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

Woman found dead in Okanagan Lake identified as Surrey resident

Police ‘do not believe criminality was involved’ in the death of 29-year-old Caitlin Bradley

‘I feel ready for it’: On a BMX, Surrey man is ‘Cycling for Sobriety’ across Canada

Mat Fee will depart Halifax on May 1 to raise money and awareness for John Volken Academy

Students run blood, stem cell donor drive at Surrey’s Vaisakhi Parade

Volunteer youth group One Blood for Life aims to create a more ethnically diverse stem cell registry

Surrey prayer vigil planned to honour hundreds killed in Sri Lanka bombings

The event is set for 6:30 p.m. Monday night at Holland Park

Homeless activists outside Notre Dame demand ‘a roof too’

Wealthy people have donated millions to effort to rebuild cathedral after devastating fire

B.C. VIEWS: NDP’s lawyer show is turning into a horror movie

Court actions pile up over pipelines, car insurance, care aides

Anti-SOGI activist slams ban on B.C. dad speaking out about transgender son’s case

A judge has told the father to stop publicly objecting to his son’s gender

PHOTOS: Green Party Leader Elizabeth May says ‘I do’ on Earth Day

May and John Kidder got married Monday morning in Victoria

Victims injured in Lower Mainland deck collapse ranged from 15 to 83 years old

Victim Services staff have reached out to those hurt and their families

‘Ghost restaurants’ cooked up by Joseph Richard Group to meet demand of delivered food

The new Meal Ticket Brands venture aims to ‘disrupt’ the local restaurant industry

Sri Lanka invokes war-time military powers after nearly 300 killed in Easter bombings

Sri Lanka’s minister of tourism says 39 foreign tourists were killed in the Easter Sunday attacks

Torched SUV linked to Vancouver’s fourth homicide

Manoj Kumar, 30, was found dead from gunshot wounds in the Kitsilano neighbourhood

Multiple sailing waits as BC Ferries deals with Easter Monday traffic

89 extra sailings had been added to the long weekend schedule

Most Read