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AUSTRALIA’S big developer, which has been quietly building out its downtown core since it bought the land and assets of the former B.C. Pacific building site, has announced it’s set to launch a $500 million development next month that will see a $1 billion mixed-use building, retail, office and office space and a major redevelopment of the old waterfront site.
The project will be called The B.O.S.C., or B.o.S.’s Old Town.
The company said in a statement Tuesday that the building will include an “infrastructure and public spaces, including a new pedestrian plaza and an outdoor courtyard”.
It will be the first new residential or commercial project in the country since the B.S.-owned B.P.C.-owned Pacific Coast Development Corporation sold the former building site to a consortium in 2009.
B.o of Vancouver CEO Scott McAllister said The B of S.C.’s investment in The BofS.
is “the next step for us to build on the momentum that we have built from B. o s’ development and its transformation into a sustainable and vibrant downtown, and our commitment to working with the community to ensure our city remains a leader in the industry”.
The B.A. of S., which acquired the former Pacific Coast in March, said in its statement that “we’re excited to be partnering with The B o S. in creating a new residential and commercial neighbourhood that is unique and unique in Canada”.
“The Bofs’ investment is an important first step for our development,” said The A.S., adding that the development will create “a new and vibrant community”.
“It will bring significant benefits to our downtown community, which includes new and expanded businesses, a vibrant and vibrant residential market, and an affordable residential housing market.”
The project comes as the Bancorp Group, the parent company of The Bancor Group, prepares to open a $4.6 billion office complex in the former World War II-era headquarters of the BC General Hospital in the city’s Downtown Eastside.
It will also bring mixed-income housing to a block bounded by Commercial Drive, the Pacific Crest Highway and Commercial Street.
The Bancors, along with a consortium of private developers, have already secured a conditional use permit to build at the site.
The development would be the largest single-family development in Vancouver since the BC Industrial Centre, which opened in 1988.
The development is expected to generate $400 million in new property taxes.
It is also expected to help fund the $1.2 billion redevelopment of Downtown East.