The redevelopment plan for the iconic Hudson’s Bay building in downtown Vancouver has been unveiled by Hudson’s Bay Company and RioCan Real Estate Trust.
Under the proposal, the century-old heritage exterior of the Bay Building will be retained, while introducing a one million square foot office tower, a newly reimagined retail space and a new Green Mobility transportation hub at the core of the city’s central business district. The Hudson’s Bay retail store will remain in downtown Vancouver as part of the new mixed-used redevelopment.
“The way consumers live, work and shop is changing rapidly and HBC is committed to evolving to reflect these shifts, while unleashing the full value of our prime properties and reinvigorating the urban districts in which they are situated,” said Ian Putnam, president and CEO, HBC Properties and Investments. “HBCPI is excited and looking forward to unlocking the value and full potential of our flagship Vancouver building, and our entire joint venture portfolio with RioCan.
Streetworks Development, the real estate development arm of HBC Properties and Investments, is leading the revitalization of the Bay Building as well as a variety of HBC’s other real estate assets. “This project represents the next chapter in HBC’s retail history and its continued commitment to Vancouver,” said Richard Hamori, COO, Streetworks Development. “We intend to honour the heritage of our flagship building, as well as that of historic Granville Street, while expressing our confidence in the future of Vancouver’s downtown.”
Total retail space in the Bay Building will be about 350,000 square feet. A new 12-storey tower will be built above the existing store. The large floorplates of up to 61,000 square feet will be suitable office space sought by large tech sector tenants. A rooftop garden and internal multi-level atriums are also planned.
The reconfiguration includes improved access from the building to the Granville SkyTrain station, the Vancouver-City Centre Canada Line station, local bus routes, a new underground indoor bike hub able to store up to 1,500 bicycles, and new public pedestrian walkways will provide covered access linking the Bay Building, its new office space, surrounding business, and shopping areas downtown.
The building is listed in the Vancouver Heritage Register and features a century-old terra cotta exterior which will be preserved in respect of the importance the Bay Building has held in the history and development of downtown Vancouver.
If approved, construction could begin as early as 2024.
