If all goes according to plan, the Insurance Corporation of British Columbia’s head office in North Vancouver will be converted into a major multi-family housing development.

B.C. Premier David Eby recently announced that the province has agreed to purchase the Lower Lonsdale area property, which is a staple of the North Van waterfront. The proposed purchase is part of the government’s $394-million plan to build 10,000 new homes near transit hubs over the next 10 to 15 years.

The plan is part of a new provincial law, passed in December, that requires municipalities to designate transit-oriented development areas near SkyTrain stations and bus exchanges.

“Underused areas that are already well-connected to transit and close to services and amenities are the perfect places to build new homes,” said Eby in a news release.

“The planning work will take place while ICBC begins its transition to their new site and completes it over the next two years.”

The provincial government also reached agreement on the plan with the Musqueam, Squamish and Tsleil-Waututh nations, Eby added.

The province plans to work with the City of North Vancouver and TransLink to develop the property, which is near the North Shore Sea Bus terminal and an adjacent bus loop.

Provincially-owned ICBC previously announced plans to relocate its headquarters to Vancouver’s False Creek Flats area.

Pictured: ICBC’s current headquarters in North Vancouver, B.C.

Photo: ICBC