Spring Listing Boost Arrives

Listings out paced pending and closed this week a bit of a rarity in the last year or so. The activity was led by three units listed in a 4 day period at Northwynd. Another units was listed at The Village at Columbia Shore but that one went pending almost immediately. A total of three units went pending to counter the new listings a bit.

Thursday two applicants will submit pre-app packages to the city for initial review. Angelo Landing at the Heights, presumably the applicant is Al Angelo Company, will possibly be the first urban density project in the newly minted “Heights District” the pre-app notes refer to a mixed use project.

Another project is being proposed at the Palisades in East Vancouver as well. Named Palisades Point, that will be an urban density commercial & residential project as well.

The latest news on Kirkland Tower and the Indigo Hotel on Block 4 at the Waterfront is June 1st opening. This project is spectacular in scope is undoubtedly the nicest high-rise project in Vancouver. The hotel will have an open atrium all the way to the top. But the project has been beleaguered with delays. Some of these delays are no doubt due to supply chain issues being faced by every developer and the slowdown associated with COVID. But this particular development has been hit harder with cost overruns and delays. I do hope they can meet the June 1 opening target. After all, the original opening date was Fall 2020.

I showed a unit in Academy Square over last week and was pleasantly surprised with the ambiance of the interior courtyard even now with the six story Aegis project full topped out. Phase two will add more structures but it seems like the shadow effect will only last for two months, likely December and January. The afternoon sun in mid-March was high enough to spill into the courtyard over the top of the taller Aegis. I was a bit concerned about that when Aegis was first proposed, but the fact that you no longer have to look at a deteriorating parking lot is a definite boost in the urban view.

List of projects I expect to break ground in the city center over the next several months:

  • Waterfront, Block 18: The Springs Living, 12 story senior living. @$150m < 3 months
  • Washington and 4th: Hurley Washington Apartments, 6 stories. @$40m < 4 months
  • Terminal One, Blocks A&C: Zoom Info offices 9 & 10 stories. @$150m < 6 months
  • Waterfront, Block 19: Alliance Broadstone, 7 stories, 180 units. @$40m < 6 months
  • Waterfront Blocks 1&2: Office & Residential, 10 & 12 stories. @$130m < 9 months
  • The Academy 12th and D: Aegis Phase II, 6 stories. @$100m <9 months
  • Waterfront Block 21: Modera apartments, 14 stories, 265 units. @$150m < 12 months

Here is a list of projects under construction that should open in the next 12 months:

  • Terminal One Block D: AC Marriott Hotel, 7 stories. $50m < 3months
  • 17th and D, VHA Arnada, 4 & 3 stories, 88 units. @$30m < 3 months
  • Block Ten: Holland HQ, 6 & 7 stories, office + 110 units. @$60m < 3 months
  • Waterfront, Block 4: Kirkland Tower & Indigo Hotel, 12 & 8 stories, 40 units. $150m < 4 months
  • 15th and Daniels: Ginn WXV Vancouver, 4 stories, 50 units. @$20m < 6 months
  • Waterfront, Block 17: Broadstone Claro, 7 stories, 177 units. @$40m < 9 months
  • The Academy 12th and C: Aegis Phase I, 6 & 5 stories 140 units. @$50m < 9 months
  • 16th and Washington: Hurley Navalia Apartments, 4 stories, 74 units. @$20m < 12 months
  • Waterfront, Block 3: Timberhouse/The Third, 8 stories, 227 units. @$60m < 12 months

Vancouver is the regional hot spot with a large share of economic development energy pouring into the city. There’s an estimated $1.24 billion on this list alone.

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