5055 Joyce Street
Considering how fast, reliable, and convenient Metro Vancouver’s Skytrain system is, it was only a matter of time until someone realized people would be happier living near transit stations instead of spending hours stuck in traffic congestion.
What started at Metrotown has spread through our region, with major developments underway at Brentwood, Loughheed, New Westminster, and in Surrey’s City Centre. Vancouver has been a little slower to catch on outside of the Downtown core, but it seems Westbank is leading the charge. Having already secured the approval of one tower on this block, aptly name the Joyce, and with their Oakridge Mall redevelopment sprinting distance away from final approval, it appears Westbank has decided to return to Joyce-Collingwood.
This 32 floor building will be two stories taller than the approved tower at 5050 Joyce, which was originally proposed as a rental building, but only won community approval after the proposal was changed to allow for strata homes instead. However, the 2016 approved area plan allows for either type of housing.
Also of note is that, it appears, Westbank purchased the property in May of this year for $55 million, almost $25 million over the assessed value. Though we imagine this proposal, and the negotiations surrounding it, have been going on for awhile. While we’re unsure of who owned the site previously, it should be noted two occupants of the current building, the CNIB and YMCA, have seen redevelopments of their properties in Edmonton, and here in Vancouver respectively.
While this notice was sent in to us, it also appears to have already been making the rounds on Twitter, so we imagine it will be a busy open house. Of course, we can’t help but wonder, as his constituency office is across the street (for now), will Adrian Dix make an appearance at the event? As always, we’ll be there to find out.