Things are just ‘chugging’ along in Vancouver’s urban core. About a dozen projects of significant size continue to rise up and several new projects are working their way through approval and permitting. Four tower cranes are up and a fifth should go up soon. It has been a while since Vancouver USA had five active tower cranes, in fact I am not certain we have ever had five. By the time the cranes are erected to support the new Terminal One project and The Springs Living project, I’d imagine that the AC/Hotel and Block Ten cranes will be down already. Five may be the best we can muster for the time being.
Our activity is bringing high paying jobs to the area and helping our city center businesses bounce back from the horrible downturn caused by COVID-19. There seems to be an insatiable demand for luxury housing in Vancouver right now and that spells success for many other projects the city would like to get done that support lower and middle class residents.
Last week I mentioned that a bull rush of new listings flooded the MLS in the last few weeks. The urban condos however have managed to soak them up and many units are still selling quickly. As the leases start to come up on some of those luxury apartment units on the Waterfront, many lessees may be thinking they want to own something rather than rent. There is a broad variety of price ranges available in the city center. Although the newest condo’s downtown are units erected in the mid 2000s, Kirkland Tower will have brand new modern units online in a matter of weeks. A strong successful start at Kirkland will likely lead to a construction start on block 16 for 80 more units or so.
I wish Kirkland the best of luck, their success will lead to more investment by other prominent developers in the region and beyond.