Bosa Properties has submitted an application to amend the existing CD-1 zoning for 1575 West Georgia to permit a 26-storey tower on the site, currently a 3-storey office building. The plan is for:

• a 26-storey residential tower
• a density of 10.83 FSR;
• a total of 184 residential units;
• ground-level commercial space;
• three floors of office space;
• seven levels of underground parking;
• a total height of 265 ft.

After months of speculation about a potential sale, Morguard has officially completed the sale of 1500 West Georgia Street to Bosa Properties (1500 Holdco) Inc. for a reported $120,500,000.

The 193,000 SF A Class office building sits on a very valuable and partially underutilized 43,320 SF, full-block site at the Southeast corner of West Georgia and Cardero and has been a landmark in Vancouver since it was built in the late 1970’s.

Any future redevelopment plans of the plaza area are not known at this time.

Aerial View of 1500 West Georgia

With office space vacancies across Metro Vancouver increasing at the highest rate since 2005, building owners are developing innovative strategies to attract and retain office and commercial tenants.

Office vacancy rates have continued to climb this year, reaching 9.3 per cent in Metro Vancouver in the second quarter of 2014, the highest rate since 2005, according to a recent report by Colliers International.

A lack of demand from large, traditional industries that have largely opted not to renew leases, combined with a surge in the amount of new space coming on stream around the region, is to blame for the high rate of vacancy, according to the report, which also suggested many prospective tenants are waiting before inking major office deals.

Serracan, the developer behind the FiveTen building at the corner of Seymour and Pender in Vancouver, is trying a flexible approach. The 10-storey, 70,000-square-foot building is set to have its ground broken by early winter.

Owner Gino Nonni, who has 30 years of experience in the real estate industry, is well aware many of Vancouver’s commercial landlords are struggling to fill their buildings. With that in mind, he said, Serracan is offering tenants the chance to meet with the design team ahead of signing leases to discuss customizing their spaces. The building is slated to open for occupancy in spring 2016.

Read more: http://www.vancouversun.com/business/commercial-real-estate/Commercial+real+estate+Developers/10091911/story.html?__lsa=f7bd-85ad