Wesbild and KingSett Capital are celebrating the completion of Phase 1 of Marine Landing, Canada’s largest twin stacked industrial strata at Marine Drive and Manitoba in South Vancouver. Ninety-five percent of industrial units in the first building have been sold, and the developers expect a resurgence of interest with the I-2 rezoning bylaw changes introduced earlier this year.
The new zoning has “already had a big impact,” says Lilian Arishenkoff, allowing for more diverse office uses in industrial-office projects, including medical, dental, legal, accounting, real estate, chiropractic, among others. “We’ve seen a large number of new buyers in those areas, paving the way for a vibrant new business community at Marine Landing.”
The first of two, six-storey buildings is now complete, and 102 businesses will be taking possession starting this month. With 95% of buyers local to Metro Vancouver, Marine Landing is meeting a need that is challenging to find elsewhere, with limited industrial land in the region and limited industrial strata options.
“We have a wide variety of different users, and this is the next evolution of industrial strata in an urban setting, with amenities, shared lounge space, end of trip facilities, a gym and many other places where buyers can connect with each other. We’ve reimagined how industrial can work in the city, and many other developers will move to this model now,” said Arishenkoff.
Derek Newcombe is the owner of Salty Buoy Marine Canvas, a custom design and fabrication business for yachts, sailboats and powerboats. After five years, he’s outgrown his current space – a 400 square foot home-based studio in Kitsilano. His new, 1,200 square foot space at Marine Landing will allow him to expand, add new technology and work on bigger projects. He says he was shocked by how much commercial rents cost in Vancouver, and being his own landlord became a priority.
“Industrial space is very rare in the city – especially within Vancouver itself,” he says. “And I didn’t want to drive to the suburbs, far from the city marinas and boats. So the location is perfect, and there are not many other options. Having the space for expansion and automation will help me increase the quality of my work and be more productive.”
The regional industrial and office strata markets have been experiencing softer demand with high interest rates, higher construction costs and economic turbulence. However, with interest rates coming down, sales for this quarter have been 30% higher at Marine Landing compared to the same time last year.
“With the easing of borrowing costs, companies that are looking to own industrial space – but have to this point been sidelined by high interest rates – are now re-entering the market. In looking ahead, it won’t take much new demand to tip the scales back towards a shortage of essential, economy-fueling job space,” said Ryan Berlin.
“Wesbild has been a great partner in this development,” said Andrew Kirkham. “This is a top tier industrial strata development in an ideal location, providing long-term value for the businesses that choose to locate here. We’ve been more successful than other industrial strata developments because we are offering more than an industrial building; this will be a diverse community of connected businesses and services.”
Where the previous building on site would have supported 30 or 40 workers, the new buildings will accommodate hundreds of business owners who will become their own landlords, building equity in their businesses. Among them is Breka Bakery; they selected Marine Landing to set up a 6,500 square foot cafe and a facility that will supply their many locations around the city. The family-run Breka Bakery will use their new space to supply their seven locations, as well as offering a 24/7 cafe to service the Marine Landing community and the surrounding area.
The buildings, at 8188 and 8250 Manitoba Street, will add a total of 242 light industrial and office strata units of flexible strata workspaces, ranging from 600 to 34,000 square feet, with the lower four levels of each building hosting light industrial, and the top two levels built for office use. The zoning change applies to 120,000 square feet of office space in project. Office space prices start at $589,900 and industrial space prices start at $519,000.
Both buildings are 170,000 square feet, with floorplans from 616 to 34,000 square feet. Industrial units will benefit from large freight elevators, eight foot wide walkways, roll-up garage doors, and a full level of underground parking. Since many of the users will be office workers, first-class amenities include a rooftop deck, barbecue area, grass landscaping, a dog park, and recreation and social space. The buildings also feature a fitness centre, end of trip facilities for cyclists, change rooms, and multiple amenity rooms.
For more information about Marine Landing: www.marinelanding.ca
Media Contact:
Cori Howard Communications
cori@corihowardcommunications.com
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About Wesbild:
Wesbild is a Vancouver-based developer with 40+ years of expertise in master-planned residential resort communities and commercial and industrial developments across Western Canada. Since 1981, they have successfully developed real estate projects throughout Metro Vancouver and the Okanagan, including Predator Ridge. They are currently active in land development on Burke Mountain, adding a collection of townhomes in Coquitlam and building Canada’s largest stacked industrial strata development, Marine Landing, in South Vancouver. The company has developed, or is developing, more than 3,800 acres, with close to 8,000 homes built to date. Their portfolio also includes Westwood Plateau, 1,410 acres in Coquitlam with over 4,500 homes, ranging from townhomes to estates and completed in 2005. For more information: www.wesbild.com