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

VIDEO: One man suffers serious injuries in crash that closed Fraser Highway in Langley (updated)

One vehicle ends up in ditch after car and SUV collide, air ambulance called in

Optimist Club has its sights set on Cloverdale

The international club has been helping youth in the community nearly 100 years.

Surrey RCMP are looking for 47-year-old Audra Jager

Reports say she is easily confused and disoriented because of previous head injury.

Team B.C. wins the 2017 WHL Cup

The team features Surrey natives and Valley West Hawks forwards Justin Sourdif and Cameron MacDonald

Oct. 21st-27th is Newcomer Employment Week in Surrey

The City of Surrey is offering a number of services to help new residents find jobs

VIDEO: Sears liquidation sales continue across B.C.

Sales are expected to continue into the New Year

WATCH: 10,000 signatures gained to stop ‘no pets’ rental policy

Pets OK BC said about 1,700 animals were surrendered to the BC SPCA last year due to housing issues

Silver Creek reacts after remains found, man arrested

Neighbours of property where remains were found say man arrested was sweet and polite

VIDEO: Oprah Winfrey and a celebrities attend ‘B.C. Miracle Concert’

Fundraiser featured Foster, Steven Tyler, The Tenors, Matteo Bocelli, Laura Bretan, Carly Rae Jepsen

Human remains found at Silver Creek property

RCMP have been searching the property in the 2200 block of Salmon River Road for the past three days

New B.C. acute care centre opens for young patients, expectant mothers

Facility aims to make B.C. Children’s Hospital visits more comfortable

Search ramps up for B.C. woman after dog, car found near Ashcroft

Jenny Lynn Larocque’s vehicle and dog were found in Venables Valley, but there is no sign of her

Holy Heritage Rail Batman: Superheros come to Cloverdale historic train

The Fraser Valley Heritage Rail is hosting its third annual Halloween rail adventure Oct 28, 29

Surrey Eagles prep for road tilt with first-place Vernon Vipers

After a Friday night game against Wenatchee, the Birds take aim at BCHL leaders Saturday

Most Read