to hundreds of new residences.
The new transit-oriented development next to Lonsdale Quay Market is possible due to an agreement between the BC Transportation Financing Authority, ICBC, Musqueam Nation, Squamish Nation and Tsleil-Waututh Nation (MST Nations), a release said.
“Underused areas that are already well-connected to transit and close to services and amenities are the perfect places to build new homes. That’s why we’re buying up land near transit hubs and working with partners to shape development in a way that prioritizes the needs of the people who live and work in our communities over luxury condos. Our purchase of ICBC’s headquarters will transform the site of a largely empty office building into a thriving community with hundreds of attainable homes for middle-income people,” B.C. Premier David Eby said in a statement.
The waterfront site at 151 Esplanade W. is within the traditional territories of the Musqueam, Squamish and Tsleil-Waututh Peoples, the release said, and B.C. and the MST Nations will partner on redevelopment and work with other key stakeholders such as TransLink and the City of North Vancouver.
Work includes preparing the property for mixed-use residential development, ensuring the development will deliver market and below-market homes, child care, health care and public spaces, the release said.
The Province of B.C. and MST nations are in the early planning process but it is estimated several hundred homes will be created, the release added.
“For decades, our nations have had to kick down doors and fight to regain a stake in our traditional territories. Through this new partnership approach, we are turning over a new page, one that will lead to our governments working together as partners in redevelopment and concrete results in tackling the housing crisis,” Musqueam Chief Wayne Sparrow said.
ICBC’s hybrid work model has resulted in the 27,870-square-metre North Vancouver headquarters operating at less than half capacity the release said, resulting in ICBC securing a 15-year lease to move its headquarters to 2150 Keith Dr., adjacent to the VCC Clark SkyTrain station.
The project is the third transit-oriented development announced by B.C. in recent months, the other two located in Saanich and Port Moody. All three projects were made possible through 2022 amendments to the Transportation Act allowing the provincial ministry of transportation and infrastructure to acquire land near transit hubs to develop housing and amenities, the release said.
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