Telus Corp. yesterday made its long-awaited announcement that it would build a 22-storey office complex and headquarters in a block of real estate bordered by Robson, Georgia, Richards and Seymour streets. The site will also include a 44-storey residential tower.
The only real surprise was the $750 million price tag.
Business in Vancouver first reported in November that the telecommunications giant would build such a complex on the land that it already owns (see “More office storeys” – issue 1100; November 23-29).
The expected cost back then was $500 million.
The reason for the delay in the official announcement was that Telus had not yet finalized plans with developer Westbank Projects Corp.
Henriquez Partners Architects will be another partner in the one-million-square-foot complex.
Plans were finalized at least several weeks ago because one source involved in the negotiations told BIV that an announcement would be coming soon.
The project, dubbed Telus Garden, still needs rezoning approval from the City of Vancouver. Assuming that comes soon and construction can start later this year, the project would be completed by 2015.
Telus CEO Darren Entwistle hailed the project for its environmental sustainability.
“This development, which will inject millions of dollars into our economy, will highlight Telus’ advanced communications technologies and environmental innovation in a way never before seen,” Entwistle said.
“Telus Garden will be a breathtaking place to live and work, an architectural icon that will consume 30% less energy thanks to its responsible, leading-edge design. It will be a celebrated urban oasis that is literally alive with plant life.”