Shaw Communications has sold its East Vancouver warehouse property, located immediately adjacent to SkyTrain’s VCC-Clark Station, for $45 million, according to records.
The sale of 1155 East 6th Avenue — the northeast corner of the intersection of Great Northern Way and Glen Drive — was completed last month, and will likely result in the redevelopment of the 2.1-acre city-sized block, which is currently used as a warehouse and parking lot for the company’s service vehicles.
The property has immense redevelopment potential for office space and other commercial uses, given the planned westward extension of the Millennium Line from VCC-Clark Station to Arbutus Street and the precedent set by the approved redevelopment just across the street — a new 10-storey office tower at 2102 Keith Drive for the relocated and expanded headquarters of Nature’s Path, which has enough space to accommodate as many as 2,000 workers.
Such office uses on both properties align with the City of Vancouver’s 2017-approved False Creek Flats Plan, which calls for increasing employment spaces from 8,000 to 22,000 jobs — in healthcare and the creative and tech industries — in the area over 20 years.
lululemon is also planning to relocate its headquarters to a new purpose-built office building on a nearby site on Great Northern Way, about two blocks west of VCC-Clark Station.
To date, PCI Developments has been the area’s largest office space generator; it is planning to build six office buildings along Great Northern Way, totalling about two million sq. ft., by the late 2020s, with the first building at 565 Great Northern Way — South Flatz, housing the offices of Samsung and Finning International — already completed.