The province of British Columbia has bought 151 Esplanade W, the former home to the Insurance Corporation of British Columbia’s (ICBC) six-story headquarters. As per BC Assessment records, the landmark building was originally constructed in 1980. The North Vancouver building which enjoys an eye-catching exterior and a strategic location, is valued by BC Assessment at $92,218,000. The total land size is 148542 sq. Ft.
Why Is The Province Interested In ICBC HQ?
The property sits over the Lonsdale Quay bus exchange and adjacent to the Lonsdale Quay SeaBus Terminal. The location makes it a key transit hub – important for transit-oriented development (TOD). The province hasn’t let out much about the deal, however, they have said that the move to buy the building is part of a $394 million transit-oriented development program.
Where Will ICBC Go?
As per BC, ICBC is currently operating at less than half capacity and is expected to fully relocate its operations to The Hive, a 10-story office building currently under construction at 2150 Keith Drive in Vancouver. The relocation is expectedto take place between December 2026 and May 2027.
Discussing the deal, ICBC CEO David Wong said on Monday, “It’s been an honor to be part of the Lower Lonsdale community as it has grown and thrived over the past 40 years… We’re pleased to have worked with the Province on the sale of our head office and are now looking forward to moving to our new location in Vancouver’s False Creek Flats neighborhood.”
People’s Needs, Top Priority
Premier David Eby shed light on the area’s usefulness to people saying, “Underused areas that are already well-connected to transit and close to services and amenities are the perfect places to build new homes… That’s why we’re buying up land near transit hubs and working with partners to shape development in a way that prioritizes the needs of the people who live and work in our communities over luxury condos.”
