By Matthew Hoekstra - Richmond Review
Published: June 24, 2011 1:00 PM
Updated: June 24, 2011 1:26 PM
A six-building business park and hotel is being planned by Vancouver International Airport Authority on Sea Island.
The airport authority issued a request for expressions of interest this week for a design team to plan what it dubs the Sea Island Business Park, which would be located on a 13-hectare (32-acre) airport-controlled site next to Canada Line’s Templeton Station.
The site is next to a newly-built 2,500-space park-and-ride facility for airport employees and near a planned 700,000-square-foot Canada Post mail processing plant that’s expected to open in 2014.
According to Raymond Segat, director cargo and business development for the airport authority, the Sea Island Business Park could bring 800,000 square feet of office space and 250 hotel rooms within two transit stops of the airport terminal.
“We see this as being a real change agent to bring the airport closer to the downtown business community, using the Canada Line as a connector to that,” said Segat.
Segat said any revenue from the project would go back into the airport and keep fees low for its carriers.
Aircraft noise won’t be an issue for the business park’s new tenants, according to Segat, adding the buildings will be constructed with a minimum gold LEED (Leadership in Energy and Environmental Design) standard.
“The offices will be soundproof,” he said. “The site has unbelievable attractive views and positioning. You’re going to be able to see outside your window planes landing.”
The office towers would range from approximately four to eight storeys, cost $200 million to build and be phased in “over the next several years as dictated by market conditions and demand,” according to the proposal document.
Construction on the first buildings and hotel is expected to begin in 2012.
Although the site doesn’t offer a central employment base, being located next to an airport and rapid transit line would be an advantage to international companies, said Ron Bagan, managing director for the Colliers International in Vancouver.
“There is definite evidence in the suburban market that being right on or close to a station, that those projects have a much lower vacancy rate than projects that are not on rapid transit,” said Bagan, adding projects pending along Vancouver’s Cambie corridor could compete with the Sea Island site.
City hall’s role in the development is “quite limited,” said city spokesperson Ted Townsend, as the land is owned by the federal government and controlled by the airport authority through a long-term lease.
Coun. Harold Steves said it makes sense to locate businesses on Sea Island that require the airport’s services, adding new taxes from the new development would be welcomed by the city.