North Shore Updates

[jollyburger]

West Van moving forward on the Cypress Village plans (25 year development schedule)

In return for allowing greater density, with development of 3,700 housing units in a series of community hubs over the next 25 years, British Pacific Properties will transfer 262 acres of park land in the Eagleridge area to the District of West Vancouver for park dedication if the plan goes ahead.

Under the plan, British Pacific Properties will also run a bus service down to Park Royal

https://www.nsnews.com/local-news/we...opment-8971851

[RedArbutus]

David Eby is apparently slated to announce something major regarding housing developments and transit, onsite at ICBC in North Vancouver (which just officially announced last week that it will be moving to Great Northern Way in 2027 and leaving behind a substantial property above a bus exchange and a seabus terminal).

https://vancouver.citynews.ca/2024/0...it-hub-update/

[RedArbutus]

ICBC’s North Vancouver headquarters property will be transformed into hundreds of new homes for people, close to services, amenities, transit and the SeaBus.

“Underused areas that are already well-connected to transit and close to services and amenities are the perfect places to build new homes,” said Premier David Eby. “That’s why we’re buying up land near transit hubs and working with partners to shape development in a way that prioritizes the needs of the people who live and work in our communities over luxury condos. Our purchase of ICBC’s headquarters will transform the site of a largely empty office building into a thriving community with hundreds of attainable homes for middle-income people.”

The new transit-oriented development next to Lonsdale Quay Market will be made possible through an agreement between the BC Transportation Financing Authority and ICBC, and Musqueam Nation, Squamish Nation and Tsleil-Waututh Nation (MST Nations).

https://news.gov.bc.ca/releases/2024MOTI0028-000940

Eby specified that the plan is to create a development proposal over the next few years, and to start demolishing the current building the moment the last ICBC employee has moved (scheduled to take place between Dec 2026 to May 2027), and then start building immediately after demolition.

[jollyburger]

I wonder how they'll develop the site and keep the bus exchange open below and not interrupt train traffic.

The B.C. government has purchased the soon-to-be-former ICBC site in North Vancouver and will be turning it into hundreds of homes, it says.

In a housing announcement Monday morning, Premier David Eby announced the capital investment, explaining that the purchase is part of the province’s plan to create housing near transit hubs.

“Underused areas that are already well-connected to transit and close to services and amenities are the perfect places to build new homes,” said Eby.

[whatnext]

Originally Posted by chowhou

I suppose there might be a chance this might have something to do with the North Shore Skytrain plans, but I'm reaching here.

OK, so the province says it is "buying" the ICBC site for housing. But since ICBC is a Crown Corp, doesn't the province own it already? Sounds like a way to pad ICBC's balance sheet to justify paying rent on fancier new digs.

North Vancouver ICBC site to be transformed into homes
By Charlie Carey

Posted June 17, 2024 7:44 am. Last Updated June 17, 2024 11:17 am.
The B.C. government has purchased the soon-to-be-former ICBC site in North Vancouver and will be turning it into hundreds of homes, it says.

In a housing announcement Monday morning, Premier David Eby announced the capital investment, explaining that the purchase is part of the province’s plan to create housing near transit hubs...
https://vancouver.citynews.ca/2024/0...it-hub-update/

[WarrenC12]

Originally Posted by whatnext

OK, so the province says it is "buying" the ICBC site for housing. But since ICBC is a Crown Corp, doesn't the province own it already?

The Province and Crown corps lease all kinds of space in buildings they don't own.

[Migrant_Coconut]

The whole point of a Crown Corp is that the province doesn’t own it.

[chowhou]

Originally Posted by Migrant_Coconut

The whole point of a Crown Corp is that the province doesn’t own it.

If we're being extra pedantic, BC owns the crown corp but not the land in the same way that a business owner might own a business which owns land. A business owner can't just freely transfer the ownership of the land from the business to the individual, but ultimately the business owner kind of has complete control of how the land gets transfered.

[whatnext]

Originally Posted by WarrenC12

The Province and Crown corps lease all kinds of space in buildings they don't own.

Sure but when they own a perfectly good one already? Not to mention the jobs factor. ICBC and BC Rail offices were located next to the Seabus terminal to a) encourage jobs on the North Shore; b) offer an easy transit option to those who worked there but didn't live on the North Shore.

There's zero reason to locate ICBC in expensive rented space on False Creek flats. Put it out in Surrey Central or along the new extension.

[whatnext]

Originally Posted by chowhou

If we're being extra pedantic, BC owns the crown corp but not the land in the same way that a business owner might own a business which owns land. A business owner can't just freely transfer the ownership of the land from the business to the individual, but ultimately the business owner kind of has complete control of how the land gets transfered.

I thought King Charles III owned it?

[madog222]

Originally Posted by jollyburger

I wonder how they'll develop the site and keep the bus exchange open below and not interrupt train traffic.

The rail line only cuts under a very small section of the site along the northern edge, that shouldn't cause any issues.

The bus loop on the other hand will require some planning, it will likely be reconfigured along with the development construction. It's such a constrained site that it's hard to image how this will end up.

[Tvisforme]

(deleted)

[Changing City]

Originally Posted by whatnext

Sure but when they own a perfectly good one already? Not to mention the jobs factor. ICBC and BC Rail offices were located next to the Seabus terminal to a) encourage jobs on the North Shore; b) offer an easy transit option to those who worked there but didn't live on the North Shore.

There's zero reason to locate ICBC in expensive rented space on False Creek flats. Put it out in Surrey Central or along the new extension.

The existing building is not 'perfectly good'. "The building is aging and in need of reinvestment. According to BC Assessment, the latest assessed value of the property is $103.2 million, with $101.8 million for the land and only $1.4 million for the major structure, which provides an indicator of the building’s condition." [Daily Hive]

'Eight years ago, a leaked report prepared by ICBC at the direction of the previous Liberal government indicated the costs of maintenance and upgrades to be around $184 million, including $36 million for seismic upgrades." [Richmond News]

[whatnext]

Originally Posted by Changing City

The existing building is not 'perfectly good'. "The building is aging and in need of reinvestment. According to BC Assessment, the latest assessed value of the property is $103.2 million, with $101.8 million for the land and only $1.4 million for the major structure, which provides an indicator of the building’s condition." [Daily Hive]

'Eight years ago, a leaked report prepared by ICBC at the direction of the previous Liberal government indicated the costs of maintenance and upgrades to be around $184 million, including $36 million for seismic upgrades." [Richmond News]

It doesn't say much for the management of provincial/crown corp assets if they can't maintain a fairly basic office building properly.

[madog222]

Originally Posted by whatnext

It doesn't say much for the management of provincial/crown corp assets if they can't maintain a fairly basic office building properly.

If assessing condition and budgeting repair and upgrade projects is not proper management, what is? I'm also very curious about how you believe that building is "fairly basic".

[Changing City]

Originally Posted by whatnext

It doesn't say much for the management of provincial/crown corp assets if they can't maintain a fairly basic office building properly.

On the contrary, it justifies having a property owner responsible for looking after their asset, and leaving an insurance corporation to concentrate on insuring things, rather than property maintenance.

[whatnext]

Originally Posted by madog222

If assessing condition and budgeting repair and upgrade projects is not proper management, what is? I'm also very curious about how you believe that building is "fairly basic".

Is there anything particularly remarkable about that building? Anything that would make it particularly hard to maintain?

[officedweller]

Originally Posted by whatnext

Is there anything particularly remarkable about that building? Anything that would make it particularly hard to maintain?

Looks unique in that it appears to have an exoskeleton(?)

[Migrant_Coconut]

The place was built 44 years ago. Structures age and building codes modernize. If the province doesn't have authority over banking, criminal law, national defence or citizenship, then the laws of time and physics would appear to be well above their pay grade.

[Migrant_Coconut]

Originally Posted by jollyburger

West Van moving forward on the Cypress Village plans (25 year development schedule)

I thought the concern with the RapidBus was "too little roadspace?" WTF do they call this?!?