After being used as the corporate headquarters office of the Insurance Corporation of British Columbia (ICBC) for more than four decades, the landmark waterfront office building site at Lonsdale Quay in North Vancouver is set to see new affordable housing uses as part of a brand new mixed-use development.
The Government of British Columbia announced today that, through the BC Transportation Financing Authority, another provincial Crown corporation that oversees transportation infrastructure assets, it will acquire this building from ICBC and redevelop the site into hundreds of affordable homes for middle-income individuals and families.
ICBC’s existing Lonsdale headquarters is a 1980-built, six-storey terraced building at 151 West Esplanade — situated directly above TransLink’s Lonsdale bus exchange and immediately north of the Lonsdale SeaBus ferry terminal.
This is part of the provincial government’s 2023 budget strategy of setting aside $394 million through 2026 to acquire suitable transit-oriented development properties near existing and future major transit hubs for the purpose of generating new affordable housing.
“Underused areas that are already well-connected to transit and close to services and amenities are the perfect places to build new homes,” BC Premier David Eby said today.
“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.”
ICBC headquarters office at 151 West Esplanade on the Lonsdale waterfront, North Vancouver. (Google Maps)
ICBC headquarters office at 151 West Esplanade on the Lonsdale waterfront, North Vancouver. (Google Maps)
ICBC headquarters office at 151 West Esplanade on the Lonsdale waterfront, North Vancouver. (Google Maps)
ICBC headquarters office at 151 West Esplanade on the Lonsdale waterfront, North Vancouver. (Google Earth)
Today’s announcement follows Daily Hive Urbanized’s report last week that ICBC will be relocating its headquarters to the brand new The Hive building at 2150 Keith Drive, located immediately adjacent to SkyTrain’s VCC-Clark Station in Vancouver. With 164,000 sq ft of space over all 10 levels of The Hive, ICBC’s new home for about 1,500 corporate office workers will be just over half the size of its existing 300,000 sq ft office in Lonsdale.
ICBC is relocating for a combination of reasons, including the required major reinvestments to the aging Lonsdale building, the need for less office space due to semi-remote work policies, and a more accessible and convenient location, with the majority of its workers living south of Burrard Inlet. As well, during the site selection process, a new location’s adjacency to SkyTrain was deemed to be a key priority.
Under a long-term lease, ICBC will relocate to its new Vancouver office between December 2026 and May 2027.
Construction progress of ICBC’s new Vancouver headquarters office building, as of June 12, 2024:
Construction progress on the new ICBC headquarters office at The Hive at 2150 Keith Drive, Vancouver, as of June 12, 2024. (Kenneth Chan/Daily Hive)
Future condition of ICBC’s new Vancouver headquarters office building upon completion:
Artistic rendering of the new ICBC headquarters office at The Hive at 2150 Keith Drive, Vancouver. (Dialog/BentallGreenOak)
During today’s press conference, Eby said the provincial government’s planning work for the 3.4-acre Lonsdale site will take place over the next two years. The hope is to have site preparation and demolition work begin as soon as ICBC fully vacates the building.
In addition to significant market and below-market housing for middle incomes, this mixed-use development will incorporate amenities such as childcare, health care, and public spaces.
The provincial government will be working closely with the Musqueam, Squamish, and Tsleil-Waututh First Nations, as well as TransLink given the impacts to its existing bus exchange integrated with the SeaBus ferry terminal.
In 2020, TransLink completed a major retrofit of the Lonsdale bus exchange at a cost of nearly $15 million.
Completed renovations at Lonsdale Quay bus exchange. (TransLink)
“Shimmer Time” public art wall at Lonsdale Quay bus exchange. (TransLink)
Completed renovations at Lonsdale Quay bus exchange. (TransLink)
Rob Fleming, BC Minister of Transportation and Infrastructure, said that for this centrally located and large-sized property “to remain in public hands, and be available for what we hope will be an award-winning transit-oriented development, is quite special.”
As well, Fleming suggests the redevelopment will improve publicly accessible waterfront connectivity between the Waterfront Park to the west and Lonsdale Quay Market and The Shipyards to the east, and animate Esplanade Avenue to the south.
It will “leverage the redevelopment and the growth and revitalization of Lower Lonsdale. These are some of the major benefits that are going to accrue from this major project,” continued Fleming.
ICBC headquarters office at 151 West Esplanade on the Lonsdale waterfront, North Vancouver. (Google Earth)
ICBC headquarters office at 151 West Esplanade on the Lonsdale waterfront, North Vancouver. (Google Earth)
ICBC headquarters office at 151 West Esplanade on the Lonsdale waterfront, North Vancouver. (Google Earth)
Under the provincial government’s new transit-oriented development legislation, the SeaBus terminal and bus exchange at Lonsdale Quay are a transit-oriented area. The legislation stipulates that municipal governments must enable building heights of a minimum of up to 10 storeys for residential zoning on such sites closest to the bus exchange and SeaBus terminal.
In a statement, City of North Vancouver Mayor Linda Buchanan said she welcomes the provincial government’s big move and emphasized the need to see a development with mixed uses that also generates on-site jobs.
“The City of North Vancouver has invested significantly in creating a vibrant and active waterfront for all people,” said Buchanan.
“We are excited to engage with the province and other partners on imagining the many possibilities for this large parcel of land. Situated next to the Shipyards, Lonsdale Quay, and the SeaBus terminal, the city is committed to advancing a job-generating, mixed-used development that would also serve as an iconic visual landmark for the North Shore.”