The urban condo market in Vancouver saw a tightening of inventory yet again. Prices are holding but some units saw a price reduction as the tool to get into contract. The local market for urban condos saw one additional unit listed, three went pending and three closed.
There doesn’t seem to be much resistance in the upper end either. A pair of Tidewater Cove units priced well above $700k one at $1.5m closed last week. This is good news for the urban core.
For those living in the downtown area some new projects should enhance the neighborhood. The tallest building in downtown Vancouver at 805 Broadway is renovating the southwest corner of the building to include some retail store fronts. Previously that section was just a red brick wall.
The Port of Vancouver released additional Terminal One proposals that were reported by The Columbian last week. The two blocks in the back near the railway berm will feature two mid-rise buildings of 7 floors each separated by a nice terraced and stepped back style of steps between them. The parking will be in garages that face the berm. It’s a solid design and should have little trouble in the city approval process.
On Block D of the Terminal One project the work on ground prep for the AC Marriott is nearing completion as of last Tuesday it was reported to be at about 60% complete and likely the stabilization efforts will conclude this year.
Some local experts are worried about adding so many new hotel rooms, but I see it differently. The City of Vancouver has a plan to expand the Hilton Hotel convention center and they have plenty of space to do so. They could easily, I mean EASILY triple the amount of convention space in that facility by utilizing the two city owned lots to the south of the Hilton. This would allow Vancouver to host larger conventions which in turn would fill the nearby new hotel rooms. It will be an easy sell to convention organizers with the new waterfront so close and the lovely Esther Short Park across the street.
Jackson Square Properties is hard at work with Pence Construction digging out the Block 20 lot for their new Apartment building on the Waterfront. That place is slated to have over 230 units making it larger than the Riverwest building on Block 8. Angelo’s tower crane is up and operating at Mill Plain and C Street, and Cascadia’s Aria project is rising up off the ground under their recently installed tower crane.
Downtown is buzzing with activity, and that is a good thing.