Posted Nov 27, 2007, 6:21 PM
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Join Date: Jan 2002
Posts: 2,699
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Re: 1133 Melville - Merrick Architecture just moved in to the 7th floor about a month ago, and yes, they are still actively leasing out the remaining vacant space. Also, the Enterprise rental car just opened in that garage (with the storefront in the Melville), so I highly doubt Amacon would be pursuing a redevelopment until well after 2010.
Amacon will face some major obstacles, not the least of which is introducing that much office space to a market that will likely have seen close to a million new sq ft of space built (in GM Place, Bentall and Manulife) by the time they can build.
If they are serious about this though, my suspicion would be that they are trying to land a major existing tenant downtown in the 100-150k sq ft range (yes, there is a handful of companies that large downtown). Larger tenants might be willing to sign a prelease a few years out if it means finding AAA space. Still, this is VERY aggressive considering that A)this is Vancouver B) the market is probably close to peaking in terms of rents, and C) that Amacon has very little experience developing office buildings.
I'm also surprised that Manulife is just now looking at building on Howe - they have been talking developing the site for close to 5 years, only to watch another project get announced and continued skyrocketing construction costs?
Anyway, thanks for the updates raggedy.
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