Metro Vancouver HQ move will push up property taxes

Each home will pay at least $5 more starting in 2018 for regional district's purchase of $205 million office tower

Metrotower III will be the new headquarters for Metro Vancouver employees. The regional district is paying $205 million for the 29-storey tower.




Metro Vancouver has decided to buy a new 29-storey office tower in Metrotown for $205 million to serve as its new headquarters.

The regional district will sell the two office towers that house its existing office complex just northwest of Metrotown. Those buildings are assessed at $82.5 million and are around 30 years old.

At 414,000 square feet, the new Metrotower III building is bigger than Metro needs to house its 800 employees, so the regional district will occupy 13 floors and lease out the rest.

The move is expected to cost the average household an extra $5 to $6 more on their regional property taxes each year starting in 2018. It won’t affect 2016 taxes.

Board chair Greg Moore said Ivanhoe Cambridge’s new building was the “most economically and environmentally responsible” choice after an extensive evaluation of options.

Metro faced rising costs for its current location, including the need for costly renovations for other tenants.

The move will result in a net decrease in operating costs of about $1 million a year, largely due to the LEED Platinum building’s green features – it consumes 26 per cent less energy.

It also uses 40 per cent less water, due to a collection system that channels rainwater to toilets and landscaping.

Metrotower III is at SkyTrain’s Metrotown station, equidistant between Surrey and downtown Vancouver.

Metrotower III will be the new headquarters for Metro Vancouver employees. The regional district is paying $205 million for the 29-storey tower.

 

 

Just Posted

Santa comes to town for annual Aldergrove craft fair

St. Joachim & Ann’s parish hosts weekend of facepainting, games, goodies, and vendors

‘Untreatable’ superbug fatal for Aldergrove husband: widow

New Public Agency Health report puts Canadian death toll at 5,400 in 2018

Retired Aldergrove softball coach inducted into Canada’s Hall of Fame

Mike Renney has coached three Olympic games and been inducted into Softball BC’s Hall of Fame

Convicted child kidnapper remains threat to public: VPD

Brian Abrosimo is living in Vancouver as his sentence nears its end

VIDEO: ‘Climate emergency’ is Oxford’s 2019 Word of the Year

Other words on the shortlist included ‘extinction,’ ‘climate denial’ and ‘eco-anxiety’

Canucks erupt with 5 power-play goals in win over Nashville

Vancouver ends three-game slide with 6-3 triumph over Predators

65-million-year-old triceratops makes its debut in Victoria

Dino Lab Inc. is excavating the fossilized remains of a 65-million-year-old dinosaur

Changes to B.C. building code address secondary suites, energy efficiency

Housing Minister Selina Robinson says the changes will help create more affordable housing

Trudeau appears open to safer-opioid proposal in Vancouver: mayor

The city has applied for $6 million from Health Canada to allow for the safe distribution of diamorphine

Security guard at Kamloops music festival gets three years for sexually assaulting concertgoer

Shawn Christopher Gray walked the woman home after she became seperated from her friends, court heard

Algae bloom killing farmed fish on Vancouver Island’s West Coast

DFO says four Cermaq Canada salmon farms affected, fish not infectious

Most Read