City of New Westminster – A Press Release

City on the Rise

Ground floor real estate opportunities are increasingly scarce, especially in cities considered to be ‘destinations’. But those opportunities abound in one of Metro Vancouver’s hottest destinations, the City of New Westminster, nestled on the banks of the Fraser River.

New Westminster’s unique granite-and-brownstone skyline is being supercharged by an exciting series of developments throughout its 15.3 square kilometres. Billions of dollars are being invested on new mixed-use communities, widespread civic restoration, and the expansion of services and amenities.

The developments are enormous in scale. Approximately $600-million is being spent to transform an old brewery site into a nine-acre mixed-use neighbourhood. In the downtown core, Plaza 88 is a $500-million multi-tower complex that will be augmented by 180,000 square feet of commercial/retail space with a bus exchange at the bottom to make it a fully-integrated live/work zone. Nearby, a newly renovated River Market will further extend the city’s mixed-use facilities.

Farther east on the waterfront, $25-million is being spent to create Westminster Pier Park, a 9.5-acre recreational and relaxation zone that will feature a riverfront walkway, children’s play area, festival area, concession stand, sports courts and fishing pier. Meanwhile, New Westminster’s biggest employer, Royal Columbian Hospital, is also slated for renewal with expansion plans to the tune of $500-million. Plus, new office space is being created in various regions of the city.

But the best news is that all this activity is only the beginning: many areas within New Westminster offer terrific business and living benefits and are attracting the attention of investors.

The developments have given New Westminster an increased vitality, but they also serve a critical function. Due to careful civic planning and an intricate network of rapid transit that makes even long commutes a breeze, New Westminster’s 9,000-strong population in the downtown core is expected to grow to 15,400 by 2021, and the city overall will expand from just under 59,000 now to over 97,000 by 2031. Everyone from young families to working professionals is locating here, and more people are eager to get in on the action.

With policies such as the Liveable City Strategy that engage a wide range of businesses, organizations and community members in planning for a vibrant, sustainable and well-balanced city, New Westminster is wearing its rich history proudly while simultaneously looking far into the future. Newcomers may think things couldn’t get better, but in fact the best is yet to come.

http://www.newwestcity.ca

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