CityMash.com - Downtown Vancouver’s latest multi-tower project has begun at Burrard Place. The four tower complex, situated on Burrard and Hornby between Davie and Drake, will be a mixed use space serving residential and commercial tenants and owners. Here’s what’s happening at Burrard Place:
One Burrard Place: Construction began on One Burrard Place in May 2016. This building is set to be 54 storeys high, making it the third tallest building in Vancouver after Shangri-La and Trump Tower. The 54 storeys will be comprised of 400 condos and apartments, 30,000 square feet of amenities, retail stores on street level and three storeys of office space, which have already sold out. One Burrard Place is expected to be completed by 2020.
Two Burrard Place: They didn’t bother getting too creative with the naming convention – the second tower will be Two Burrard Place. It will be a mixed use residential, office and retail space. Construction on Two Burrard Place will follow One Burrard Place.
Three Burrard Place: You guessed it, the third building at Burrard Place is ingeniously called Three Burrard Place. Three Burrard Place is set to be a 25 storey rental apartment building. It is currently undergoing rezoning.
Rental office: The yet unnamed rental office (but our money is on “Four Burrard Place”) will feature 200,000 square feet of rental office space on 13 storeys and a Toyota car dealership below ground. Construction is set to start on this tower in April of 2017 with a completion date of 2019.
Burrard Place is being developed by Pattison Group and Reliance Properties Ltd. In the end, the $500 million tower complex will add 1.1 million square feet of residential and commercial space to downtown Vancouver. 250,000 square feet of that will be leasable office space.
This is good news as Vancouver’s office occupancy rate has declined over the last year to 7.8% despite projections that it would rise to 12%. The booming tech sector in Vancouver may be responsible for the demand and declining availability of leasable office space. Many smaller companies that started in Gastown or Yaletown have expanded and are now in the market for larger modern building spaces, such as Burrard Place.