Central 1 Credit Union Set to Sell Prime Property

In a groundbreaking development, Central 1 Credit Union is gearing up to sell a prime waterfront property adjacent to the Burrard Street Bridge. This lucrative piece of real estate is on the brink of being acquired by Nch’Kay Development Corp., the driving force behind the ambitious 11-tower Senakw rental housing project.

Residents React to the Upcoming Sale

Residents of the nearby Harbour Cove condo complex, housing about 300 units at 1450 Pennyfarthing Drive, recently received a notification regarding the sale of the site at 1441 Creekside Drive, currently home to a nine-story office building. Strata council president Bob McFadden expressed surprise at the news, emphasizing a lack of details about the future plans for the site.

Sale Details and Future Implications

According to official council notices, the sale transaction is scheduled to finalize around October 31, 2025. The notice also included mention of legal advice being sought concerning parking spaces associated with the Harbour Cove.

McFadden acknowledged that while the property was known to be on the market, rumors suggested there were no offers until now, making the swift sale unexpected.

Valuable Real Estate on the Market

Covering an expansive 51,400 square feet, this property occupies over an acre directly east of the Burrard Street Bridge, carrying an assessment value of $54.2 million. While the sale price remains undisclosed, marketing materials from commercial real estate firm CBRE hinted at a potential for rezoning that could allow for a dramatic increase in height and capacity—up to a staggering 616,800 square feet of development.

What’s Next for the Central 1 Site?

As this deal unfolds, questions abound regarding the future landscape of this prime location. Will the community embrace the changes that come with such significant development, or will there be pushback? One thing is certain: the waterfront development scene in Vancouver is about to get even more interesting.