Vancouver has seen a burst in urban projects over the last several years with by my count more than a dozen cranes have dotted the skyline over the last 5 years. There are currently four cranes operating in the Downtown and Waterfront area. It seems like the pace is starting to pick up a bit again and hopefully the half dozen urban high-rise and mid-rise projects in the pipeline right now will be able to start in the next 4-6 months.
These are great projects that enhance the living experience in Vancouver as well as the visitor experience as this tends to drag in more restaurants and services to accommodate the busier urban crowd. They also bring with them excellent high paying jobs for a variety of engineers, architects, trades people, and even real estate brokers.
Last week the CCRA went over the details of the Block 18 Waterfront project, The Springs Living. This is a 12 story residential project for seniors. The upscale building will look real sharp and add a nice bookend for the slightly taller Kirkland Tower at the other end of the street. The CCRA reviewed detailed plans including full technical drawings and other important details. I’m still waiting for the video to be released to the public to gauge the response. It is a good looking project so I’d imagine they liked it. The Springs is hoping to break ground first of the year.
Locally our economy seems to be pretty strong even with the anchor that is COVID-19 chained to our feet. Portland which is shedding residents faster than new ones arrive seems to have a robust amount of crane activity which is a sign of strong economic conditions. If these prime conditions for urban development stick around a few more years, Vancouver’s amazing waterfront should be able to hit 75% buildout.
Condos this week were similar with a tightening of inventory but a little less activity.