Vancouver has a rich architectural heritage of downtown hotels, banks, and office buildings dating from the late 19th and early 20th century that are being placed in jeopardy by redevelopments, seismic upgrading, fire, life and safety code requirements, and the pressures of the marketplace.

The City of Vancouver Planning Department has implemented policies including classification studies, density bonuses, density transfer mechanisms, and other incentives to encourage developers to retain and upgrade existing heritage buildings despite the pressures of finance, marketing, and building inspectors. Busby Perkins+Will was commissioned to prepare a study of four important Class A Heritage buildings to establish a market sensitive formula that would encourage owners to undertake renovations and preservation.

We began with an ownership and renovation inventory of the four existing buildings and prepared a statistical analysis showing the relationship between existing floor areas and permitted zoning. We priced Class A renovation and seismic upgrading and compared these costs to potential new buildings built under the present zoning on the sites. A market analysis reviewed the lease rates for the two alternatives and commented on development marketing, showed capital costs, rental rates, and sale price capitalized and were brought back to present value. Compensation was proved necessary to reward the developer financially for the extra cost and marketing issues related to retention and preservation.

Recommendation for each building included some urban design and architectural commentary, proposed changes to setbacks, lane closings, density transfer rights, sale of surplus FSR, zoning exemptions and bylaw changes to encourage renovation and preservation, as well as suggestions for changes in Provincial Legislation and Assessments. The reports were prepared with the cooperation of the building owners, and continue to form the basis of planning for the preservation of the buildings.