John Jackson, Bentall's vice president for West Coast development, tells GlobeSt.com his company had an option to purchase a neighboring property that would have made a second, all-residential tower possible, but that "it was not economically feasible" to exercise the option and create a full-block development.
Instead, Bentall is now seeking approvals for just one of the towers, a single, 34-story building with 400,000 sf of office space topped by 175 residential units. The building would also contain an 8,400-sf childcare facility, 6,550 sf of retail space and above and below grade parking for 750 vehicles.
As part of the approval process, Bentall has submitted a draft EIS on which a hearing will be held in mid-February. No formal designs for the project have been drawn up and no funding has been arranged.
"Right now we are just trying to get through the MUP process and get the project vested so that when the market turns around we are ready to respond," Jackson tells GlobeSt.com "We are talking about the project not being under construction for at least two years."
Bentall owns and develops downtown and suburban office properties. The company owns over 8 million sf between Vancouver, B.C. and Southern California and manages another 27 million sf. Trophy properties include Bentall Centre in Vancouver, U.S. Bank Centre in Seattle, and Palliser Square in Calgary, Alberta.
Last year, one of Canada's largest investment fund managers, Caisse de dépôt et placement du Québec, acquired Bentall and placed it under SITQ Immobilier, the firm's property investment subsidiary.
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