Real Estate News 
While office employers around the world were focusing on their shelter-in-place requirements, and moving to a work from home model, Canada Life signaled their confidence in office work by acquiring a large development site in Vancouver in the midst of the COVID-19 Pandemic.
Designed by prominent Vancouver-based Musson Cattell Mackey Partnership (MCMP), 1296 Station Street is slated to be an innovative project transforming the False Creek Flats neighborhood. This 13-storey, diamond-shaped landmark will be home to 262,800 square feet of AAA, LEED Gold targeted office space, as well as 8,700 square feet of prominent high-end retail, all of which will offer a dramatic contrast to the evolving Terminal District.
Located adjacent to Pacific Central Station, the site offers premium walking access to Main Street-Science World Skytrain Station, as well as direct connectivity to East 1st Avenue for commuters to capitalize on the 442 underground parking stalls.
This transformation of the False Creek Flats district was spurred by City Council’s False Creek Flats Area Plan and regional intensification of job capacity, along with the need for a “modernized” district to support the growing innovative economy. With the new St. Paul’s hospital site located 1 block North, proximity to Downtown Vancouver and the port – as well as access to commuter thoroughfares – make this location well-positioned for the demand drivers addressed in the city’s plan.
The development of 1296 Station Street had been planned for a few years, although with the recent sale by Vancouver-based Rize Alliance Properties to GWL Realty Advisors (backed by Canada Life) the project will see new energy. GWL is a prominent owner of Vancouver commercial real estate, with development projects such as Vancouver Centre II nearing completion at 733 Seymour Street.
The acquisition of 1296 Station Street completed October 2020, in the middle of the COVID-19 pandemic. The acquisition was a testament to the confidence of GWL that employers will need premium office space in a post-pandemic environment. While employers and employees are addressing preferences for a flexible work environment, the pandemic has shown that many still crave face-to-face collaboration, to sustain company culture, productivity and to minimize the impacts on employee’s mental health.
In response to shifting workforce preferences, GWL has implemented improvements to the amenity plans for 1296 Station Street with larger end-of-trip facilities, more outdoor space including a revamped top-floor terrace, and upgraded fitness facilities. Located just outside of the downtown core, the building could accommodate growing employers, in particular those in Vancouver’s rapidly growing technology ecosystem.
GWL estimates construction to complete the project in mid-late 2024, which aligns relatively closely with completion of the new St. Paul’s Hospital.
