World News: 18:13 GMT Tuesday 3rd December 2019. [Grosvenor Americas via Globe Newswire via SPi World News]
Vancouver, Dec. 03, 2019 (GLOBE NEWSWIRE) --
Grosvenor Americas will soon commence construction on one of Vancouver’s first non-residential buildings built to an international Passive House energy efficient standard. This 7-storey building located at 825 Pacific Street will provide a multi-purpose arts and culture hub, with affordable and suitable presentation space, studio production space, and office space for artists and non-profit organizations based in Vancouver. Upon completion, anticipated Summer 2021, the building will be provided to the City of Vancouver as part of Grosvenor’s Community Amenity Contribution for their neighbouring residential high-rise project, The Pacific, which is currently under construction.
As part of a 10-year goal set forth by the City of Vancouver to create 800,000 square feet of cultural space to address issues of affordability and vacancy in Vancouver, 825 Pacific is one of a few projects working to create and preserve space for arts and culture. The last decade has witnessed an unprecedented amount of studio space lost due to residential or commercial conversions and redevelopment. Because of this, there exists an urgent need to develop affordable studio and production space and to provide a security of tenure for Vancouver’s dynamic arts and cultural community.
Grosvenor will provide 825 Pacific to the City of Vancouver who is currently in the process of confirming an arts and culture non-profit operator to manage the facility.
“We are really pleased to be working with Grosvenor to secure much needed space to serve Vancouver’s arts and culture community,” says Branislav Henselmann, Managing Director of Cultural Services, City of Vancouver. “There exists an urgent need for dedicated, sustainable, and affordable studio space in Vancouver and this is an opportunity to continue to partner with the community to ensure space for arts and culture. In keeping with the City’s new culture plan, , and the new cultural infrastructure plan, , this affordable and sustainable arts-dedicated space will go towards ensuring that artists can continue to live, work, and share their work in Vancouver, all while contributing to the City’s goal of becoming the greenest city in the world.
“Grosvenor is focused on integrating green practices within our buildings and creating a sustainable future. Building 825 Pacific to Passive House standard aligns with to achieve net zero carbon emissions from all of our directly-managed buildings by 2030.”says Michael Ward, Senior Vice President Development and General Manager, Vancouver of Grosvenor Americas. “We also understand the importance of supporting the local arts community and ensuring that artists have a place to create within the downtown core. We are excited to be developing this Passive House building for the City of Vancouver to provide much needed studio space to deserving local artists and non-profits.”
The building, which requires little energy for space heating or cooling, will satisfy the international Passive House design standard by significantly reducing its overall energy consumption, while providing urgently needed space to fill this noticeable gap in the city and create a place where local artists can explore their passions.
“By requiring the building to be designed and certified to the Passive House standard, and use no fossil fuels, this project will produce nearly zero GHG emissions in its operation. The building will meet the City’s requirement that all new City owned facilities are constructed to a zero emissions standard, help the City lower the GHG emissions of its City owned portfolio of buildings, and act as a demonstration project to show how others can design and build commercial buildings to achieve near zero emissions in their operation,” says Craig Edwards, Manager of Energy and Utilities, City of Vancouver. “Grosvenor has been an ideal partner because of the way they’ve embraced the sustainability aspect of this project which aligns with their corporate objectives.”
Grosvenor Americas is an active developer, investor and co-investor across Canada and the USA. Our strategy is to invest in vibrant urban locations where our activities can make a positive contribution to neighbourhoods and communities.
Our value-add investment programme, core portfolio and development pipeline focus on projects and properties in urban, transit-oriented and/or amenity-rich neighbourhoods. Our development projects include Crescent in San Francisco and The Pacific in downtown Vancouver, as well as Central in Washington DC. Our Structured Development Finance programme invests in apartment, condominium, town home and mixed-use developments across our active markets, with a focus on vibrant, well-connected locations.
Grosvenor Americas is part of the Grosvenor Group, one of the largest privately-owned international property companies which develops, manages and invests in property in more than 60 cities around the world.
As at 31 December 2018, Grosvenor Americas had assets under management of CAD $5.2bn.
The Pacific is a 39-storey residential tower with 224 elegant homes in one of Vancouver’s most vibrant communities. In collaboration with renowned architects ACDF Architecture and IBI Group, The Pacific is characterised by sophisticated design to reflect its prominent location at the corner of Pacific and Hornby Streets in downtown Vancouver. The Pacific will target LEED Gold certification using a reduction in energy methods and water use and design concepts to produce natural shade. Construction on The Pacific began in 2018 and is anticipated for completion in 2021. Visit grosvenorpacific.com or call 604-559-8258 to learn more about our available homes.
As part of the Province of British Columbia’s CleanBC Better Buildings Competition, 825 Pacific Street was one of 11 winners of the Net-Zero Energy-Ready Challenge (NZERC) Construction Incentive issued by the Government of British Columbia to support the design and construction of energy-efficient buildings. NZERC is one of many CleanBC programs aimed at making buildings in the province less polluting, more comfortable and energy efficient. Net-zero energy-ready buildings are designed and built to be so efficient that they could meet all or most of their own energy consumption requirements with renewable energy technologies. Upon completion, 825 Pacific Street will be a leader in the Vancouver market as an example of advanced building design and assembly capable of demonstrating performance and emissions reductions to the Passive House design standard.
For more information please contact:
Talk Shop Media
D: (604) 738-2220
Patti Glass Director, Corporate Communications
D: (604) 640-3535
Globe Newswire: 18:13 GMT Tuesday 3rd December 2019
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