Woodward's - ULI Case Studies

10/31/2017 Woodward’s | ULI Case Studies
ULI CA TUDI (http://caetudie.uli.org)
MNU
(http://www.uli.org)
WOODWARD’
 View all cae tudie (http://caetudie.uli.org/all-cae-tudie)
 DOWNLOAD PDF (http://caetudie.uli.org/wp-content/upload/ite/98/2014/04/WoodwardPDF.pdf) HAR 
 
Format
Full ©2017 Uran Land Intitute.
Privac Polic (http://uli.org/privac-polic/)
Cit
Term and Condition (http://uli.org/term-of-ue/)
Vancouver
Join ULI (http://uli.org/memerhip/join/)
 (http://www.faceook.com/UranLandIntitute) 
tate/Province
(http://twitter.com/uranlandint)  (http://www.linkedin.com/group?
C
motPopular=&gid=112189)  (http://plu.google.com/+uranlandintitute)
 (http://www.outue.com/ULITV) 
Countr
(http://www.flickr.com/photo/uranlandintitute/et/) 
Canada
(http://intagram.com/uranlandintitute/)
Metro Area
ponor
Vancouver
Project Tpe
Mixed Ue (http://foundation.uli.org)
Location Tpe
Central uine Ditrict
https://casestudies.uli.org/woodwards/ 1/26
Land Ue
Atrium
Child Care
Civic Ue
Cultural Ue
ducation
Multifamil For-ale Houing
Multifamil Rental Houing
O唆ice
Retail
upermarket
Keword
A唆ordale houing
Health place feature
Mixed-income houing
Pedetrian friendl
Pulic-private partnerhip
Revitalization
©2017 Uran Land Intitute.
ocial houing
Uran infill
ite ize
2.32 acre
(http://twitter.com/uranlandint)
acre hectare  (http://www.linkedin.com/group?
Date tarted
2001 (http://www.flickr.com/photo/uranlandintitute/et/) 
Date Opened
ponor
2009
Woodward’ i a mixed-ue, uran redevelopment project in the Gatown area of Vancouver’ eat ide,
(http://foundation.uli.org)
ver cloe to downtown. Located on the ite of the former Woodward’ department tore, the
redevelopment involved the demolition of everal of the department tore uilding, the retoration and
adaptive ue of one hitoric tructure for o唆ice pace, and the contruction of two new reidential tower,
nonmarket houing unit for oth ingle and familie, new educational and cultural pace for imon
Fraer Univerit, an atrium, a dacare center, and ground-level retail pace—all within the confine of a
2.32-acre ite in an area with a variet of ocial and povert iue. The project include a total of
1,073,715 quare feet of pace.
ponored :
The ite | Idea and development proce (http://www.allenmatkin.com/)
| Development finance and ownerhip | Planning
and deign | Marketing, leaing, and
management | Oervation and leon learned | Project information
The Woodward’ redevelopment project i a reidential-
driven mixed-ue project on a hitoric ite that ha
tranformed and revitalized an important ut trouled
neighorhood in downtown Vancouver.  providing a
wide range of ue, including cultural and retail ue,
market-rate condominium, and ocial houing for low-
income reident, the project ha helped reetalih
the area a an important detination and a deirale
place to live while alo erving the need of the poor
and dienfranchied.
To et thi ditreed neighorhood on a new coure
required a critical ma of man new ue that would (http://caetudie.uli.org/wp-
content/upload/ite/98/2014/04/o-
activate the neighorhood da and night, and the
©2017 Uran Land Intitute. Matheon-3-hire.jpg)
Woodward’ redevelopment provided that. With o唆ice
Privac Polic (http://uli.org/privac-polic/) The Woodward’ redevelopment include high-rie
uer active  da, reident active in the evening, new
Term and Condition (http://uli.org/term-of-ue/) condo (ackground), o唆ice pace (foreground), imon

cultural ue and tudent tra唆ic throughout the da and Fraer Univerit cultural ue (lower left), ocial houing
Join ULI (http://uli.org/memerhip/join/) (upper left), and retail pace along the treet and within
on weekend, and the retaurant and retail drawing the atrium. (o Matheon)
patron throughout the da and evening, the area wa
rought ack to life, creating a more livel, afer, and healthier environment that had not exited there for
man ear.
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The ite
ponor
The ite for the Woodward’ project lie in the Gatown neighorhood on the eat ide of downtown
Vancouver, on a lock ounded  Cordova treet on the north, Hating treet on the outh, Camie
treet on the wet, and Aott treet on the eat. The redevelopment ite occupie the eatern three-
quarter of the lock. The area wa once the retail heart of Vancouver, and the ite wa formerl the home
of the much-eloved Woodward’ department tore, firt etalihed on the ite in 1903.
The ite lie aout three lock from the urrard Inlet waterfront and one lock from Water treet, a
popular retail treet for tourit, epeciall convention viitor and cruie hip paenger; the cruie hip
terminal and the convention center are each located ix lock to the wet, near the center of downtown
Vancouver. The ite i alo notale ecaue it lie where three cit treet grid from di唆erent era come
together, reulting in the treet angle hifting at the corner of Camie and Cordova treet.
The Woodward’ department tore plaed an important role in the ocial life of Vancouver for mot of the
20th centur. Like Mac’ in New York Cit, it wa famou for torefront Chritma dipla during the
holida. It alo o唆ered a much-favored food floor that catered to rich and poor alike.
ut like man other downtown department
ULI Case Studies: Woodwards in Vanc…
tore, it eventuall failed a a reult of uuran
mall competition, other change in hopping
pattern, and a hifting center of gravit in
downtown Vancouver. The tore cloed in 1993
and tood vacant for 11 ear until redevelopment
egan. Once the tore cloed, the area
deteriorated further. For man ear, the
neighorhood ha een home to man low-
income reident who u唆er from a variet of
numer ocial prolem, including
homelene, mental illne, drug aue, and
unemploment.
Previou attempt to redevelop the propert did not work out, and eventuall the ritih Columia
provincial government acquired the ite in 2001 for C$22 million. In 2002, with ocial iue in the area
worening, the tore ecame the location for the “Woodward’ quat,
Privac Polic (http://uli.org/privac-polic/) ” a protet where quatter took
over the uilding to call attention to the plight of low-income reident and ring much-needed low-
income ocial houing to the ite and the neighorhood. Thi event wa the impetu for the
redevelopment proce.
ponor
Report a map error (https://www.google.com/maps/@49.2828777,-123.1074842,15z/data=!10m1!1e1!12b1?source=apiv3&rapsrc=apiv3)

(https://maps.google.com/maps?ll=49.282878,-123.107484&z=15&t=m&hl=en-US&gl=US&mapclient=apiv3) Map data ©2017 Google
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The Idea and the Development Proce
The Woodward’ quat wa a wake-up call for the cit,
and municipal o唆icial egan exploring wa to
repond to the prolem of the poor in the area. In
2003, the municipal government negotiated a deal
where it would acquire the Woodward’ uilding from
the provincial government for onl C$5 million.
The municipal government wa keen to acquire the ite
ecaue it la at the hitoric heart of the cit in the eat
ide area that wa in need of attention and
revitalization. After acquiring the ite, the cit undertook
a requet for qualification (RFQ) and requet for (http://caetudie.uli.org/wp-
propoal (RFP) proce that invited propoal for content/upload/ite/98/2014/04/10-022-
redeveloping the ite that would ring it ack to life. A 13A.jpg)
The courtard next to the W43 condominium uilding,
variet of ue required for a health communit were
including the original hitoric W that once rotated atop
pecified in the RFQ, including a grocer tore, a the Woodward’ department tore, now replaced  a
drugtore, ank, emploment, market-rate houing, new W in the ackground. (Paul Warchol)
and low-income ocial houing. There were more than
ten repone to the initial RFQ. The field wa then narrowed to four finalit, and in the end propoal
were received from three development team. Thee three team were then required to umit two
propoal—one that included pace for imon Fraer Univerit (FU) cultural and art pace, and one
that did not. The cit wa tring to attract FU to the ite, ut wa not certain that thi could e
accomplihed.
One of the RFP came from a team that included the developer Wetank Project, the Peteron
Invetment Group, and the architecture firm Henriquez Partner Architect. Gregor Henriquez, a partner
with the firm, approached Ian Gillepie, the CO of Wetank, with the idea of umitting a propoal to
redevelop the ite. Henriquez had worked with Gillepie efore and felt that Gillepie wa in a unique
ponor
poition to undertake the project, in large part ecaue he wa a developer who had an interet in
ringing aout poitive ocial change, in addition to running a profitale real etate uine. Gillepie
agreed to umit a propoal, and gave Henriquez C$50,000 to put together a plan for umiion.
talihed in 1992, Wetank i a large Vancouver-aed development firm that ha over C$12 illion of
project completed or under development, and i active acro Canada (recentl expanding into the
United tate) with luxur reidential, rental apartment, a唆ordale houing, o唆ice, retail, and hotel.
The developer wa alo ale to ring in a econd development partner—the Peteron Invetment Group—
to hare the rik for thi ver large project. Founded in 1978, Peteron Invetment Group i a Vancouver-
aed real etate development and invetment firm with interet in a variet of propertie in Vancouver,
throughout Canada, and in the United tate. The firm ha had a trong track record of working with
partner to ring aout ucceful development.
Another important development partner that wa rought into the project wa the Portland Hotel ociet
(PH), a ingle-room-occupanc (RO) houing operator in the neighorhood; PH wa tapped to
manage and operate the RO houing in the project. Thi houing operator wa a critical partner in the
deal, and rought crediilit on the ocial houing front.
The final competition involved three propoal, each from a ver reputale Vancouver developer and an
architect partner. One propoal involved one ver tall tower. Another aved a large part of the original
uilding. The Wetank/Peteron propoal included retoring the 1903 uilding, adding a tall tower, and
developing ocial houing, o唆ice pace, retail pace, and the univerit pace. The Wetank/Peteron
partnerhip wa awarded the project development right in eptemer 2004.
In 2005, imon Fraer Univerit committed to locate in the project. In addition, during the development
proce, the cit wa ale to acquire an additional parcel on the lock, which allowed the developer and
architect to eventuall reorganize the plan for the ite to add an additional reidential tower and more
ocial houing unit.
While the development of market-rate houing wa eential to make the project viale, one ver
important ojective wa to integrate into the project a utantial amount of low-income ocial houing in
a variet of form for a range of demographic group, including thoe with phical and mental
diailitie, familie, and ingle. While redevelopment wa the ojective, gentrification i a enitive iue
in Vancouver, and oth the cit and developer wanted to enure that the project provided houing for
oth market-rate uer and low-income renter. The ocial houing include 125 unit for the hard-to-
houe (RO houing) and 75 unit for famil houing.
Zoning in Vancouver eentiall give the cit dicretion to add denit in return for deign and
development concept that it would like to ee implemented. Thi reult in a ver collaorative proce,
and in the cae of Woodward’ thi proce wa more collaorative than mot, a all partie in the
proce eemed to e on the ame page. The development enefited from having numerou leader from
oth the pulic and private ector who were committed to the ame idea. Jim Green and Mike Flanagan
ponor
with the cit, Ian Gillepie with Wetank, en Yeung with Peteron, and architect Gregor Henriquez all
had imilar viion of creating a mixed-ue project that incorporated oth market-rate and nonmarket
houing with retail and o唆ice pace. The wanted to develop a project that would ring the ite ack to
life while alo erving the need of the neighorhood and the cit a a whole.
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Development Finance and Ownerhip
The deal that wa truck with the cit involved zero land
cot for the developer, ut in lieu of purchaing the
land, the developer wa required to deliver the cit
o唆ice uilding pace, the atrium and pulic pace, and
demolition and remediation of the ite, with cot for
thee e唆ort totaling C$27.5 million.
Financing came from a wide variet of private and
pulic ource. Wetank and it partner, Peteron
Invetment Group, put in C$54.3 million in equit. The (http://caetudie.uli.org/wp-
ritih Columia (.C.) provincial government and FU content/upload/ite/98/2014/04/o-
provided C$62.5 million in funding for the FU uilding; Matheon-6.jpg)
The courtard and entrance to the imon Fraer
.C. alo provided C$43.6 million for the ocial houing
Univerit chool for the Contemporar Art. (o
component. The federal government committed to Matheon)
30,000 quare feet of preleaed pace, and alo
provided the C$205 million contruction loan for the project via the Canadian Mortgage and Houing
Corporation. The project ha everal owner, including Wetank, Peteron, FU, the cit, and the
province of ritih Columia.
ach ue in the project had to have it own airpace and legal title for financing and management
purpoe, and the underground and lower level had to e created efore ome of the upper-level
airpace could e developed. Note Damon Chan of Wetank, “There were lot of laer involved in
creating the eparate ownerhip within the tructure.” For example, the RO houing lie on top of the
FU uilding, and the famil houing i on the lower level of one of the condo uilding. Note Chan,
“The Canadian Mortgage and Houing Corp. [the lender] had to fund the contruction of C$7 million of
underground pace to get to the point where airpace parcel could e created aove ground.
”
For the developer, the project involved deferred land cot, which leened the upfront cot and rik in
thi long-term development proce. In addition, parking cot for the retail ue and condo were
reduced and the chedule wa accelerated  leaing pace acro the treet in a pulic parking garage
rather than uilding them into the project. Alo, the cit government wa ale to o唆er propert tax
incentive for the retailer in order to incentivize them to commit to an unproven market.
The condo and the market-rate houing repreented 80 percent of the value of the project. All of the
condo unit were preold in 2006, efore contruction egan, which reduced the rik for the developer
ponor
and ecured the contruction loan for the project. Depoit amounted to 5 to 15 percent of the ale price,
and preale were completed in April 2006. Pricing wa at the lower end of the new-condo market in
downtown Vancouver, which wa one reaon the project old out quickl.
The project wa completed in Januar 2010, jut efore the winter Olmpic egan, with a total project
cot of C$352.5 million.
ack to top
Planning and Deign
Planning and Deign
When Greg Henriquez developed the initial plan, he
included all of the ue and element that had een
outlined in the RFP, even though he did not elieve the
would all e included in the end. In fact, the did all get
included—along with ome other. When FU
committed to the project and additional land wa
acquired, thi allowed the developer to expand the
program, adding more market-rate and a唆ordale
houing to the program and conideral more denit. (http://caetudie.uli.org/wp-
The acquiition of the additional parcel wa eential to content/upload/ite/98/2014/04/o-
allow for ome reathing room etween the numerou Matheon-8.jpg)
The atrium, which feature a culptural taircae, a large
uilding on the denel developed ite. Henriquez
photographic re-creation of the Gatown riot, entrance
developed a new plan to accommodate thee addition, to the food market and drugtore, and a aketall court.
reulting in a ver dene and uran project. (o Matheon)
The architecture and deign for the project are oth
modern and a it gritt, in keeping with the character of the neighorhood, with the intention of fitting in
rather than riing aove the urrounding. Much of the architecture feature expoed concrete on the
upper level. The architect had a good deal of experience with deigning other ocial houing project in
the neighorhood and thu had a good undertanding of the context and the market. Another ke idea
wa to interpret the heritage of the ite in the deign.
Atrium and pedetrian pathwa. One of the ojective for the overall plan wa to create attractive
pulic pace and to make the complex permeale, o that people could move through it, not impl
around it. Thu, the project i deigned around a central atrium and courtard that can e entered via
pathwa from variou direction, including entrie from all three of the treet that immediatel urround
the project.
The main entr point for the project i the pulic plaza/courtard pace that i located etween the W43
condominium uilding and the FU uilding, jut o唆 Cordova treet near where it croe Camie treet.
Thi courtard and pathwa are aligned with the northern part of Cordova treet, and are located near
the point where the treet grid and Cordova treet turn lightl. The deigner choe to continue the line
ponor
of Cordova treet through the project  creating a pedetrian corridor that align with the treet efore it
turn. Thi pathwa lead directl to the atrium. The original Woodward’ W ign, in ome direpair, it in
a gla cae in thi courtard next to the W43 uilding.
The 10,000-quare-foot atrium i deigned and operated to e a pulic pace. It i covered with a gla
roof and i completel encloed during cold weather, ut in warm weather the gla entr door can e
retracted to open the atrium to freh air. To further emphaize the permeailit and pulic nature of the
atrium, a aketall court ha een located near the center of the atrium that can e ued throughout the
da. In evere weather, the atrium i ometime ued a a helter for homele people.
everal video creen are alo located in the atrium, featuring a variet of video, including everal aout
how the project wa developed. The primar torefront for the two major retailer in the project—Neter
Market and London Drug—face into thi atrium, and for the latter the atrium i the onl entrance to the
tore. Neter alo ha an entr from Cordova treet.
The atrium alo feature a large, culptural concrete taircae that connect the pace to a econd-level
kwalk that lead to the adjacent pulic parking garage. Meant to e a mol of the ite’ reirth, the
taircae ha een referred to a a giant “umilical cord” emerging from a hallow pool.
urrounding the atrium and the courtard are four major uilding, each with it own ditinctive character
and et of ue.
The W43 condominium uilding. The tallet uilding (W43) in the project i a 407-foot triangular
condominium tower that include 366 market-rate houing unit. The uilding face onto Cordova treet,
in the northwet corner of the ite, adjacent to the main entr courtard. Cordova treet i the et
addre in the project, and the Cordova treetcape provide a relativel attractive and direct walking
path to the center of the cit. It alo lie one lock awa from Water treet, a popular retail treet in the
neighorhood.
The mot prominent uilding in the project, the W43 uilding ha ecome a landmark for the area; the
concrete edifice i clad in decorative metal framing of the ame reddih-rown color a the original W
that rotated aove the original Woodward’ department tore. The uilding include four retail tenant on
the firt floor, facing oth the treet and the internal courtard. Market-rate houing i located on floor
three through 42, and a hared amenit area for owner i located on the 43rd floor and on the roof. In
addition, on the econd floor the uilding include ten acceile houing unit for thoe with diailitie,
managed  the Vancouver Reource ociet (VR).
The rooftop amenit area encompae the top two level of the uilding and include a 4,600-quare-
foot cluhoue that feature an indoor lounge with couche and pool tale, a media room, a lirar, a
gm, and a hot tu. The amenit level alo comprie 5,000 quare feet of outdoor lounge pace with a
large arecue and 360-degree view of the cit and urrounding water and mountain. Thi amenit
pace wa placed at the top of the uilding o that all condo reident could enjo the premium view.
The uilding alo feature one iccle torage locker per uite and a car-haring program.
The W32 condo/mixed-ue uilding. The econd-tallet and mot complex uilding (W32) in the
project i alo located along Cordova treet, ut at the wetern corner where it alo face onto Aott
ponor
treet. Thi uilding include a divere program of ue, with retail on the ground level (including Neter
Market), o唆ice on level two and three, famil nonmarket houing on level four through ten, and 170
condominium unit on level 11 through 32.
eparate entrance for the condominium and the famil nonmarket houing are located on Cordova
treet. An entrance to Neter Market i alo located on thi treet.
Hating uilding. The third major uilding i the
Hating uilding, located along Hating treet, which
include firt- and econd-floor retail (primaril London
Drug), the imon Fraer Univerit chool for the
Contemporar Art on level one through four, and
ingle’/nonmarket houing on floor five through ten;
the latter i in a eparate tructure on top of the FU
uilding, with a ver di唆erent deign and floor plate.
One of the challenge with placing the ingle’ houing
atop the FU facilit wa running the pluming down,
through, and around the theater and pulic pace in
(http://caetudie.uli.org/wp-
that uilding. The London Drug tore include two
content/upload/ite/98/2014/04/WW-
level, and feature electronic good on the econd
Axo3.jpg)
level, which i acceed  an ecalator. London Drug The project i a complex puzzle with numerou ue
ha no external entrance from the treet; it i acceile ditriuted among four major uilding. (Henriquez
Partner)
onl from the atrium.
The main entrance for the FU uilding i located o唆 the main entr courtard acro from the W43
uilding, ut it can alo e entered from Hating treet. The entr for the ingle’ houing i o唆 Hating
treet, the grittiet treet frontage in the project.
Heritage uilding. The fourth major uilding i the Heritage uilding, the hitoric department tore
uilding that wa retored and i located at the corner of Hating and Aott treet. Thi uilding
include retail on the firt level and o唆ice pace on level two through ix, primaril for the cit
government and for nonprofit entitie. The entrance to the o唆ice i from the atrium. A newl contructed
dacare i located on a new level even, covering around half of the rooftop pace, with the remaining
roof area open for outdoor pla area. At the top of thi uilding, a new verion of the hitoric W it atop
a mini i唆el Tower tructure, with the W rotating and lit at night.
Art and heritage element. The hitor of the ite wa an important conideration for the developer
and deigner, and the wanted to do more than impl preerve the hitoric Heritage uilding. One wa
thi wa accomplihed wa  commiioning a major new artwork that highlighted the ite’ hitor.
Over the entrance to the atrium from the main entr courtard i located a 30-foot--50-foot
photograph, printed on numerou gla panel, picturing the Gatown riot of 1971. The photo i of a re-
ponor
created cene, taken  photographer/artit tan Dougla, whoe art i primaril aout ocial jutice.
Note Gregor Henriquez, “Thi photo i all aout tenion in the neighorhood. The photograph wa a
wa to ring in the hitor of the ite. It i more ignificant than the hitoric uilding on the ite.”
In addition, the treet frontage of the uilding include numerou panel with photo and text that
decrie the hitor of the ite and of the Woodward’ department tore—another wa the project ha
ought to preerve the heritage of the neighorhood.
Parking. Parking and truck deliver ervice area for the project, totaling 178,454 quare feet, are located
underground and are acceed o唆 Cordova treet. O唆-ite parking i alo availale in a pulic garage
acro the treet on Cordova treet. A total of 854 parking pace are provided for the project. Of thee,
316 are provided on ite for market-rate reidential unit, 243 are o唆 ite for market-rate reidential unit,
81 are o唆 ite for nonmarket reidential unit, and 214 pace are provided for o唆ice, retail, and FU uer
parking.
ack to top
Marketing, Leaing, and Management
The financial ucce of the project hinged on the marketing of the
condo—the primar revenue generator for the project. The
prolem wa how to ell market-rate condo in a neighorhood
with a lot of ocial prolem and in mixed-ue uilding that
included a唆ordale houing. At the time, mixed nonmarket and
market-rate houing had not een teted in the marketplace. The
marketing campaign that wa developed addreed thi iue
head on, uing the following tag line: “e old or move to
uuria.” Thi marketing campaign, comined with a moderate
price point and the iconic cultural identit of Woodward’, reulted
in a ucceful ale program, and all of the condo were old in a
matter of hour.
Term and Condition (http://uli.org/term-of-ue/) (http://caetudie.uli.org/wp-
FU a anchor. Perhap the mot important tenant in the project
i the imon Fraer Univerit chool for the Contemporar Art. content/upload/ite/98/2014/04/
Plan_pp348.jpg)
FU wa uncertain that it could commit to the project during the
 (http://www.faceook.com/UranLandIntitute)  The ground-level plan for Woodward’.
earl planning tage, ut it finall committed to it in 2005. FU
(http://twitter.com/uranlandint)  (http://www.linkedin.com/group? (Henriquez Partner)
wanted to create an uran preence and a cultural interface with
the Vancouver uran communit. The FU facilit ring culture,
tudent, and patron of the art to the project on a dail and nightl ai, adding uzz to the
neighorhood and making it afer for all. The cultural activitie include oth viual and performing art.
There i a core group of around 800 tudent on the ite regularl, with an additional 1,000 tudent who
viit each week from other campue. The facilit hold roughl 150 event per ear.
ponor
Thi cultural center, in turn, made the market-rate houing—the main financial driver of the project—a
much eaier ell. Note cot Hein, enior uran deigner, cit of Vancouver, “If FU had not committed to
the project, it might not have een uilt.”
Condominium ale. In addition to the location near the center of downtown Vancouver, the two ke
marketing feature that helped ell the condo were the FU center and the grocer and drug tore—all
of which had committed to the project efore the condo ale egan.
The condo were old out in one weekend—in a matter of hour—in 2006. One reaon for thi wa the
pricing, which wa elow that for man of the new condo project coming on line at that time. The
attractive price wa an important feature for a project in a high-priced condo market like Vancouver. ven
though the project wa located in an area with gritt qualitie, the location wa ver cloe to the central
emploment area, allowing man condo reident to eail walk to work or to acce the tranit tem.
The receion that hit the United tate and much of the world during the 2008-to-2010 period wa not a
evere in Canada, a the ank there were in much etter hape; the Canadian receion lated onl
aout ix month. Thee factor, together with the fact that the ale and financing were completed
efore the receion egan (depoit of 10 to 20 percent were required), inulated the condo ale and
the project a a whole from the financial crii that wa a唆ecting real etate project elewhere. Ver few
of the condo preale failed to cloe, and price remained firm during the contruction phae.
The condo pricing wa imilar for the two market-rate uilding. While the W43 uilding ha the more
ditinctive architectural profile, the W34 uilding ha more attractive floor plan, a the triangle hape of
the W43 uilding ha reulted in le e唆icient floor and unit plan.
Pricing ranged from C$200,000 to C$1 million, with price generall north of C$500 per quare foot
initiall. Reale price a of 2014 were cloer to C$700 to C$750 per quare foot. The higher unit are more
expenive than the lower unit, ut the di唆erence are le pronounced than thoe een in other condo
in downtown Vancouver.
Retail leaing. The original Woodward’ department tore wa famou for it aforementioned food floor,
o ecuring a food tore for the project wa a priorit and a real win for the project in term of ringing
ack ome of the heritage of the ite. The food tore wa alo an eential amenit and draw for
marketing the market-rate houing, and an eential ervice for the nonmarket houing. Neter Market
rought in a 14,730-quare-foot tore featuring deli item, freh fruit and vegetale, and a range of other
grocerie.
The Neter tore operator choe to leae pace in the project in pite of the prolem the expected to
have with hoplifter. For them a for the developer, the tore wa a ocial and communit commitment.
Alo, the cit o唆ered a ten-ear tax aatement for the tore, and the rent wa ver reaonale, too. The
developer peronall engaged in dicuion with the Neter executive to encourage them to ring
that tore to the project.
Once Neter committed to the project, getting a commitment from the drugtore wa ea, a drug and
ponor
grocer tore often move in tandem. London Drug leaed 18,366 quare feet on two floor acro the
atrium from Neter. oth of thee tore rought new emploment opportunitie to the area a well.
Another ke tenant wa Toronto-Dominion ank, which took pace in the Heritage o唆ice uilding a part
of it uran renewal program and commitment to erve undererved communitie. Thi wa an important
addition for the neighorhood, a there were few ank there and man low-income reident had limited
acce to anking ervice.
Other tenant include the Charle ar, Hiro Japan uhi, JJ ean (co唆ee), and W Dental, all within the
W43 uilding; xpre New and Green tem (flower) in the W34 uilding facing Aott treet; and
uwa within the Hating/FU uilding, facing onto Hating treet. A period of free rent and a tenant
improvement allowance were o唆ered to ome of the earl tenant. One retail pace facing the atrium i
vacant a of March 2014, and wa formerl a media café operated  a nonprofit communit group that
ha ceaed operation.
For the initial retailer—epeciall the grocer tore and the drugtore—the project wa a leap of faith and
a ocial commitment a well a a financial commitment. No one knew how the retail would perform,
epeciall with the uncertain houing denit, the a唆ordale houing, and the underling crime and drug
prolem in the area.
The contruction proce rought around 800 worker to the ite dail, which helped incuate food
ervice and retaurant uinee in the area that continued to flourih after the project opened and
helped with the retail leaing.
O唆ice leaing. Mot of the o唆ice pace i located in the original 1903 Heritage uilding that wa
retored, and thi pace i now owned  the cit of Vancouver and occupied primaril  the cit and
nonprofit organization. ome of the nonprofit pace wa originall leaed to a group that wa unale to
pa the rent and i vacant a of March 2014.
Additional o唆ice pace in the W32 uilding, on the econd and third level, i leaed to variou Canadian
government entitie, including the National Film oard of Canada, Canadian Heritage, the Pulic Health
Agenc of Canada, and Pulic Work and Government ervice of Canada. Rent for thi pace fall in the
C$25-per-quare-foot range.
Pulic relation. At the grand opening of the project in Januar 2010, one of the more dramatic
moment wa the lighting of the new W ign atop the Heritage uilding. Thi wa a molic moment for
the cit and the communit. ven though the Woodward’ department tore wa gone, Woodward’ wa
ack in a new mixed-ue form, including a new verion of the W that had ecome uch a recognizale
mol for the neighorhood.
One of the hallmark of the Woodward’ department tore wa that it wa known for eing open and
repectful to everone. Thi theme wa carried through in the new project and in the pulic relation and
management plan. For example, while man private atrium will evict people who are not there for a
purpoe, the atrium at Woodward’ i deigned to e a ocial pace that i welcoming to all. The
ponor
aketall court in the atrium i indicative of thi, turning the pace into oth recreational and ocial
pace, not impl hopping center pace.
Operation. A communit ue agreement ha een
etalihed for the project that define 12 ue/airpace (http://foundation.uli.org)
parcel, and the legal right and reponiilitie of each, in
the overall management plan. The 12 airpace parcel
include the FU facilit, the ingle’ nonmarket reidential,
the famil nonmarket reidential, the econd- and third-floor
o唆ice pace facing Aott treet, the W32 condominium,
the W43 condominium, the retail, two eparate o唆ice
pace in the Heritage uilding, and the child care center
atop the Heritage uilding. A good deal of time and legal
expene wa involved in crafting thi document, one of the
pecial conideration involved when a complex mixed-ue
development i undertaken. The variou owner, entitie,
and operator of the variou uilding and ue in the
project are ound  thi maintenance and management
agreement.
A major actor in the ongoing operation i the FU. FU
o唆er a range of free event a well a a mix of price point (http://caetudie.uli.org/wp-
and programming for variou cultural activitie that appeal content/upload/ite/98/2014/04/M4.jpg
)
to a wide range of demographic. Mot event are priced in
The Hating treet frontage, including the ingle’
the C$25-to-C$49 range, ut ome go a high a C$80. The nonmarket houing that it atop the FU facilit
o唆ering within thi facilit include experimental theater, art on the right ide; high-rie condo are in the
ackground. The concept of mixed-income houing
gallerie, multimedia area, and a cinema. The uilding alo
wa unteted in the Vancouver market, ut proved
include claroom pace and o唆ice. to e viale at Woodward’. (o Matheon)
There i alo nerg among the reidential and
nonreidential ue, a ome of the reident in the project are emploed within the nonreidential ue,
including ome of the RO reident who erve a uher for ome of the event in the FU facilit.
Other ke management entitie within the project include the condo aociation that manage the two
condo uilding; the cit, which manage the Heritage o唆ice uilding; and Wetank and Peteron, which
manage the retail pace, the o唆ice pace in the W34 uilding, and the atrium. The dacare center i
owned  the cit and managed  a nonprofit organization.
ocial houing management. The ocial nonmarket houing i managed  three nonprofit houing
group that pecialize in managing low-income houing. The 125 unit of ingle’ houing for the hard-to-
houe, man with mental illnee and/or utance dependence prolem, are managed  Portland
Hotel ociet (PH) Communit ervice. PH i a nonprofit organization that wa created in 1993 to
advocate for, develop, and implement ocial ervice for people living with mental and utance
ponor
dependence diorder.
The 75 unit of famil nonmarket houing are managed  the A唆ordale Houing ociet, a nonprofit
organization that wa etalihed in 1982 to develop, own, and manage rental houing for low- and
moderate-income familie, enior, and ingle and couple. The Vancouver Reource ociet manage
the acceile houing in the W43 uilding.
ack to top
Oervation and Leon Learned
Oervation and Leon Learned

The Woodward’ project i a ocial experiment that ha
worked, and there were man driver and entitie that
came together to make it happen. The commitment and
cooperation of the cit, the provincial government, the
univerit, two private ector developer, a numer of
ocial houing group, the grocer and drugtore
anchor, and numerou communit group were
exemplar. The fact that the condo uer upported
the project enthuiaticall wa alo a ign of
communit upport.
(http://caetudie.uli.org/wp-
Critical to the ucce of the project wa the
content/upload/ite/98/2014/04/10-022-
developer’, architect’, and cit’ ongoing dialogue 30A.jpg)
with communit group to addre the neighorhood’ The large image in the atrium i a multipanel photograph
unique ocial need. In the end, the Woodward’ project of a taged re-creation of the Gatown riot of 1971, an
important event in the hitor of the ite. (Paul Warchol)
wa aout the Vancouver communit coming together
to ring aout an important tranformation of a hitoric
ite at the heart of the cit. Note Michael oucher of FU, “ and large there ha een a lot of give-and-
take in the development proce, a good dance.
” Mot of the participant have een on the ame page in
term of achieving oth ocial and economic ojective. Note Hein, “Thi wa a eminal project for the
cit, and ha een a catalt for the area.
”
Alo critical to the project wa getting all the ue to commit to it, a each component wa vital to the
ucce of the project. Thi wa achieved through leaing momentum. ecaue the provincial
government committed to the project, the federal government committed to rent pace. ecaue Neter
committed to rent pace, London Drug alo committed to the pace. ecaue of the condominium, the
retail hop pace leaed for reaonale rent.
A project that repect the heritage of a ite can do o in man wa that go eond impl retoring
hitoric uilding; ometime, qualit of retoration i more important than quantit, and cultural
memorie are a important a preerving architecture. The aforementioned large photograph that depict
ponor
the Gatown riot i one example of thi; the re-creation of the large W atop the uilding i another. The
video in the atrium and panel around the uilding alo highlight the hitor of the ite. And ringing a
grocer tore and food ack to the ite wa alo an important heritage element. A a reult, the project
received a Vancouver Heritage Award. (http://foundation.uli.org)
One of the prolem that the developer encountered during the development proce wa dealing with
the Olmpic deadline. The project wa planned and cheduled to open efore the Olmpic; ut to
accomplih thi, the developer and deigner had to fat-track the deign proce. The alo had to
contruct the project during the ame time frame in which man other Olmpic-related project were
proceeding, which meant that there wa a hortage of ucontractor and worker to complete the work.
Mot of the ucontractor had laor prolem and chedule prolem on the project. A a reult,
contruction cot came in 10 percent higher than expected, and the project wa ix month ehind
chedule when completed, ut nonethele opened everal week efore the Olmpic egan.
ome apect of the project till need attention. For intance, the communit art pace on the econd
level of the o唆ice uilding failed and now i largel underued, a i one of the retail pace facing the
atrium. Communit group often need more help to ucceed than initiall expected. It i not enough to
o唆er free pace and hope the programming come. mall cultural uer and event alo need equipment
uch a tale, chair, and tage a well a event planning aitance to ucceed.
Another occaional prolem for the project i the fire alarm tem. When the fire alarm goe o唆 in one
portion of the project, it can trigger the evacuation of the other portion of the project. Thi i epeciall a
prolem for the FU theater, where event can e interrupted  fire alarm. A ilent alarm and a dela
have een intalled to addre thi iue. The whole project ha een coded a one uilding, which i part
of the reaon for thi prolem. Coding the project a one uilding wa a delierate choice, a it provided
flexiilit in the deign and allowed for more optimal uilding adjacencie and etter pulic pace.
Cot haring and operating expene among ue are an ongoing challenge, a i the cae with man
mixed-ue development. Allocating the cot for maintaining common pace and element i alwa a
enitive matter. ach ue had di唆erent concern. ocial houing operator want low expene. Retail
uer want high tandard for maintenance and ecurit. Market-rate condo aociation want low cot
ut alo trong ecurit. The atrium i a pecial iue, a it i open mot of the da and night and require
24-hour ecurit. Complaint from the condominium owner regarding hared expene are a conitent
ource of conflict.
eond thee leon, Woodward’ ha demontrated that mixed-ue denit can have a tranformative
impact in trouled uran neighorhood. Note Chan of Wetank, “The project i ucceful in large
part ecaue it i o dene.
motPopular=&gid=112189) ” Note oucher, “When the project egan, the area wa not one that man
 (http://plu.google.com/+uranlandintitute)
wanted to viit. ome would heitate to come down here. That perception ha een completel eraed.”
The fact that Woodward’ i ver large and incorporate man ue that activate it throughout the da
wa important to the ucce of the project and of the neighorhood.
efore the project egan, the Vancouver eat ide neighorhood wa the pooret potal code in Canada.
ponor
Toda, the neighorhood include a much roader pectrum of people. Note Henriquez, “Toda, the
project i a microcom of the cit.” It ha oth a唆luent and poor reident, high culture and treet culture,
and a variet of emploment opportunitie. He further note, “verone decided that it wa important to
come together.”
The Woodward’ redevelopment changed the neighorhood for the etter in a numer of wa. People
who were homele or living in utandard houing now have good houing. High-qualit grocerie are
readil availale now. The treet are afer. There i a divere mix of people in the neighorhood. There i
new culture and nightlife. Propert value and the propert tax ae have increaed, generating new
revenue for the cit. In addition, thi wa one of the firt example in Canada of mixing ocial houing and
market-rate condominium houing, and the ucce of the project wa an important landmark
demontrating that uch a mix could work.
ack to top
Project Information
Development Timeline
Woodward’ tore cloe 1993
ite purchaed  province of ritih Columia 2001
Woodward’ quat take place 2002
ite purchaed  cit of Vancouver 2003
Redevelopment planning egin 2003
Wetank/Peteron elected a developer 2004
FU commit to locating in the project 2005
Contruction egin 2006
ale/leaing egin and end with ellout 2006
Reidential open 2009
Project completed 2010
Gro uilding Area (GA)
Ue uilding area (q. ft.)
O唆ice 67,386
Retail 48,172
ponor
imon Fraer Univerit 118,940
Reidential (market-rate) 451,298
Reidential (non-market) (http://foundation.uli.org)
164,715
Parking 178,454
Other (cit pace/atrium/plaza) 44,750
Gro uilding Area (GA)
Total GA 1,073,715
Land Ue Plan
Ue ite area (acre) Percentage of ite
uilding 1.59 68.5
treet/urface parking 0.01 0.5
Landcape/open pace 0.51 22
Other (pulic atrium) 0.21 9
Total 2.32 100
Parking Information pace
On ite for market-rate reidential 316
O唆 ite for market-rate reidential 243
O唆 ite for non-market reidential 81
O唆ice, FU, and retail 214
Total 854
Reidential Information
Unit tpe Numer of Average unit ize Percentage Tpical rent or ale
(http://www.flickr.com/photo/uranlandintitute/et/)
unit (q ft)  old price
W43 Tower condo 366 500-2,500 100 C$200,000-
C$1,000,000
ponor
W43 Tower acceile 10
W32 Tower condo 170 500-2,500 100 C$200,000-

C$1,000,000
W32 Tower famil nonmarket 75
Hating uilding ingle' non- 125
market
Reidential Information
Total 746
O唆ice Information
O唆ice net rentale area (NRA) 67,386 q. ft.
Percentage of NRA occupied 100%
Numer of tenant 5
Tpical tenant ize 15,000 q. ft.
Annual rent C$25 per q. ft.
Average length of leae 5 to 10 ear
Major O唆ice Tenant
Cit of Vancouver 31,500
Government of Canada 33,390
- National Film oard of Canada
- Canadian Heritage
- Pulic Health Agenc of Canada
- Pulic Work and Government ervice
Retail Information
Retail gro leaale area (GLA) 48,172 q ft
Percentage occupied 100%
ponor
Annual rent range C$20-C$60 per q ft
Average length of leae 5 to 10 ear
Retail Tenant Tpe GLA (q. ft.)
Neter Market Grocer 14,730
Retail Tenant Tpe GLA (q. ft.)
London Drug Drugtore 18,366
TD Canada Trut ank 5,700
The Charle ar Retaurant
Development Cot Information Amount in C$
ite acquiition/improvement
ite acquiition N/A
Cit o唆ice pace $12,500,000 Tranfer of completed pace to cit
Atrium and plaza $12,000,000
Demolition $3,000,000
Total $27,500,000
Contruction cot
O唆ice $13,500,000
Tenant improvement and landlord work $4,000,000
Retail $17,800,000
Reidential $140,000,000
FU $55,100,000
Non-market houing $38,000,000
Total $268,400,000
oft cot
Architecture/engineering
ponor $29,500,000 10.99% of contruction
Marketing $11,000,000
Taxe/inurance $4,100,000
Contruction interet and fee $12,000,000
Total $56,600,000
Total development cot $352,500,000
Financing ource Amount in C$
quit capital ource
Wetank and Peteron $41,400,000
Pulic ector capital ource
Province of ritih Columia and FU $62,500,000*
Province of ritih Columia and .C. Houing $43,600,000**
Det capital ource
Canadian Mortgage and Houing Corporation $205,000,000***
Total $352,500,000
* For FU. ** For ocial houing. *** Federal.
Cit
Vancouver
tate/Province
C
Countr
Canada
Metro Area
Vancouver
Project Tpe
Mixed Ue
ponor
Location Tpe
Central uine Ditrict
Land Ue (http://foundation.uli.org)
Atrium
Child Care
Civic Ue
Cultural Ue
ducation
Multifamil For-ale Houing
Multifamil Rental Houing
O唆ice
Retail
upermarket
Keword
A唆ordale houing
Health place feature
Mixed-income houing
Pedetrian friendl
Pulic-private partnerhip
Revitalization
ocial houing
Uran infill
ite ize
2.32 acre
acre hectare
Date tarted
2001
Date Opened
2009
Weite
http://wetankcorp.com/woodward (http://wetankcorp.com/woodward)
http://henriquezpartner.com/work/woodward-redevelopment/
ponor
(http://henriquezpartner.com/work/woodward-redevelopment/)
http://peteronc.com/propert/101-wet-hating-treet-woodward
(http://peteronc.com/propert/101-wet-hating-treet-woodward)
PROJCT ADDR (http://foundation.uli.org)
Woodward'
128 Wet Cordova treet
Vancouver, ritih Columia V6 1H7
Canada
DVLOPR
Wetank Project Corp.
Vancouver, ritih Columia
Canada
604-685-8986
http://wetankcorp.com (http://wetankcorp.com/)
Peteron Invetment Group Inc.
Canada
604-688-4885
http://peteronc.com (http://peteronc.com/)
ARCHITCT
Henriquez Partner Architect
Canada
604-687-5681
http://henriquezpartner.com (http://henriquezpartner.com/)
PULIC CTOR/UNIVRITY PARTNR
Cit of Vancouver
Province of ritih Columia
imon Fraer Univerit
HOUING MANAGMNT PARTNR
PH Communit ervice ociet
A唆ordale Houing ociet
Vancouver Reource ociet
VIDO
www.outue.com/uer/ULITV
(/Uer/dchwanke/AppData/Local/Microoft/Window/Temporar%20Internet%20File/Content.Outlo
ponor
ok/KT6P63/www.outue.com/uer/ULITV)
One repone to “Woodward’” (http://foundation.uli.org)
Woodward’ Review — After 5 | Price Tag (http://pricetag.wordpre.com/2016/03/21/woodward-
March 21, 2016 at 4:02 pm (http://caetudie.uli.org/woodward/#comment-566)
review-after-5/)
[…] HR i a detailed review of the development  the Uran Land Intitute. […]
Repl (http://caetudie.uli.org/woodward/?repltocom=566#repond)
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Woodward's - ULI Case Studies

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10/31/2017 Woodward’s | ULI Case Studies

Report a map error (https://www.google.com/maps/@49.2828777,-123.1074842,15z/data=!10m1!1e1!12b1?source=apiv3&rapsrc=apiv3)

Ue ite area (acre) Percentage of ite

uilding 1.59 68.5

treet/urface parking 0.01 0.5

Total 2.32 100

W32 Tower condo 170 500-2,500 100 C$200,000-

Retail Tenant Tpe GLA (q. ft.)

Neter Market Grocer 14,730

Retail Tenant Tpe GLA (q. ft.)

London Drug Drugtore 18,366

TD Canada Trut ank 5,700

Cit o唆ice pace $12,500,000 Tranfer of completed pace to cit

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