The multi-level parkade, right across from the transit hub at Waterfront Station in downtown Vancouver, with narrow concrete slabs held into position by toothpick-thin pillars is finally coming down… in a controlled manner.
Earlier this year, the 1960-built parkade at 320 Granville Street ceased operations, and hoarding for demolition began appearing a few weeks ago.
This is all part of the project to turn the site into Waterfront Centre – a 377-ft-tall, 30-storey tower with 355,000 sq. ft. of premium AAA class office space, plus retail spaces within the first two floors and worker amenity spaces within the third and fourth floors.
There will be 288 parking stalls within eight underground levels accessed from the laneway.
The project – designed by New York City-based architectural firm Kohn Pedersen Fox – is being developed by Bosa Development, which took over the redevelopment after acquiring the property from Vancouver Whitecaps FC owner Greg Kerfoot. Its architectural form features curved glass and “sculpted” flows.
Late last year, the initial offering of office space in the tower sold out within a week at over $2,000 per sq. ft., marking a record high for Vancouver’s heated office market.
At the time, the developer held onto the remaining top 15 floors of the tower for future leasing given that prices for premium office space is forecast to soar for the foreseeable future due to low new supply.
Vancouver’s rapidly expanding tech industry has led to a shortage in office space in the city as office vacancy rates in the downtown area now stand at 5.2%. It is the second lowest rate in the continent, according to Colliers International.
Two other sizeable office building projects are planned for the same city block, including the under-construction 25-storey office tower at 601 Hastings Street and the proposed 28-storey office tower adjoined to the historic RBC Building at 625 West Hastings Street – just behind the parkade site.