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Plans for 450′ ft. hotel and condo tower at Anchor Point

Part of the Anchor Point complex, bound by Pacific/Burrard/Hornby/Drake, could soon be redeveloped into a mixed-use hotel and residential tower.

The complex was completed in 1979 and is comprised of three residential buildings and one office building.

Arno Matis Architecture is behind a preliminary design concept for a new building on the site of the existing office building, at Burrard and Pacific. Lululemon Athletica and the Provincial Health Services Authority have offices in the existing building. Lululemon is planning to build a new headquarters on Great Northern Way.

The office building is currently owned by developer Coromandel Properties.

Coromandel Properties redevelopment notice
Coromandel Properties notice on website. Credit: Coromandel Properties

Hotel and residential tower planned at Anchor Point

The upcoming project is reportedly a mixed-use hotel and residential tower, although those details have not yet been confirmed. The tower height is said to be 450 ft. — 50 ft. shorter than nearby Vancouver House, which measures 497 ft., but still a substantial building that will have a big impact on the gateway to downtown Vancouver.

Anchor Point redevelopment proposed redevelopment
Anchor Point redevelopment concept for office building site. Credit: Arno Matis Architecture

One of the highest profile hoteliers currently looking for a new site in Vancouver is the Four Seasons, which will close Jan 31, 2020 at Pacific Centre.

Spanish hotelier Riu is also said to be looking for a hotel site in Vancouver

Attempts to windup Anchor Point strata continue

Developers have been attempting — albeit unsuccessfully — to wind up the three strata corporations in Anchor Point and redevelop the site. The complex is in a prime location and covers a full city block, and is surrounded by high-profile developments like The Pacific by Grosvenor, Vancouver House and Burrard Place.

The strata has hired RE/MAX agent Michelle Yu, who according to a recent letter to homeowners obtained by urbanYVR, has been actively marketing the project in Asia, as well as attempting to get all of the unit owners to agree to a sale of all three buildings to a developer.

September Anchor Point sale report
Memo to homeowners in Anchor Point regarding marketing of property in Asia and strata windup attempts. Credit: Skyscraperpage

However, it appears only 37 per cent of owners across all three buildings have agreed to a strata windup, as of September 30, 2019.

In B.C., strata owners can terminate (wind up) their strata corporation with an 80% vote instead of the previous difficult-to-achieve unanimous voting requirement.

One million dollar studios at Anchor Point

As we reported in 2018, several owners were trying to unload their studio suites for one million each, in anticipation of a strata windup and future redevelopment.

However, it appears getting owners in the three buildings on the same page is proving more difficult than anticipated.

Anchor Point MLS one million studios
Three small apartments at Anchor Point, all listed for just under one million dollars.

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