A fair bit of condo activity from new listings to pending and closings happened last week. The inventory levels are still tight and there was no discernible change in direction just a lot of general urban condo real estate activity across the board.
On the development side of things activity has been robust all over the city center. I visited Block 18 on the waterfront last week and noticed the construction fencing is up, a contractor trailer is setup and workers are onsite. Whether the “official” groundbreaking has occurred or not, this site is under defacto construction. The Springs Living is a highly anticipated development featuring a large 12 story building featuring roughly 250 units for senior citizens mostly active living but some assisted care and memory care as well. The plans look sharp and it should be a fantastic addition to the Waterfront’s already impressive line up of completed and under construction projects. This project has an estimated opening in 2024. I’d say Q4 2024 completion is a bit liberal with the current state of supply chain and labor so conservatively think Q2, 2025.
Down at the other end of the Waterfront there is some shuffling around on Blocks 1 and 2 as well as activity on Block A and C at Terminal One. Blocks 1 and 2 have been serving as staging blocks for several projects but Block 2 is now completely cleared and Block 1 is just handling some parking for construction workers. No trailers or supplies are parked on either of those lots. Meanwhile to the east on Terminal One staging has been expanded beyond what is needed to wrap up the AC Marriot hotel project across the street. Is LPC West fast tracking the two block development on the east end of the Waterfront? Sure looks like it. That is a major project in its own right. Two full block high-rise buildings one featuring commercial office the other residential. The photo at left shows a Google Earth image (Google imagery dated 7/2021) with some Sketchup models I did of proposed and under construction projects in Vancouver. This shows the scale of the project and how is fits into to the emerging new skyline.
The excitement continues as Vancouver begins to see the fulfillment of the promise at the Waterfront. The economy remains strong but some in the industry feel that a recession is brewing. That could take a bite out of the pool of capital used to fund big projects like these. Hopefully the money will continue to flow and the dream of a bustling urban neighborhood will reach its full potential.