ICBC headquarters to become housing redevelopment
ICBC headquarters to become housing redevelopment | Insurance Business Canada
Insurance News
ICBC headquarters to become housing redevelopment
The move comes amid a planned relocation
Insurance News
By
Terry Gangcuangco
Insurance Corporation of British Columbia’s (ICBC) North Vancouver headquarters (pictured) will be turned into hundreds of new homes, strategically located close to services, amenities, and transit options like the SeaBus.
British Columbia Premier David Eby highlighted the benefits of this redevelopment, stating: “Underused areas that are already well-connected to transit and close to services and amenities are the perfect places to build new homes.
“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 transit-oriented development near Lonsdale Quay Market is being realized through a collaboration between the BC Transportation Financing Authority, ICBC, and the Musqueam, Squamish, and Tsleil-Waututh Nations (MST Nations) as the property at 151 Esplanade W. is situated on the traditional territories of the MST Peoples.
The project, involving stakeholders like TransLink and the City of North Vancouver, will prepare the site for mixed-use residential development. It aims to deliver both market and below-market homes, along with essential amenities such as childcare, healthcare, and public spaces. Early planning estimates suggest the initiative will result in several hundred new homes.
“For decades, our Nations have had to kick down doors and fight to regain a stake in our traditional territories,” said Musqueam chief Wayne Sparrow. “Through this new partnership approach, we are turning over a new page, one that will lead to our governments working together as partners in redevelopment and concrete results in tackling the housing crisis.”
The property acquisition also aligns with the province’s $394-million strategy to deliver 10,000 homes near transit over the next 10 to 15 years. The objective is to transform land near transit hubs into vibrant communities with ample housing and amenities.
Due to ICBC’s hybrid work model, the 27,870-square-meter (300,000 square feet) headquarters in North Vancouver is operating at less than half capacity most days. Consequently, ICBC has secured a 15-year lease to relocate its headquarters to 2150 Keith Dr., next to the VCC Clark SkyTrain station.
“It’s been an honour to be part of the Lower Lonsdale community as it has grown and thrived over the past 40 years,” declared David Wong, chief executive of ICBC. “We’re pleased to have worked with the province on the sale of our head office and are now looking forward to moving to our new location in Vancouver’s False Creek Flats neighbourhood.”
This is the third transit-oriented development the province has announced in recent months, following projects in Port Moody and Saanich.
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