Vancouver, BC, Dec. 06, 2021 (GLOBE NEWSWIRE) -- The City Centre Motor Hotel, located along Main Street between 5th and 6th Avenue, has seen the neighbourhood around it change considerably over the past 60+ years. Today, Mount Pleasant includes a wide range of housing forms, an innovation hub, and the Main Street village shopping area. The introduction of the Millennium Line SkyTrain extension along Broadway is anticipated to bring a new wave of change in the coming decades.
Nicola Wealth Real Estate (“NWRE”) acquired the City Centre Motor Hotel this fall with the intention to redevelop the property in two to three years in-line with the pending Broadway Corridor Plan. In the meantime, with the motel now closed for business, NWRE is excited to give the motel a short term second life as much needed artist studio spaces. Working with The Narrow Group and in partnership with Vancouver Mural Fest (VMF).
The Narrow Group has opened and operated multiple arts and culture spaces in Mt Pleasant and around Vancouver. They are constantly looking for opportunities to provide artists of all mediums with affordable working space and have been able to use a number of future development sites for this purpose.
“All of us at the Narrow Group are so excited to be part of this amazing adventure. Mount Pleasant is about to be rocked by the biggest explosion of art and culture we have ever seen. Our community is losing space for artists at an abysmal rate all over the city. Our whole team are just blown away by this great opportunity to create temporary affordable spaces in such a great location. The synergies with Mural Fest will truly enliven the neighbourhood.” -David Duprey Principal, The Narrow Group.
“VMF is excited to help bring the creative potential of this project to life. Vancouver Mural Festival originated in Mount Pleasant so it's especially exciting for us to be a part of this new opportunity to support artists in the neighbourhood. This collaboration aligns perfectly with our goal to support equity-deserving and under-represented local artists and cultural producers.” - Andrea Curtis, Executive Director, VMF
Exactly what a redevelopment proposal may look like has yet to be determined since the Broadway Corridor Plan is still in its draft stages and not expected to be considered by City Council until May 2022. Following that, the approvals process is anticipated to take approximately two years from when a rezoning application is submitted, which provides a unique opportunity to introduce a temporary use on site.
“The City Centre Motor Inn is a well-known property in the city and in Mount Pleasant in particular. We’re excited to provide temporary life to the building before we redevelop the property. The intent of our collaboration with The Narrow Group and VMF is to facilitate a celebration of the local arts community, and to provide temporary and much needed affordable options for art space in Mt Pleasant.” - Josh Anderson, Director of Development, Nicola Wealth Real Estate
About Nicola Wealth Real Estate
Nicola Wealth Real Estate (NWRE) is the in-house real estate team of Nicola Wealth, a premier Canadian financial planning and investment firm with over $11 billion (CAD) of assets under management. NWRE has an experienced and innovative team that sources and asset manages a growing portfolio of properties in major markets across North America spanning a diversified range of asset classes which include industrial, multi-family rental apartment, office, self-storage, retail and seniors housing. The Nicola Wealth Real Estate portfolio now exceeds $6 billion gross asset value. realestate.nicolawealth.com
About the Narrow Group
The Narrow Group is an entrepreneurial organization that has operated in Vancouver for the past 15 years with a mandate to create alternative cultural and entertainment spaces and to fight No Fun City. They are responsible for an opening around 10 artist work-only buildings, 3 large capacity live music venues, multiple celebrated restaurants and several internationally acclaimed bars. https://narrowgroup.ca
About Vancouver Mural Festival
Vancouver Mural Fest (VMF) is an independent, non-profit organization dedicated to artistic and cultural development in Vancouver. VMF produces two annual events—Vancouver Mural Festival and VMF Winter Arts—and works year-round to create arts-driven projects through VMF Agency. vanmuralfest.ca
