2022 Could see Big Starts

Massing drawing for Blocks 1-2 Waterfront

The CCRA will be reviewing the proposed project on both Blocks 1 & 2 at the waterfront. This project as proposed would feature a five story podium of parking and retail supporting 3 connected towers of residential on Block 2. The towers would be 7, 9, 12 floors respectively including the 5 base floors. The tallest tower should only rise to about 130′ according to the drawings being presented to the city. That should work fine for the FAA although they may have some tower crane issues like Kirkland did. The Block 1 portion will feature a 10 story office tower also supported by 5 floors of structured parking. That tower is shown as rising 132′ which will lead to the same potential issues with tower crane operations.

The project is offered by the Lincoln Property Group and its local partner and judging by the success they had pushing the two tower, two block proposal for the future Zoom Info office at Terminal One, they should be able to skate through. The 10 story office tower proposed by Gramor and marketed for lease by Colliers International will need to be cancelled for this project to proceed. Perhaps The Lincoln Group was considering the Gramor proposal when they decided to go ‘bigger.’

Several years ago an investor group bought up all the lots on the 1500 block in Midtown bounded by Washington, Columbia, W15th, and W16th. These lots all had retail operations mostly in automotive service. Other than the sale and the long term eviction announcements shortly after the sale, it’s been crickets, until I noticed a pre-app submittal for land use review. Hmm, I have no details yet, but the original press release suggested an office building or a mixed use building of 5-6 floors was planned. I’ll be following this closely as I think the ‘Midtown’ area is primed for some serious building activity. Al Angelo’s 6 story mixed use project completed in 2021, is currently the tallest structure in the loosely defined “Midtown” area which is basically the section of Vancouver between Uptown and Downtown near the SR 501 corridor (Mill Plain eastbound and 15th westbound.) Recent urban projects in the area include the 5 story 13 West apartments, 5 story 15 West Apartments, 4 story infill housing Miles Terrace, Our Heroes Place two 5 story apartment buildings, Al Angelo’s new 6 story Apartment building, The Rosa twin 4 story apartment buildings. Currently under construction 4 and 3 story VHA housing, Hurley’s 3 story 3/4 block Bennent Apartments, and a tiny 3 story infill project called Florence. Projects in the late planning stages New Seasons Market, and the proposed projects, a small infill 3 story office building by Al Angelo and this 1500 Block proposal. This narrow section of the city has seen about 200 million in development over the last half dozen years. Not bad considering the area is on the ‘outskirts’ of Downtown.

I mentioned at the New Year the other significant projects very likely to break ground in 2022 including Waterfront Block 18 12 story senior living by The Springs, Block 19 7 story apartments, Block 21 14 story apartments, Blocks A & C at Terminal One Zoom Info HQ, Hurley’s 6 story full block apartments at 400 Washington, Downtown.

2022 should also see the completion of several notable projects including the 12 story Kirkland Tower, 8 story Indigo Hotel, and Block 17, 7 story Broadstone Claro apartments all at the Waterfront. Terminal One 7 story AC Marriott Hotel, and Downtown the Holland HQ 6 story office and Holland 7 story Apartments on Block 10.

The local urban condo market was conspicuously quiet this past week. A single transaction showed up on my tracking it was a closed unit on the 7th floor of Parkview.

Outlook for the New Year

Now that the holiday season is done and things are starting to get back to normal schedule, let’s take a peek at the timelines and outlook for this new year.

The following urban projects should finish in Q1:

  • Indigo Hotel on Block 4 Waterfront, includes 8 story open atrium hotel, 13 Coins Restaurant, El Gaucho Restaurant, The Witness Lounge rooftop bar and a bar in the lobby as well. (138 rooms)
  • Kirkland Tower Block 4 Waterfront, 12 story luxury lifestyle condominiums. Presales now. (40 units)
  • AC Marriot Hotel, Block D Terminal One, 7 story waterfront hotel. (150 rooms)
  • The Residences at Arnada, Midtown apartments, affordable work/live. (83 Units)
  • Jefferson Apartments, Downtown, low income apartments. (68 units)
  • Miles Terrace, Midtown, affordable apartments, income restrictions. (50 Units)
  • Florence, Midtown, 3 story infill, live/work apartments (10 units)
  • Vancouver Landing rebuild, Terminal One

These urban projects should finish this year:

  • Holland Partner Group HQ and Apartments, Downtown Block 10. 7 & 6 floors (110 units + office space)
  • Broadstone Claro, Block 17 Waterfront, 7 story luxury apartments. (177 Units)
  • Aegis at the Academy Phase 1, Downtown. 6 & 5 story apartments (140 units)
  • VITA Elementary School, 4 story elementary and advanced placement school.

Other significant urban projects under construction but likely to complete beyond 2022:

  • Timberhouse, Block 3 Waterfront, 8 story apartments (227 units)
  • Bennent Apartments, 1600 Washington, 3 story apartments over existing retail (74 units)
  • The Ledges, Columbia Palisades, 6 and 7 story apartments/condos (140 units)

These urban projects should break ground in 2022:

  • The Springs Living, Block 18 Waterfront, 12 story senior living apartments/condos. (250 units) Q1
  • Zoom Info, Blocks A&C Terminal One, 10 and 9 story office and mixed use. Q1
  • Alliance Residential, Block 19 Waterfront, 7 story luxury apartments. (180 units) Q2
  • Hurley Apartments, 400 Washington, Downtown. (180 units) Q2
  • Fourth Plain Commons, Fourth Plain Village, 6 story low income housing (@100 units) Q3
  • 65th Street Apartments, Bagely Downs, 5 story affordable housing (? units) Q3
  • Modera, Block 21 Waterfront, 14 story luxury apartments, 20% at sub market (268 units) Q3
  • Blocks 1&2 Waterfront, 10 story office, 12, 9, 7 and 5 story apartment towers. (200 units) Q4
  • Aegis at the Academy, Phase 2 Downtown, Two 6 story apartment buildings, 6 story parking. (200 units) Q4
  • Kirkland Waterfront East, Downtown, 8 story residential with two 3 story retail/restaurant. (@100 units) Q4
  • 9th and Daniels, Downtown, 9 story mixed use. (@50 units) Q4
  • Regan Mixed Use, Downtown, 5 story mixed use. Q4

As you can see there is plenty of activity in Vancouver for urban scale projects and robust construction is likely to continue for the next few years.

Happy New Year!

The holiday season is now done and hopefully this first quarter of 2022 will bring several groundbreaking ceremonies for large projects that are nearing the end of the government portion of the process. I am anticipating a start on Block 18 at the Waterfront for the 12 story Springs Living tower as well as the recently revised Zoom Info project on blocks A and C at Terminal One.

The recently announced 14 story Block 21 on the Waterfront project has an ambitious goal of breaking ground this summer but we shall see that would be a pretty quick government review and permitting cycle. It is not unprecedented though, the Columbia on Block 20 got started about that fast.

I would expect the tower crane supporting the Broadstone Claro on Waterfront Block 17 will come down early in Q1 that building is topped out. The tower crane supporting the Aegis Phase one will likely come down late Q1 as those two buildings are nearly topped out.

I haven’t heard much on the Hurley Apartment building proposed for 400 Washington Street. The old building that housed Boomerang looks empty but no signs of demolition yet. I did see an Olsen Engineering sign go up late last year. As for the Alliance Block 19 project I would expect a quick process there due in part to the fact that the building is similar in scope to the topped out Block 17 and the two projects are by the same developer. Aegis Phase 2 has been quiet as well. Perhaps Marathon development wants to complete Phase one before starting Phase 2, but the parking for the whole package is part of Phase 2 so shortly after Phase one is occupied, demand for parking may increase a bit.

The uncertainty in the money markets could provide a short term cash availability for real estate as a ‘safe haven’ protection against inflation. Long term however could lead to higher interest rates that would make financing these big projects more expensive and thus more difficult to ‘pencil out.’ It is in the best interests of local government to make the process of approval and permits as streamlined as possible to ensure projects proposed remain viable when the permits are ready. This is especially important for Block 21 which is a fairly expensive proposal that should see the budget break well over the $100 million mark.

These large projects tend to employ hundreds of workers in high wage jobs. So getting these through to the finish line helps keep the local economy on a positive track. 2022 should continue to be solid for urban real estate projects as demand for apartments and even condos remains high. So long as financing remains affordable and cash investors continue to line up, the Waterfront and greater downtown should see a promising year ahead.

On the local condo front, there was very little activity in the usually quiet last week of the year. I have nothing to report on MLS activity this week.

Vancouver is Forging a New Urban Legacy

Vancouver from Hayden Island, 12-23-2021

A recent Columbian article about the ‘end of an era’ regarding the once grand Inn at the Quay, waxed nostalgic as it contemplated the upcoming demolition of one of the regions most notable party spots. Yes it was at that very place that formal events were common and every New Year was rung in with a formal ball.

The upcoming demise however is not like the loss of so many of Vancouver’s wonderful historic buildings that gave themselves up for the new Interstate Highway in the 1950s, or the promise of new development that never came. Nor was it borne out of some raging bulldozer happy developer scheming. This was out of real necessity. The century plus old wooden pilings underneath that wonderful hotel, restaurant, and bar are failing and the building was likely not safe anymore. A new pier and public market of sorts is planned and that should be a wonderful replacement for what was a 60 year old place of fond memories and fun times.

Vancouver is forging a new urban legacy with the Waterfront development already a regional hot spot and the new Terminal One project following up after it. Perhaps more than ever before, people are congregating Downtown and on the Waterfront to walk, dine, and enjoy an emerging urban oasis in a smaller sized ‘big city’ that offers all of the urban benefits with far less of the urban woes.

Our city is emerging as a great new model for others to follow and we can be proud of that. We also need to stay on top of local city officials and make sure they don’t lead us where Portland has gone. Portland a once fun and safe city has devolved into a dystopian wasteland that at times seems like a post apocalyptic nightmare. This is not what compassion looks like nor is it a good path for Vancouver. We must continue to say NO to Portland style “progress.” We must be ready to ‘eject’ those on the council that think Portland is a good model.

Urban condo activity was quiet as expected this week. There was a fresh new listing at Heritage Place and two pending sales closed last week. Over all, a more or less neutral week.

The official pre-application presentation for the new Block 21 Modera project is this Thursday. I think that is an appropriate project for that block.

Happy Holidays!

This week little activity in the urban condo market. Just two changes; one sold and one pending, no new inventory. So the market tightened a tad. It is certainly not atypical of the last few weeks of the year to slow down.

The CCRA reviewed the Block 19 proposal last week. The commission seemed rather enthusiastic about the design of the project and it is likely to get built more or less as designed. That block is being developed by Alliance Residential which is topping out on Block 17 next door right now.

The Aegis first phase is also built up to within one floor of topping out on both structures. These are residential units that should be online and renting sometime in 2022. Meanwhile, it seems the Academy Trust is using some of the cash proceeds from the sale of Aegis property to revitalize the garden and entrance areas in front of the impressive and very historic Academy building. The improvements look like they will greatly enhance the view of the building from the street as well as provide even better public access. It will certainly be more inviting.

I would imagine that activity over the next few weeks will be light with the holidays at our doorstep. There is a pre-app conference scheduled for the last week of the year and the Block 21 project is going to be on the docket for that meeting.

Happy Holidays.

Another Large Project and Tighter Condo Market

The Columbian published an article about the project I briefly mentioned last week on Block 21 at the Waterfront. This project, called Modera, is proposed at 14 stories and 156.75 feet tall. Although this is slightly shorter than the FAA approved height of 168 feet it will still be the tallest structure on the waterfront. The Columbian quoted a representative for the developer who described this new project as the only residential project at the Waterfront with “type 1 construction” which is actually not true. The Kirkland Tower is a residential condo tower that is type 1 construction. Type 1 construction refers to building with a structure built from mostly non-combustable material commonly steel and concrete. Kirkland Tower is definitely “type 1.” That out of the way, this will be a large project with 268 apartment units proposed making it the largest by unit count thus far on the Waterfront.

Published, 12-12-21, The Columbian

The article went on the describe the features of the building which includes a large patio on the 7th floor with a pool. That should allow for some views. The building also intended to take advantage of the MFTE program by making a sizable portion of the units available at sub-market rates. The location of this building is such that certain units will be at a very large premium whereby others may have no view or a less desirable view. This is ideal for mixing in some affordable units at sub-market rates.

I am very happy to see a taller project that is in line with the original concept for build-out on the west end where FAA regulations allow for more height. For those curious as to why there is so much FAA involvement on the Waterfront, here is a basic synopsis of the issue:

Pearson Field is a small airport that handles roughly 52,000 aircraft operations a year. These are almost exclusively small private planes. Pearson is located less than a mile away from the Waterfront. But lurking just a couple miles further east is the Portland International Airport. Pearson Field is actually operated under the Portland Control Tower. Aircraft are required to remain under 500 feet as they either take off or land at Pearson. This allows for a safe operating distance for the aircraft operating out of PDX. The Waterfront lies directly in the path of aircraft using Pearson’s runway. Buildings on the east end, such as Terminal One, need to remain at around 100 feet or lower in height so aircraft can climb high enough to clear them safely. Structures can get taller the further west along the pathway. But the low flight ceiling in the area means that building taller the 168′ on Block 21 would put a dangerous ‘squeeze’ on small craft trying to stay safely above the building and below the PDX pathway.

Other parts of Downtown are not limited by this issue so a taller 200 to 300 foot building could be approved by the city and the FAA in areas like Library Square or perhaps the block formerly occupied by the New Heights Church that was recently demolished. This is not unique to Vancouver by any means. The downtown area of the city of San Jose, CA is located in the flightpath of San Jose International Airport and has building heights are strictly regulated by the FAA. This is primarily why San Jose, the 10th largest city in America has no skyscrapers.

The urban condo market was squeezed again this week with a 3:1 ratio of pending units to new listings. There is clearly room for more mid-range to high-end condos and I would hope that Gramor can find a taker for the 80 unit 14 story proposal on Block 16. These need not be multi-million dollar units to be successful since the structure would house twice as many units as Kirkland and need not be the ‘lifestyle’ type development a la Kirkland Tower.

I did a basic analysis of the rental market in the Esther Short neighborhood and vacancy is ultra tight. Even in the expensive Waterfront area the worst vacancy rate I could find was 6% and most projects were under 3%. A healthy vacancy rate is typically 7%-8%. There is still a thirst for Downtown Vancouver condos and apartments and another 784 units are under construction now. There are also another 1445 units in the pipeline working their way through the permitting process.

The original vision for the Waterfront was 3300 units. This is for the 21 block project and exclusive of Terminal One. Thus far the breakdown after just 3 years of building looks like this:

  • Rediviva: 68 units Q4-2018
  • Riverwest: 207 units Q2-2019
  • Columbia: 248 units Q4-2021
  • Kirkland Tower: 40 units Q1-2022
  • Broadstone Claro: 177 units Q3-2022
  • Timberhouse: 227 units Q1-2023
  • The Springs Living: 250 units Q3-2024
  • Block 19: 180 units Q4-2024
  • Modera: 268 units 2025
  • Block 2: 200 units 2025
  • Block 16: 80 units 2025

That is a total of 563 complete or very near complete, 404 under construction, and 978 proposed. That brings a reasonable target of 1945 units on the Waterfront by 2025. Blocks 5, 7, 11, 13, and 14 will still be available for future residential development. That leaves ample room to meet the build-out goal of 3300 units.

Things are looking good for the urban market in Vancouver USA.

More BIG news for the Waterfront

The Columbian newspaper recently published an article with initial details on a large project proposed for the Waterfront. This project will span two blocks those being Blocks 1 and 2 of the Waterfront. These two blocks are part of Gramor’s 21 block Waterfront project but are actually owned by the Port of Vancouver. The other 19 blocks are owned by the Waterfront and are sold to developers who in turn build their project. Those blocks owned by the port of Vancouver are ground lease blocks in which developers pay the Port for a long term lease, typically 50 years with a renewal option.

Original Block 2 Proposal

Dating back to the very start of the Waterfront, Gramor had plans for a 10 story office building on Block 2. In fact Colliers International has had the site listed and has been seeking potential tenants now for over a year. But there seems to be a change in wind here. This project calls for a four tower residential complex on Block 2 and a 10 story office tower on Block 1. The office tower proposed for Block 1 looks nothing like the tower Gramor proposed for Block 2.

It could be that Gramor and Colliers were unable to secure an anchor tenant to make the project viable. There is no shame in that as the market for commercial office space has been a bit soft in the face of the pandemic.

Block 1 Office Tower (Image from The Columbian)

The story in The Columbian did not provide a lot of details but there was some art showing the style of the office building along with a massing drawing showing the step down approach in the height of the four towers on Block 2 relative to the single tower on Block 1. As proposed the new 10 story tower would have a much different design and likely be much shorter in overall height than the original 10 story tower. I thought that original project would be difficult to get past the FAA. I never had proper height figures for the original Block 2 tower but based on the drawings and floor descriptions it would have been as tall as Kirkland Tower which is 146′ and had some issues with the FAA. Block 2 is further east, closer to Pearson Field, making height even MORE sensitive on Block 1 and 2.

Structure Massing (Image from The Columbian)

The massing exercise showed the Block 1 10 story office tower at 132′ and the Block 2 12 story tower as only 130′ tall. The shorter heights are likely due to having 5 levels of structured parking underneath 5 and 7 levels of office and residential respectively. Parking levels are typically much shorter in height than residential or office. This should have no problems getting past the FAA other than possible restrictions on the tower crane needed to support the project. This five tower project is the second project announced this year with well over 600,000 SF of space. The other being the ‘ZoomInfo’ project at Terminal One, Blocks A & C.

These are excellent proposals and the economic benefit to the community is huge. Thousands of contractor jobs paying handsome salaries will be created to support construction and future permanent jobs after the project is complete.

The local urban condo market saw a slight inventory tightening as multiple units went pending or sold against fewer new listings.

Urban Condo Market Squeezed Again This Week

Just a single new listing arrived to market this past week and three closed further squeezing the market for urban city condos. Prices however seem to be holding steady with buyers refusing to bite on overpriced units. HOA dues can be a deciding factor as in some case they are a third of the cost of ownership. That can keep prices in check even when demand outstrips supply.

Parkview Tower now has 2 bedroom units with HOA dues over $600 a month and that impact the viability of ownership for many. That building is ideally located overlooking Esther Short Park and the units in the building are well priced in general, but $600 is equivalent to a $130,000 mortgage. So a $350,000 unit will have a payment that feels like a $480,000 payment went he HOA is factored in. Buyers must qualify for the payment on a $480,000 mortgage to buy a $350,000 unit in this scenario. The bank wants to make sure the HOA fee is not a burden on the borrower.

Buyers need to be aware of these lending guidelines whenever looking at any community with an HOA but especially in high maintenance situations like mid-rise and high-rise developments.

Last week the second of the two large top floor units in The Kirkland Tower wen under contract. This was the north facing unit listed on the MLS for $3.33 million. The riverfront unit next door reportedly went under contract for $4.5-$5 million having never been listed on the MLS. With the big units in contract Kirkland is poised for a fast sellout and that bodes well for the waterfront and for future high-rise developments attracting investors, perhaps next on Block 16.

Local residential projects continue to rise up around the Waterfront and Downtown. Hurly has broken ground on their ambitious apartments that will cover three quarters of the block bounded by Columbia, Washington, 16th, and 17th. Ambitious because they will be built over the top of an existing commercial building. The other 1/4 block is occupied by an under construction and topped out mixed use project with 3 floors.

Ginn Group is in the final stretch with their 4 story 50 unit project on 15th Street. Meanwhile the Jefferson Street affordable housing project on Jefferson is nearly complete.

The Aegis at the Academy, Phase One has four of six floors erected on the north tower and three of five on the south tower. That project will add 140 apartment units and breathe life into the area around the Academy and Library to support local restaurants and breweries. Trusty Brewing should be a major beneficiary to the arrival of residents in this project. In fact you can now seeing the towers peeking out above the building across the street from inside Trusty. Phase Two of that project is a three building 6 floors each proposal under government review now.

Down on 4th and Washington, it’s still crickets on Hurley’s proposed full block 6 story apartment building set to feature 180 units. The CCRA gave their blessing earlier this year. I expect to see activity on that sometime in the first half of 2022. Meanwhile up on Block Ten, Holland Partner Group is wrapping those building up like a Christmas gift and should move into the interior finishing shortly after the New Year. That project should be ready for the summer with 110 apartment units in the 7 story west tower and offices in the 6 story east tower.

On the Waterfront a bustling construction scene continues with The Columbia on Block 20 with 248 units, now open and leasing as well as kitty-corner on Block 17 Alliance has six of seven floor up in that 5 over 2 177 unit project. Just south of that I have seen some basic ground prep and survey work underway ahead of the groundbreaking for the 12 story 250 unit Springs Living project expected to start construction Q1-2022. Just a bit further east, The 12 story, Kirkland Tower and adjacent 8 story Indigo Hotel should open early 2022. Immediately north of Kirkland is the 8 story ‘Timberhouse’ on Block 3 which has now risen above street level and will have 227 apartment units.

Terminal One will see the AC Marriott Hotel open Q1 or Q2 2022. That 7 story project is coming along nicely, the tower crane supporting the project came down this month. I still expect to see ground breaking on the two tower mid-rise and high-rise office project on Blocks A and C early in 2022. A large portion of the space is already leased to the Vancouver Based and publicly traded Zoom Info. They are currently leasing space in the 805 Broadway Tower, currently, the tallest office building in Vancouver.

It is of great importance to consider the sheer number of high paying, family supporting trade jobs created by all this urban activity. Furthermore the city is doing a good job at keeping public space in mind as the density downtown increases. The mayor and council do deserve some kudos for that and often they don’t get their fair due.

CCRA reviewing even MORE big projects

Quite a bit of behind the scenes government development and permitting activity has happened over the last couple of weeks.

The CCRA is reviewing several projects including the Block 19 Waterfront apartment building proposed by Alliance Vancouver and Urbal Architecture which just happens to be the same tandem working on the 177 unit project next door on Block 17. Block 17 should top out just after the new year and complete late 2022.

The City Council chose LPC West as the ‘Master Developer’ for the new Waterfront Gateway district that will likely have some other name attached to it later. LPC West was one of five finalists including two prominent local firms Hurley Development and Holland Partner Group. According to local news accounts there were 28 developers interested in the project prior to paring them down to the 5.

Revised Plans for LPC West Terminal One

LPC west is also building the two high rise buildings to the immediate south at Terminal One on Blocks A and C. They proposed a pedestrian over crossing to connect Terminal One and the Waterfront to the New Waterfront Gateway district as part of their Terminal One proposal. The CCRA and LPC West will meet later this year or early next to hammer out proposals for the master planned urban community.

These master planned projects can take a fair bit of time measured in years rather than months as witnessed by the Waterfront and Terminal One projects. By my count however, the Waterfront took much longer to get started than did the Terminal One project that was proposed after it. The city and the CCRA are now getting into a rhythm of sorts about getting these large neighborhood sized urban developments going and I suspect we could see projects break ground even faster for this new development than we did with Terminal One. For one thing, most of the infrastructure is already in for the Gateway. The master plan for Terminal One was approved by the city in 2017 and the first project, AC Marriott Hotel broke ground just 2 years later and should complete early next year.

I am seeing some ground prep work on Block 18 which will house The Springs Living 12 story 250 unit senior living development expected to break ground in Q1 2022.

Over on Block 3 just north of the Indigo Hotel and Kirkland Tower, the Timberhouse project has risen above the street level after filling a 30 foot deep hole with foundation pilings and a parking garage. That 227 unit building will likely complete in Q2 2023.

Downtown one can see the two building Aegis Phase One rising up on two blocks of C street just north of the Library. These two mid rise towers should top out in the next month or two and will contain 140 apartment units with some retail and public space. That project should complete by Q4 2022. The City Council and CCRA are already in the process of approving the Phase Two with three 6 story structures featuring 200 units of residential and a parking garage.

Holland Partner Group, Block Ten

Holland Partner Group is in the late construction stages on their Block Ten two tower project. The 4 over 2 office Tower is now just about fully clad and glassed in and the 5 over 2 apartment tower is right on its heels. That project should complete sometime mid 2022.

I have not seen any activity on the property for the proposed Hurley Apartments at 400 Washington Street just east of the Convention Center. This 6 story full block development is proposed for 180 apartment units and was green lit by the CCRA earlier this year. Hurley mentioned at some point in a news article they would have to wait for the tenant in the soon to be demolished existing building to vacate which was supposed to happen in the fall of this year. Activity may perk up soon if that is the case.

I did notice that Unit 1100 in the Kirkland Tower went pending recently at $3.3 million. The success of the Kirkland Tower is a bit of a bellwether for the Waterfront at large. So far they have sold at least 50% of the units, possibly more and the Tower will be complete in the next month or two. This is good news and hopefully this success will get investors on board for Gramor’s Block 16 proposal of a 14 story 80 unit condo tower.

Things are looking good in Vancouver’s urban core.

New Activity at Tidewater and Others

It has been awhile since a new listing arrive at Tidewater Cove, but a 3000+ SF unit in the neighborhood came online last week. The unit is priced just shy of $2,000,000. Tidewater condos have had no trouble selling in this tight condo market. I still believe some of the previous activity may have seller’s looking to transition to the new Kirkland Tower, but that remains to be proven.

Two units went pending in Parkview which is still the value leader in mid-rise condos. A couple of new listings popped up in Northwynd that were matched with a couple of pending sales in that neighborhood. Now that I mentioned Northwynd, the townhouse development going in on the vacant piece in the southwest corner has the infrastructure in but little else seems to be happening. I’ll sniff around and see if it is just supply chain hassles or if there is other trouble.

The plumbing issue at the Village has been handled by the HOA is a decree that all homeowners should replace the aging system in their own units independently by 2026. Rather than issue an expensive assessment and have the whole building under repair at once the decree gives flexibility to the homeowners. The HOA will fix the issues in the common areas themselves and no assessment is needed at this time.

New restaurants, wineries, and breweries are have been announced recently and are part of a continued urban renewal in Vancouver that is the envy of the whole region right now.