The Insurance Corporation of British Columbia (ICBC)’s North Vancouver headquarters is slated to become a mixed-use residential development, ideally located near services, amenities, transit and the SeaBus. Since the introduction of hybrid work schedules post-COVID, the 300,000 square-foot building had been operating at less than half capacity, prompting ICBC to move to a smaller location.
“Underused areas that are already well-connected to transit and close to services and amenities are the perfect places to build new homes,” said Premier David Eby. “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 with hundreds of attainable homes for middle-income people.”
The future mixed-use development, located at 151 Esplanade W, within the traditional territories of the Musqueam, Squamish and Tsleil-Waututh Peoples, will be made possible through an agreement between the BC Transportation Financing Authority and ICBC, and Musqueam Nation, Squamish Nation and Tsleil-Waututh Nation (MST Nations). Though still in the early planning stage, it is estimated that the project will create several hundred homes when complete in the next 10 to 15 years.
“For decades, our Nations have had to kick down doors and fight to regain a stake in our traditional territories,” said Musqueam Chief Wayne Sparrow. “Through this new partnership approach, we are turning over a new page, one that will lead to our governments working together as partners in redevelopment and concrete results in tackling the housing crisis.”
The purchase of the property is part of the Province’s $394-million commitment to deliver 10,000 homes near transit, and transform it into communities with a variety of homes and amenities.
“This property is an ideal place to build homes near a world-class transit hub, where people can easily access the daily necessities of life and have the option of using affordable efficient public transit to get around,” said Rob Fleming, Minister of Transportation and Infrastructure. “The purchase of this ICBC building and land is another example of our commitment to finding creative solutions to address the province’s housing shortage.”
