[New Westminster] Anvil Centre | 11 Floors | Completed

[officedweller]

Not sure how the plans for level railway crossing will go given Transport Canada's actions in White Rock:

http://www.thenownewspaper.com/news/fenc...o-come-as-per-transport-canada-1.1125419

[McPaul]

Anvil centre opens up to the public in ~42 days.

[vanman]

I drove by last night this thing looks terrific all lit up. The renderings look good but the finished product is even better. Well done NW!

[vanman]

My pics from Saturday:

[dpogue]

It's partly visible on the lightpost banner in your pics, but I haven't seen it highlighted in any posts: September 14th, public grand opening event for Anvil Centre.

From http://www.newwestcity.ca/residents/whats_happening/event_calendar/events/1834/2014-09.php

[red-paladin]

Great update!

[Joat]

I really like the podium. Id like to see more of this kind of style downtown. Looks like it would house some luxury stores or something. It kind of reminds me of the proposed pacific centre entrance from a few years ago.

[officedweller]

Articles from the Record:


http://www.royalcityrecord.com/news/the-big-reveal-anvil-centre-1.1353760

http://www.royalcityrecord.com/news/new-west-welcomes-thousands-into-anvil-centre-1.1375699

http://www.royalcityrecord.com/news/new-westminster-gets-another-theatre-at-anvil-centre-1.1354691

[red-paladin]

Changed to Completed.

[McPaul]

Apparently it's grand Opening was on Sunday and I missed it as I had just returned from Kamloops BC. Apparently however the building is open to the public every day. Is anyone interested in going to check it out? It's right across the street from me and there is also trap Holbrook nearby and the Westminster pier Park then we can go take a look at and of course perhaps have a drink or two or three.

[AverageJoe]

Here's a couple shots of Anvil Centre. What a beautiful looking building. I haven't been here in a while and can't believe how much this area of New Westminster has transformed. Stunning.







(photos by me)

[red-paladin]

It really looks great... and really a symbol of rebirth. It wasn't that long ago that the neighborhood was one of the scuzziest places in the lower mainland.

[SpongeG]

it looks amazing, they need to finish the other corner lot asap. and the old train station that was a keg, whats happening with that space?

[s211]

Originally Posted by red-paladin

It really looks great... and really a symbol of rebirth. It wasn't that long ago that the neighborhood was one of the scuzziest places in the lower mainland.

A symbol of rebirth at best, in lieu of actual rebirth. An empty office building will do that to you.

[Prometheus]

Today, in Business in Vancouver:

Anvil weighs down New West office market

A shiny new – and totally empty – office tower is proving an anvil-like weight on the New Westminster commercial market. Built on speculation by the City of New Westminster and sold to investors a year ago, the 14-storey tower has failed to attract a single tenant.

The 137,000 square feet of vacant space in the Anvil Centre, now owned by CRS Group of Companies and Joseph Segal of Kingswood Capital Corporation, has driven the New Westminster office sector into negative territory for the first time in 10 years and the vacancy rate to the second-highest level in Metro Vancouver.

The city’s office vacancy rate is now 16.8% and more than a quarter of Class A space in the Royal City is dark, according to an Avison Young survey...

Full Story: http://www.biv.com/article/2015/2/anvil-weighs-down-new-west-office-market/

[officedweller]

Originally Posted by Prometheus

Today, in Business in Vancouver:

Full Story: http://www.biv.com/article/2015/2/anvil-weighs-down-new-west-office-market/

Interesting bit from that article:

A rapid lease-up, in fact, would trigger payments to the city of New Westminster, which sold the tower for $35.5 million. Under the terms of the sale, the purchasers are paying in installments. After putting down a $5 million non-refundable deposit upon signing the purchase and sale agreement, the purchasers provided an additional $5 million in December 2014, when the sale closed (and held back another $1.5 million until some construction deficiencies are addressed.) The remaining money will be paid to the city, with interest, within three years of the December 31, 2014 closing date.

If the building reached substantial leasing levels before the final installment is due, the city will receive earlier payments on the $25.5 million still owed, explained New Westminster mayor Jonathan Cote.

Sekhon said CRS has also looked at selling rather than leasing office space in the Anvil Centre. “ The building has been set up as a strata of two units per floor but it is our intention to lease the building at this time,” he said
...

http://www.biv.com/article/2015/2/anvil-weighs-down-new-west-office-market/

[Pinion]

So they are keeping it empty on purpose to save money?

I'm not familiar with how this all works, why would that building affect all of New West's office space? Doesn't it just make the stats look a bit worse?

[officedweller]

Yeah, but stats are really just academic.

The owners would still be paying property taxes to the City.

The purchase price payments are a contractual matter and those terms suggest that there's not much downside (aside from carrying costs and taxes) to the owner by keeping it empty (i.e. it's not necessarily a "failure" if it's empty, at least not right now).
The article says they are holding out for a large "quality" tenant (rather than a bunch of small offices) - and most large tenants plan office moves many years in advance.

[dreambrother808]

Originally Posted by red-paladin

It really looks great... and really a symbol of rebirth. It wasn't that long ago that the neighborhood was one of the scuzziest places in the lower mainland.

I remember getting dropped off at the station there a number of years ago and without knowing much about New West, was left with an indelibly bad impression. Nice to see the change!

[NewWester]

Old New West and New New West

[IMG]Untitled by Michael Bround, on Flickr[/IMG]