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Reliance starts $80-million bet on tech-sector growth with new Vancouver office building
Michael La Prairie
on Friday, February 16th, 2018 at 10:08am.
Vancouver property developers are posing a big question right now. If they build shiny new office towers downtown, will tech-sector tenants fill them up? Reliance Properties, on Wednesday, launched its $80-million bid that they will, declaring that the firm will start construction on a 13-storey high-end office property at Burrard and Drake Streets, aiming to be complete by early 2020, the first of five new office projects at some stage of development downtown. And Reliance is breaking ground without the comfort of an anchor tenant to back it up at the start. “We have had the opportunity to kind of pick our time,” Reliance CEO Jon Stovell said. The site was zoned several years ago as part of a bigger, one-million-square-foot Burrard Place development, but “we really are picking this moment (because of) the market conditions thinking it’s the right time to move ahead.”
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