VANCOUVER, British Columbia, Sept. 08, 2021 (GLOBE NEWSWIRE) -- PCI Developments has submitted a rezoning application to the City of Vancouver to transform an underutilized auto lot next to the Marine Drive Canada Line station and South Vancouver bus loop into a transit-oriented hub with industrial, retail, and office space plus rental and affordable ownership homes. The project would be directly connected to PCI’s global award-winning Marine Gateway development and existing rapid and bus transit infrastructure.
“Marine Gateway 2 is a unique opportunity to support local and regional economic, housing, sustainability and transit priorities, while building on the success of Marine Gateway. We look forward to working with the City and other government stakeholders to bring forward this significant addition of industrial, office and retail space, along with market & below market rental & affordable home ownership housing, all directly integrated with existing rapid transit station and bus loop,” said Tim Grant, President of PCI Developments.
By creating an additional 300,000 sq. ft. of highly functional, new-generation urban industrial space, Marine Gateway 2 would support government targets for the creation of industrial space and help relieve pressure on the limited amount of industrial space in the region. This increase amounts to over six times the size of the industrial space utilized by outdated automotive dealership that currently exists on the site and supports Metro Vancouver’s Regional Growth Strategy and City Employment Lands goals to expand suitable space for industrial services in the region.
The project’s proximity to end users, YVR Airport, public transit, and transportation corridors would help attract urban industrial users such as digital media creators, food commissaries, and companies working in production, distribution and repair (PDR) that help keep Vancouver’s economy moving.
“Industrial space is needed now in Vancouver more than ever. We are sitting at historically-low vacancy rates, the lowest in North America. The innovation behind Marine Gateway 2’s stacked industrial space and the location make this a perfect project for Vancouver,” said Chris MacCauley, Senior Vice President at CBRE.
A total of 280,000 sq. ft. of new office space will transform the existing auto lot into a transit-oriented workforce hub that would host over 1,800 workers once completed. Combined, Marine Gateway and Marine Gateway 2 would host over 3,000 jobs daily.
Marine Gateway 2 would also create over one thousand below-market and rental homes, including 680 market rentals, 170 moderate income rentals, and 203 below-market ownership homes.
“Due to its location and proposed housing mix, Marine Gateway 2 would be an excellent candidate for our affordable rental and home ownership programs,” said Raymond Kwong, Provincial Director of BC Housing’s HousingHub.
With direct connection to the Marine Drive Canada Line station, Marine Gateway 2 would help optimize government investment in public transit and provide a significant and much-needed boost to post-pandemic ridership.
Other project features include an on-site, low carbon renewable district energy system connected to Marine Gateway’s geothermal district energy system, a significant presence of First Nations and Indigenous public art through a partnership with local First Nations, and a public plaza directly connected to the existing Marine Gateway retail High Street, and with addition of 40,000 sq. ft. of community-serving retail.
A rezoning application has been submitted to the City of Vancouver through its new Policy Enquiry Process and the proponent anticipates working closely this fall with staff and decision-makers on the technical analysis, regional partnerships, and planning discussions required to unlock this unique opportunity, ensure the best possible use of this land, and optimize investments in existing transit infrastructure.
Once approved, construction for the project is estimated to be complete within four years.
Contact:
Tim Grant
PCI Developments
media@marinegateway2.com
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