Allied Properties Real Estate Investment Trust states the planned redevelopment of 150 West Georgia St. (formerly addressed as 720 Beatty St.) in downtown Vancouver, in partnership with local developer Westbank, is now set to include a 10-storey artificial intelligence-focused data centre, according to fresh details released today in its fourth quarter and full 2025 fiscal year results.
According to Allied, BC Hydro has committed to supplying 39 megawatts (MW) of power to the development site situated at the southwest corner of the intersection of Beatty Street and West Georgia Street, with a clear path to 50 MW and potential to reach 100 MW.
The company also said the facility could be integrated with Creative Energy’s on-site district heating system, a move that would allow the project to reuse the enormous waste heat generated by the servers and operate as a net-positive data centre. This would also enable the district heating system to expand its reach.
In the fiscal update, Allied confirmed it has extended Westbank’s loan on the property to Dec. 31, 2026, with additional security, as the project shifts from an office development to data centre use. Allied and Westbank are now seeking to sell a major portion of the site to a Canadian operator, with proceeds to partially repay the loan, while retaining a minority interest.
Allied made a meaningful amount of money just from interest on two big loans it has out, one of them tied to the 150 West Georgia St. site and the other to Westbank’s landmark mountain-shaped, mixed-use residential and commercial project of KING Toronto. Furthermore, Allied is now taking the lead and full control of KING Toronto, with the loan for this project settled through a “partial cash payment and conversion to equity in the commercial component resulting in Allied owning 100 per cent.”
After construction cost escalation and delays, KING Toronto is now scheduled to reach completion in the first half of 2027.
June 2024 construction progress on KING Toronto. (Google Maps)
Concept of King Toronto. (Bjarke Ingels Group/Westbank)
Together, those two loans previously brought in about $36 million in interest throughout 2025, including nearly $10 million in just the last three months of 2025. Allied expects the loans for both projects to keep generating around $20 million in interest in 2026, before its earnings start growing again in later years.
Looking ahead, Allied also expects to get a big chunk of its money back from the 150 West Georgia St. loan: about $125 million is supposed to be repaid in December 2026. That repayment is part of Allied’s plan to reduce its debt and strengthen its balance sheet.
Site of 150 West Georgia St. (720 Beatty St.), Vancouver. (Google Maps)
Construction progress on the below-grade structure of 150 West Georgia St. (720 Beatty St.), Vancouver, for parking, the Creative Energy plant, and entertainment pavilion, as of Jan. 16, 2026. (Kenneth Chan)
2026 revised concept for 150 West Georgia St. (720 Beatty St.), Vancouver. (Align Architecture/Westbank)
The site of 150 West Georgia St., located next to BC Place Stadium, was originally envisioned as a 17-storey, 580,000 sq. ft. office tower project, which saw its rezoning application approved by Vancouver City Council in October 2020. That plan stalled as office market conditions weakened.
In parallel, work has continued below grade to build Creative Energy’s new replacement and expanded steam plant — a key piece of infrastructure that provides bulk hot water and steam heating to hundreds of buildings across the downtown Vancouver peninsula, with the benefit of economies of scale, as opposed to individual building heating systems.
But the new Creative Energy facility has faced cost escalation and delays. Major construction work on the concrete shell structure of the plant — between the Expo Boulevard level and Beatty Street level — first began in 2023. The utility company anticipates that work on installing the steam plant’s extensive equipment and infrastructure within the shell space will begin in late 2026, when sufficient progress has been made on the overall steam plant premises.
The current construction project also involves building below-grade parking space for the site’s future tower uses.
2026 revised concept for 150 West Georgia St. (720 Beatty St.), Vancouver. (Align Architecture/Westbank)
2026 revised concept for 150 West Georgia St. (720 Beatty St.), Vancouver. (Align Architecture/Westbank)
2026 revised concept for 150 West Georgia St. (720 Beatty St.), Vancouver. (Align Architecture/Westbank)
As previously reported by Daily Hive Urbanized, the above-grade office tower concept designed by Bjarke Ingels Group and HCMA had been scrapped in favour of a preliminary concept of a taller and denser mixed-use tower of 48 storeys — made possible by the City’s recent protected mountain view cone changes — that would potentially combine hotel, residential, and data centre space above the Creative Energy steam plant facilities. While that broader mixed-use concept by Align Architecture was an early stage, the data centre component is now emerging as the anchor use for the site.
That revised preliminary concept envisioned a substantial base podium of about 11 storeys, with the western half of the podium used for the data centre and the eastern half used as the hotel. A residential tower would rise from above the hotel section of the base podium. Overall, this concept called for about 700,000 sq. ft. of total building floor area.
Additionally, a six-level, 30,000 sq. ft. entertainment pavilion building with restaurants, bars, and other entertainment-based businesses was approved in the original concept.
The AI-focused data centre’s power supply would come from BC Hydro’s new underground electrical transmission line between the Murrin substation in Chinatown and the development site. This new transmission line was originally conceived to provide the significant power needs for Creative Energy’s new high-voltage electric steam boilers, reducing its current reliance on natural gas.
Cancelled: January 2019 concept of the office tower redevelopment at 150 West Georgia St. (720 Beatty St.), Vancouver. (Bjarke Ingels Group/HCMA/Westbank)
Cancelled: January 2019 concept of the office tower redevelopment at 150 West Georgia St. (720 Beatty St.), Vancouver. (Bjarke Ingels Group/HCMA/Westbank)