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

Surrey-based business donates $1M to hospital’s children centre improvements

Surrey Hospital Foundation kicks off campaign for ‘transformation’ of children’s centre

OUR VIEW: Surrey’s unsung heroes inspire

The Now-Leader was proud to celebrate some deserving unsung heroes in this city on Wednesday night

Metro Vancouver mayors cancel Surrey LRT in favour of SkyTrain

Doug McCallum claims he can build the line for the $1.65 billion already committed to light rail

North Delta family raising money for brain cancer treatment

23-year-old Tashina Janus and her family are raising funds to get her immunotherapy in the U.S.

Surrey opera singer brings Mozart’s ‘Così fan tutte’ to Vancouver stage

Nancy Hasiuk-Lay has been hailed for her ‘sparkling and crystalline vocal tone’

Surrey Community Leader Award winners revealed

The 16th CLA awards, presented by the Now-Leader, recognized Surrey’s un-sung heroes

B.C. Realtor suspended after helping intern forge note about sick grandma

Vancouver real estate agent Jaideep Singh Puri has to pay fine, take ethics course

Offensive Facebook post by Okanagan Conservative riding sparks outrage

Post taken down after Conservative MP in neighbouring riding condemns it and demands removal

Friends describe murder victim as ‘most caring guy we knew’

Jagvir Malhi of Abbotsford was not involved in gangs or criminal activity, they say

John Horgan shrugs off low turnout, change to referendum option

‘No’ proportional representation group says voting should be extended

Two more government pot shops to open in Kamloops

Two private applications are also in the queue to come before city council by the end of the year

2 B.C. men charged after allegedly stealing $1,400 worth of butter

The two men, ages 23 and 25, are facing charges of theft under $5,000, Coquitlam police said

Invasive fire ants join the tourist swarms at Hawaii Volcano National Park

Invasive species found at popular tourist destination

Ten-year sentence for man convicted of B.C. belt-strangling death

Shayne McGenn guilty of manslaughter in 2016 death of David Delaney, 63

Most Read