Nov 13, 2016
A new marina development opportunity has been put on the market. Colliers International has listed the last remaining marina development site adjacent to downtown Vancouver. The 6.2-acre water lot, situated directly in front of the Vancouver Convention Centre and the newly constructed Vancouver Harbor Flight Centre represents the final phase of the comprehensive development of the area surrounding the Convention Centre. The proposed marina is intended to accommodate over 50 slips for large yachts as well as commercial operators such as passenger ferries, whale watching tours and harbor cruises.
Colliers notes that there has never been a greater need for moorage to accommodate large vessels in excess of 80 feet in length. The proposed marina is intended to handle such vessels and is ideally located immediately adjacent to some of Vancouver’s best hotels, restaurants shopping and, of course, the Flight Centre which provides scheduled and charter float plane service to almost anywhere on BC’s coast. A recent report on the Victoria International Marina suggested that a single luxury yacht can inject $700,000 to $800,000 into the local economy, without even leaving its slip.
The development of the Convention Centre water lot was undertaken by the Vancouver Harbour Flight Centre Limited Partnership which is owned by two local Vancouver groups. The original development provided for two components; the float plane terminal and the marina. The float place terminal was completed following the Vancouver Winter Olympics and is now Canada’s largest float plane terminal with in excess of 300,000 passengers per year. The proponents of that development have now elected to make the marina component available to another developer who will oversee the construction, management and ultimate ownership of the proposed marina.
Anyone who has tried to develop a marina in recent years understands how difficult it is to navigate the regulatory approval process for these developments. The advantage with the proposed downtown marina development is that some, if not many, of the required regulatory approvals, environmental studies and consultant’s reports have already been completed for the development of the water lot. This advanced work will allow the developer to move ahead with the construction of the marina in a fairly condensed period.
Colliers International has been retained to seek expressions of interest from potential proponents for the development of the marina. There is no formal asking price due to the fact that the tenure will be in the form of a long term sub-lease and the ultimate terms of any agreement will be based on the discussions between the parties.
The Vancouver Convention Centre and Canada Place are iconic symbols of Vancouver, its branding on the world’s stage and its maritime legacy. The addition of this strategically located downtown marina will only contribute to the landmark status of Vancouver’s waterfront. Perhaps more importantly, the addition of a significant supply of moorage and services for large yachts in downtown Vancouver will attract larger yachts and add to the City’s economic base.
For information on the proposed Downtown Vancouver marina development opportunity, visit www.uniqueproperties.ca or call Mark Lester, Senior Vice President at Colliers International, 604-692-1409.
