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The 13-storey office component of Reliance Properties' mixed-use Burrard Place development is now under construction. The swooping glass building proposed for Burrard and Drake Streets is the last commercial development designed by late architect Bing Thom, whose respected practice has posthumously been renamed to Revery Architecture.
The massive Burrard Place project also includes a major residential element in the form of 54- and 36-storey towers totalling 810 units — the highest skyscraper is set to become the tallest all-residential building in the city. IBI Group has designed the residential component, and Reliance is partnering with Jim Pattison Group to execute the development in its entirety.
The office building, anticipating 2020 completion, will contain ground-level restaurant and retail space and a three-storey Toyota dealership. Residents and workers will enjoy access to a 30,000-square-foot amenities level in the tallest tower, which will be packed with a fitness centre, lap pool, children's play spaces, and lounging areas. Altogether, the one million-square-foot development is the largest being built in Downtown Vancouver.
The project is moving forward without pre-leasing in a downtown office market short for space. Current numbers put the vacancy rate in the core at 5.2 percent, the second lowest in North America. Over the past year, rents have spiked by as much as 20 percent because of the extremely low vacancy rates.
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