ICBC is selling its headquarters at Lonsdale Quay, North Vancouver, after over 40 years. The Government of BC plans to transform the site into a mixed-use development featuring hundreds of affordable homes for middle-income families.
BC Premier David Eby highlighted the importance of developing transit-oriented areas to meet community needs over luxury condos. The redevelopment aligns with the province’s 2023 budget strategy, which allocates $394 million through 2026 to acquire and develop properties near major transit hubs for affordable housing.
ICBC is relocating to The Hive building near SkyTrain’s VCC-Clark Station in Vancouver by 2027. The move is driven by the need for less office space and better location accessibility. The new headquarters will be 164,000 sq ft, smaller than the 300,000 sq ft Lonsdale office.
Planning for the Lonsdale site’s redevelopment will occur over the next two years, with site preparation beginning once ICBC vacates. The project will include significant market and below-market housing, childcare, healthcare, and public spaces.
The government will collaborate with the Musqueam, Squamish, and Tsleil-Waututh First Nations, as well as TransLink, to consider the impact on the Lonsdale bus exchange and SeaBus terminal. The redevelopment aims to enhance waterfront connectivity and revitalize Lower Lonsdale.
