June 3, 2024
PC Urban and Nicola Wealth have launched a new office and industrial strata development at 8th and Columbia in Mount Pleasant. Overlooking Jonathan Rogers Park, this thoughtfully-designed project is one of the first to be approved and brought to market under the new Mount Pleasant zoning policy, allowing density as part of the Broadway Plan.
The six-storey building will offer both office and creative industrial spaces ranging from partial to complete building ownership and extraordinary views of Downtown Vancouver and the North Shore from every floor in the development. In conjunction with the new transit line on Broadway, the area will soon offer more rapid transit access than downtown Vancouver in a highly-amenitized neighbourhood. The new zoning means the development provides greater density on transit, as well as much-needed employment space in an area that boasts some of the lowest office vacancy rates in North America.
“We are excited to launch a project that helps the City fulfill its goals of generating employment space in the area. We’ve built many successful developments in Mount Pleasant, including the heritage restoration at Lightworks, and we understand what business owners and employees are looking for,” said Brent Sawchyn, PC Urban CEO. “Jonathan Rogers Park is the centrepiece of the community, and I remember biking through one day, admiring the views and thinking: if I wanted an office, I’d want it to be here. It’s the best site in the neighbourhood.”
Designed by MCM Architects, the new building, called Foundation, will provide a boutique AAA office and creative light industrial space with a common rooftop and patios on multiple floors. Flexible creative industrial zoning allows for traditional industrial uses, as well as ancillary retail and digital production spaces. The development will benefit from its proximity to Broadway and the growing rapid transit network, as well as its location on a quiet street with cycling pathways and parks.
“Mount Pleasant stands as a remarkably resilient market with some of the lowest office and light industrial vacancy rates in North America, buoyed by essential leasing fundamentals including convenient access to rapid transit, a vibrant community life, and flexible zoning,” said Andrei Jelescu, Associate VP at Cushman and Wakefield ULC. “The forecast is for continued robust interest from owner-users and tenants alike. Given the lack of available inventory, this is a welcomed project that we anticipate will see strong market demand.”
“Since our first venture in Mount Pleasant in 2014, our partnership with PC Urban has consistently raised the bar; projects like The Lightworks Building and The Nickel have solidified our track record of success,” shares Alex Messina, Vice President, Acquisitions at Nicola Wealth Real Estate. “The Foundation builds on this legacy, reinforcing our strong partnership and vision for the future of this vibrant neighbourhood.”
