The biggest strata industrial project in Richmond is about to break ground on Mitchell Island, with developer PC Urban aiming to pre-sell the space at from $270 per square foot.
The 12-acre site, the former Western Steel manufacturing plant, will house 265,000 square feet of modern industrial real estate in two buildings on the Richmond-Vancouver border.
“We found the only remaining site close to Vancouver suitable for conventional strata industrial units ideal for small and medium-sized businesses,” said PC Urban principal Brent Sawchyn.
IntraUrban Rivershore will feature a limited number of small- and medium-bay commercial strata properties. Units will range in size from 3,640 square feet to 12,500 square feet, with dock and grade loading available, 26-foot clear ceiling heights, heavy three-phase power, fire sprinklers, T5 lighting and built-in upper floor flex space. All units will have a view of the Fraser River.
“This development will transform Mitchell Island and bring new businesses and users to the Island, rejuvenating the whole area,” said JLL executive vice-president Bruno Fiorvento, who is leading the sales team. “There are few strata industrial opportunities close to Vancouver and almost nothing on the market.
“This is may be one of the last projects like this you’ll see close to Vancouver.”
Over the past four years, industrial strata property in Metro Vancouver has increased in value by 42%, Fiorvento noted.
Richmond has 37.3 million square feet of industrial real estate, the most of any Metro Vancouver municipality, but only 2.1% of it is vacant, according to recent survey by Colliers International.