Business Parks Struggling as Commercial Tenants Seek Transit
VANCOUVER, Sept. 10, 2013 /CNW/ - In a joint news conference with
Vancouver Mayor Gregor Robertson today, real estate developer PCI
Developments Corp. announced that Marine Gateway, the city's largest transit-oriented office tower outside of downtown, will become a hub for green jobs with the news
that Westport Innovations will be its anchor commercial tenant.
"We have a green development with Marine Gateway - offices, shopping,
entertainment and housing all at one station on the Canada Line. It is
a bonus that our anchor tenant is bringing green jobs to the
community," said Andrew Grant, President of PCI Developments Corp. "We are pleased to announce Westport has leased more than 50 per cent
of Marine Gateway's office building for its head office."
Westport is a multinational Vancouver company that engineers the world's most
advanced natural gas engines and vehicles. It is a public company
trading on the TSX and NASDAQ, with more than 900 employees worldwide.
Green jobs contribute substantially to preserving or restoring environmental
"It's important to Westport that we are sustainable across all of our
operations, which is why we sought a building with LEED Gold
certification," says Karen Hamberg, Westport's Vice President of
Sustainable Energy Futures. "Marine Gateway allows us to improve
efficiency by consolidating our office staff in one location, with
great access to transit and bike routes."
The Canada Line's arrival in 2009 encouraged the City of Vancouver to
take innovative approaches to transportation and land-use planning
along the Cambie Corridor. City council approved a change in land use at Cambie Street and Marine
Drive to enable a mix of residential, commercial and retail space close
to a major transit hub.
A site that was once home to 60 jobs will bring more than 1,500
permanent office jobs to the area, 650 retail jobs, and create
2.5-million construction man hours through completion. Marine Gateway
will generate two-million transit trips annually.
"Marine Gateway is an innovative mixed-use development that is hitting
high green standards and delivering a major economic benefit to the
community and our city as a whole," said Vancouver Mayor Gregor
Robertson. "This entire development speaks to both our Economic Action Strategy and our Greenest City 2020 Action Plan, which together provide a roadmap for growing our economy and
strengthening our local environment. I can't think of a more
appropriate company than Westport for Marine Gateway's office tower."
Transit hubs are becoming the centre of business activity in Metro
Vancouver. According to Jones Lang LaSalle's Vancouver Rapid Transit Office Index, business parks across the region are struggling with high vacancy
rates as tenants move closer to transit and amenities. Buildings within
.5 km of a rapid transit station have 4.8 per cent vacancy compared to
12.3 per cent for buildings outside of transit, with some markets being
higher than 20 per cent.
Marine Gateway, a $370-million project, is the first major development
to be approved along the Cambie Corridor since the Canada Line opened.
Its two residential towers sold out in one day, with 95 per cent of
buyers citing proximity to transit as their reason for buying.
Marine Gateway will be built to a LEED Gold designation. Along with the
14-storey office tower, there will be an 11-screen state-of-the-art
movie theatre and a 46-thousand square foot grocery store. The project
also contributes $6.5-million in community amenity contributions for
childcare and affordable housing in the area.
Completion is scheduled for 2015.
Video with caption: "Marine Gateway by PCI Developments Corp.". Video available at: http://www.youtube.com/watch?v=Ltr6l1K8PJ0
Image with caption: "Marine Gateway by PCI Developments Corp. (CNW Group/PCI Developments Corp.)". Image available at: http://photos.newswire.ca/images/download/20130910_C5830_PHOTO_EN_30609.jpg
SOURCE: PCI Developments Corp.
For further information:
Media Inquiries for Marine Gateway:
604 787 1873
Media Inquiries for City of Vancouver:
604 873 7490