A relatively significant mixed-use commercial development is planned for a large under-utilized parcel of land in the Bridgeport area of North Richmond.
Chunghwa Investment is redeveloping the property at 9466 Beckwith Road — located just east of Costco and the Oak Street Bridge, and a short walk from the Canada Line’s Bridgeport Station — into a business hub with four mid-rise buildings.
This complex will entail two office buildings and two hotels operated by Marriott International: Courtyard Marriott and Residence Inn Marriott. IBI Group is behind the design of the redevelopment.
Earlier this month, construction began on the first office building, which will contain 130,000-sq-ft of floor area over 12 storeys. Other features include two outdoor decks on the top two floors and 256 vehicle parking stalls.
An adjacent building will contain 66,325-sq-ft of office space.
The City of Richmond’s master plan designates the Bridgeport area for commercial and entertainment uses; no new residences are permitted as the area is adjacent to Vancouver International Airport’s North Runway approach.
The redevelopment is just one of numerous major projects proposed, planned, or underway for Richmond’s emerging city centre area, which stretches the general area between Bridgeport Station and Richmond-Brighouse Station.
In January 2020, the 100-room upscale OPUS Hotel Versante will be opening within the new International Trade Centre commercial complex located next to the current site of the Richmond Night Market.
Bridgeport is currently anchored by River Rock Casino, and long-term plans to redevelop a vacant 22-acre site that is partially used by the Richmond Night Market into a $4-billion commercial development with a shopping mall, restaurants, hotels, office, convention centre, and other attractions could transform the area into a key regional destination and service hub for the airport.
According to Graham Davidson with Colliers International, the vacancy rate for office space in Richmond is 7%, but the rate is far lower at 2% for office buildings adjacent to transit.