[Burnaby] Pinnacle Lougheed | 277m, 249m | 87, 77 fl | Proposed

[svlt]

Article on approval on Dailyhive:

https://dailyhive.com/vancouver/pinn...llest-building

[Spr0ckets]

I sure hope for their sakes that by the time they get built or even get to commence construction, the office market will have recovered enough to justify a 12 storey office podium.

Otherwise I predict revisions to that design to reduce that podium size or convert some of it to hotel or residential usage.

Obviously there's no chance that these get built before the 2026 World Cup, but if you could get a decent hotel partner, you can still justify converting some of that podium into hotel for that are that could use some hotel supply.

[officedweller]

Originally Posted by svlt

Article on approval on Dailyhive:

https://dailyhive.com/vancouver/pinn...llest-building

No mention of the neighbouring Canderel project in that story.
Kenneth Chan usually gives a summary of surrounding projects with his stories.
I wonder if it's an advertorial (since there was a previous story about the project receiving approval).

[jollyburger]

Originally Posted by officedweller

No mention of the neighbouring Canderel project in that story.
Kenneth Chan usually gives a summary of surrounding projects with his stories.
I wonder if it's an advertorial (since there was a previous story about the project receiving approval).

I don't see the previous article from DH about the project.

[Burquitlaman]

Originally Posted by Spr0ckets

I sure hope for their sakes that by the time they get built or even get to commence construction, the office market will have recovered enough to justify a 12 storey office podium.

Otherwise I predict revisions to that design to reduce that podium size or convert some of it to hotel or residential usage.

Obviously there's no chance that these get built before the 2026 World Cup, but if you could get a decent hotel partner, you can still justify converting some of that podium into hotel for that are that could use some hotel supply.

Anecdotally, there is an office shortage in the area. I used to work on Austin Ave and our building got bought out by a developer. It's still standing but by the end of this year everyone has to move (from my understanding). I remember at that time my employer had to go all the way to Port Moody to hunt for a decent office. Everything the area was either way too small, or way too old, or way too inaccessible, or destined for demolition. And when you think about it, what's here? Nothing. We went and looked at a bunch of offices and they were all mediocre for the above reasons. The biggest issue in Burquitlam/Austin/Lougheed is age. Everything is old. Based on this anecdotal experience I think it's justified, especially with the population growth.

[officedweller]

Originally Posted by jollyburger

I don't see the previous article from DH about the project.

Ah, my mistake - that was in Storeys.
Pretty late for Daily Hive on this one.

[jollyburger]

Originally Posted by Spr0ckets

I sure hope for their sakes that by the time they get built or even get to commence construction, the office market will have recovered enough to justify a 12 storey office podium.

Otherwise I predict revisions to that design to reduce that podium size or convert some of it to hotel or residential usage.

Obviously there's no chance that these get built before the 2026 World Cup, but if you could get a decent hotel partner, you can still justify converting some of that podium into hotel for that are that could use some hotel supply.

Well I guess with that much strata it gives them a bit more breathing room but it seems pretty risky especially with any offices planned for Gilmore Place/Brentwood.

Burnaby should just move their City Hall into it.

[Changing City]

Originally Posted by Burquitlaman

Anecdotally, there is an office shortage in the area. I used to work on Austin Ave and our building got bought out by a developer. It's still standing but by the end of this year everyone has to move (from my understanding). I remember at that time my employer had to go all the way to Port Moody to hunt for a decent office. Everything the area was either way too small, or way too old, or way too inaccessible, or destined for demolition. And when you think about it, what's here? Nothing. We went and looked at a bunch of offices and they were all mediocre for the above reasons. The biggest issue in Burquitlam/Austin/Lougheed is age. Everything is old. Based on this anecdotal experience I think it's justified, especially with the population growth.

It's helpful to know there might be interest in new office space here. The question is whether there's enough potential tenants to take half a million square feet of space - or enough to make building it economic. The construction alone would be in the order of $200m for the podium, and Pinnacle will be borrowing that to fund construction, so they would almost certainly need some sort of pre-lease to proceed. They're in something of a bind, as they have to build the space, as it's the podium for the towers. (They have to sell most of those as well, and they will be expensive to build, and there are a lot of stratas to sell too.) Maybe some could become hotel space, but there are other Burnaby projects already planning a hotel podium, and there is only so much demand (and financing) for more space.

At some point Onni, Shape or Pinnacle may come back to Burnaby Council to revisit the commercial space requirements of these mega projects, unless there's a significant shift in market demand for office space. Something similar can be seen in the changes proposed to rental requirements. If developers can't make the numbers add up, Council may have to decide if they'll change the expectations for non-condo space, or be willing to have projects on hold for an unknown length of time.

[jollyburger]

Originally Posted by officedweller

No mention of the neighbouring Canderel project in that story.
Kenneth Chan usually gives a summary of surrounding projects with his stories.
I wonder if it's an advertorial (since there was a previous story about the project receiving approval).

FWIW in March Canderel said there was no way the project was going forward with the new ACC/DCC bylaws in Burnaby.

https://pub-burnaby.escribemeetings....cumentId=74980

And re: office/hotel conversion

Office is no longer a viable form of development. The value of future office buildings is
currently less than the cost to build them. In addition, financing is generally not available.

b. Commercial hospitality has a higher demand than office, but requires considerably more
equity capital and uncertainty exists of the value vs. the cost, albeit less than office

[officedweller]

Thanks for the update!

[SpongeG]

I thought a hotel was included in the proposal. Will the rental part at Carrigan get started about the same time? that part of the project is something I look forward to see going up.

[Changing City]

Originally Posted by SpongeG

I thought a hotel was included in the proposal.

There's a hotel proposed as the podium of one of the later phases of the development. Phase One has the two tall condo towers over a 12 storey podium with retail and 515,000 sq ft of office space.

[SpongeG]

ah ok

I live in the areaand we really need some hotels, the Ramada is quite gross and the only option is the Executive.

[madog222]

The developer has submitted a rezoning application to change 11 of the 13 commercial storeys in the podium to strata residential.

[gaviscon]

A monolithic condo town in the making.

[Metro-One]

Dang, that likely means a shorter tower height…

[madog222]

Originally Posted by Metro-One

Dang, that likely means a shorter tower height…

They say the height will remain the same, that should result in nice high ceilings.

https://pub-burnaby.escribemeetings....cumentId=78330

[jollyburger]

Not sure if this video is old or new but it was recently posted by the studio who made it.

Video Link

[officedweller]

Office uses downsized for more condos in Western Canada's future tallest tower in Metro Vancouver
https://dailyhive.com/vancouver/pinn...ation_with_ads

Just one level of retail with hardly any retail space.

Within this five-storey podium, there will be 6,500 sq. ft. of retail/restaurant space on the ground level,
78,400 sq. ft. of office space over three floors between levels two and four (15 per cent of the original office space size),
and shared residential amenity spaces on the fifth level.

https://dailyhive.com/vancouver/pinn...ation_with_ads


https://dailyhive.com/vancouver/pinn...ation_with_ads

[dleung]

how does Pinnacle keep getting away with this garbage? Not only is the design hideous, even all the presentation material for it is looks so dated and amateur-hour, right down to labelling the only selling point of the site - the skytrain - as "lougheed highway"

If the design budget only allows for something like this steaming pile of shit, just make a simple box instead!!