A large industrial project on Mt. Lehman Road in Abbotsford has received regulatory approval to begin construction of the first two buildings.
QuadReal Property Group and Hungerford Properties made the announcement Thursday (Nov. 17) regarding the Xchange Business Park on Mt. Lehman Road.
The 140-acre project is slated to include 11 buildings and 1.3 million square feet of industrial space. It is located at 3407, 3459, 3481 and 3583 Mt. Lehman Rd.
The proposal is one of the largest industrial developments in recent years and consumes the last large chunk of developable industrial land in west Abbotsford north of Highway 1. The block of land encompasses one-sixth of all the land approved for exclusion by the Agricultural Land Commission in 2005.
The park is preserving more than 40 acres of green space and will include an amenity building that honours the nearby Matsqui First Nation people.
A press release states that the facilities are designed to alleviate strains to the supply chain through features such as dock loading, high ceilings and immediate access to Highway 1.
The release says the project “has the ability to boost B.C. exports and solidify Abbotsford’s role as a logistics and warehousing hub for the province.”
“The new Xchange Business Park not only substantially increases premium industrial space in Abbotsford; it will also add much-needed jobs in our growing community,” said Abbotsford Mayor Ross Siemens.
“Key economic projects like this help further cement Abbotsford as the regional economic and cultural hub of the Fraser Valley.”
The Xchange project is expected to generate an estimated 1,000 direct jobs in Abbotsford and $23.6 million in provincial taxes.
“We’ve all heard of the challenges posed by a lack of industrial space close to metropolitan centres,” said Jeff Rank, senior vice-president of leasing for QuadReal Property Group. “The demand in Metro Vancouver is largely driven by e-commerce and logistics requirements. And for almost a decade, demand has outstripped supply, so Xchange is filling a very definite need in the local supply chain.”
The first two buildings are expected to be ready for tenants in early 2024.
“What will be available at Xchange is ideal for a wide range of uses,” said Hungerford Properties partner Michael Hungerford.
“We’re excited to begin construction on much-needed industrial space that will begin serving tenants in early 2024, particularly given the scarcity of developable industrial land across the region.”
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