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Industrial News: Ironworks Brings New Life to Former Foundry Site
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(Posted on Mar 7, 2017 at 09:18PM by Michelle Bogle)
Vancouver’s historic Terminal City Iron Works will be getting a new lease on life thanks to Conwest Group.Last week, the company hosted a ground-breaking ceremony to mark the construction of Ironworks – a two-building, 200,000 sq. ft. industrial-commercial project on the site of the former foundry.Â
The land, which is located at the north end of Victoria Drive and was once used to make heavy-duty waterworks equipment, war effort materials and even TV and movie productions, will now be home to dozens of post-industrial firms, like software companies and craft brewers, employing up to 500 workers.
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With the ground-breaking underway, it is expected that the development will be complete by the end of 2018. The two- and three-level buildings will cover a full city block between Pandora and Franklin Streets.
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The project is valued at $90-million and is being sold off in strata units, with half of them already sold. The building will include showroom, warehouse, wholesale and office space. It is being designed by Taylor Kurtz Architecture and Design.
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Many commercial real estate insiders are keeping a close eye on this unique project, especially as industrial space across Vancouver remains scarce. If Ironworks proves to be a success, it could encourage other developers to follow suit – and perhaps even go a step further by combining office, industrial and residential projects to create more vibrant neighbourhoods.Â
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The WorkSpaces at Strathcona Village are a prime example – its three-tower, 350-unit complex blends 280 condos, 70 social housing units, 12,000 sq. ft. of office space and 60,000 sq. ft. of industrial-retail units. The Workspaces are currently under construction with occupancy slated for later this year.
If you are in need of industrial-commercial space, our team at Marcus & Millichap Vancouver can help. To speak with one of our advisors, please contact our office by clicking here or visit our Property Search Portal to view active listings across British Columbia.Â
If you are in need of industrial-commercial space, our team at Marcus & Millichap Vancouver can help. To speak with one of our advisors, please contact our office by clicking here or visit our Property Search Portal to view active listings across British Columbia.Â
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