Exciting Changes Coming to North Vancouver as ICBC Headquarters Transforms into New Residences
Big changes are coming to North Vancouver as ICBC’s headquarters is set to be transformed into hundreds of new residences. The new transit-oriented development next to Lonsdale Quay Market is a result of a groundbreaking agreement between the BC Transportation Financing Authority, ICBC, Musqueam Nation, Squamish Nation, and Tsleil-Waututh Nation (MST Nations).
B.C. Premier David Eby highlighted the importance of developing underused areas connected to transit hubs to create new homes that prioritize the needs of the community. The purchase of ICBC’s headquarters will soon lead to a thriving community with hundreds of attainable homes for middle-income people.
Located within the traditional territories of the Musqueam, Squamish, and Tsleil-Waututh Peoples, the waterfront site at 151 Esplanade W. will undergo redevelopment with a focus on mixed-use residential development. The project aims to deliver both market and below-market homes, along with essential amenities such as child care, health care, and public spaces.
The partnership between the Province of B.C. and MST Nations marks a new chapter in working together towards tackling the housing crisis. Musqueam Chief Wayne Sparrow expressed the significance of governments collaborating as partners in redevelopment to achieve concrete results.
With ICBC’s hybrid work model leading to the North Vancouver headquarters operating at less than half capacity, the move to a new location adjacent to the VCC Clark SkyTrain station opens up opportunities for the site’s transformation. This project is part of a broader initiative by the B.C. government, with similar transit-oriented developments announced in Saanich and Port Moody.
The early planning stages estimate that several hundred homes will be created at the site, promising significant benefits for the North Vancouver community. Through strategic land acquisitions near transit hubs, the province is paving the way for innovative housing solutions and enhanced amenities for residents.
Stay tuned for more updates as this exciting redevelopment project unfolds in North Vancouver, bringing new life and opportunities to the region.
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