A new “industrial strata development” will open in two years on Mitchell Island, the first of its kind in Richmond in seven years.
With a limited and declining supply of industrial land in and around Richmond and Vancouver, developer PC Urban’s announcement about the strata on 12 acres of land on Mitchell Island will be welcome news for businesses that want to own their own commercial space.
IntraUrban Rivershore, as it will be called, will transform the site of the former Western Steel plant, that has been vacant for several years, into a riverside, 265,000-square-foot industrial space at 11111 Twigg Place, on the border of Richmond and Vancouver.
“We found the only remaining site close to Vancouver suitable for conventional strata industrial units ideal for small- and medium-sized businesses,” said PC Urban principal, Brent Sawchyn. “We are thrilled to be able to take our success from IntraUrban Laurel and bring high-quality architectural design for efficient and effective places of business in this dynamic, riverside community.”
Units will range in size from 3,640 to 12,500 square feet, with dock and grade loading available, and 26-foot ceiling heights. Occupancy is expected late in 2019.
In addition to providing much needed industrial supply, Vancouver-based PC Urban says it will preserve and protect two acres of fish habitat and environmentally sensitive areas on the western side of the property.
“This development will transform Mitchell Island and bring new businesses and users to the island, rejuvenating the whole area,” said Bruno Fiorvento, executive vice-president for JLL, the broker for the development.
“There are few strata industrial opportunities close to Vancouver and almost nothing on the market.”
Over the past four years, industrial strata property has increased in value by 42 per cent, according to Fiorvento.