Last week saw a fair bit of activity with several units going pending a few more closed but nary a single unit in the urban core was listed. That is a noose tightening around the localized Downtown and Waterfront condo market.
Vancouver is getting a decent amount of traction from Portlanders looking to escape our souther neighbors crime and infrastructure woes. We are also seeing Seattelittes coming down to tap what they feel is a bargain market. All of this adds to the market pressure making urban condos in vancouver a hot commodity.
If you have been to the Waterfront in the last few weeks you may have noticed a significant amount of work along the south side of the BNSF railway berm and over crossing. It appears the city is aligning Cascade Street along the berm to connect with Columbia Street. The current streets do not line up. Cascade Street will follow a relatively straight path, tight up against the berm from Grant Street to Columbia Street. The old meandering bit from Columbia into the Red Lion overflow parking will likely be scrapped as part of the development of the new Zoom Info project set to break ground this year.
2022-2025 is shaping up to be a very active building period with several large scale projects including two multi-block high-rise developments. Terminal One, Blocks A and C will have two high-rise towers for Zoom Info and Blocks 1 and 2 are going to be an office and residential high rise project. Meanwhile, further west, The Springs should break ground soon on their large 12 story senior living tower at Block 18 and the Moderna is slated to rise 14 floors above Block 21. These large high-rise developments are in addition to several mid-rise projects including the companion apartment tower to Block 17 which is topped out with a similar 7 story project on Block 19 which should break ground this year.
Vancouver has hired the master developer for the Waterfront Gateway district as I mentioned a while back it is LPC West the same developer doing Blocks A & C as well as Block 1 & 2. There will be a fair bit of preliminary work but unlike the Waterfront which was reclaimed bare dirt when they started, most of the infrastructure for Gateway is already in place so we could see development begin as early as next year on that area.
Vancouver continues to rise to the occasion as the urban alternative to Portland.