(Posted on Nov 2, 2016 at 06:54PM by Michelle Bogle)
Six months ahead of the expected occupancy, retailers are starting to sign leases for commercial space in south-east Vancouver’s River District, including major brands like Save-On-Foods, TD Bank, Westminster Savings and Starbucks.
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The River District project is part of a 120-acre master-planned community bordering the Fraser River and Boundary Road. Recently, about 500 residents have moved into the area and another 1,100 homes are expected to be built by mid-2018. As a result of the strong residential growth and unique vision of the community, as shown in the video below, retailers have taken a great interest in the development.
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Most of River District’s retail is centralized to one area in the town square where four building will offer a total of 163,428 square feet of commercial space with about half of that at street level.
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The first of the four buildings will be located on the south-east corner and offer 21,528 square feet of commercial space. A building on the south-west corner is expected to follow a few months later and offer 22,604 square feet of commercial space.
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The largest of the four buildings is on the north-east corner of the square and is expected to be completed by 2018. This is where Save-On-Foods, Starbucks and TD Bank plan to set-up shop, leasing some of the 62,646 square feet of commercial space in that building.
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The final building in the town square is just breaking ground now and is set to be completed by 2019. It will offer 56,650 square feet of commercial space and is best suited for a daycare, pharmacy or restaurant.
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For more insight into the Lower Mainland’s retail sector, as well as commercial real estate investment opportunities, please contact our Vancouver office to speak with a broker.
