The local urban condo market saw a bit of a gain in listings adding to the inventory at plus one unit. Four new listings against three new pending sales and a closed sale. This is good activity across the broad spectrum of pricing from the entry level at $210,000 up to the higher end in seven figures. Units are selling and new units are arriving to replace them.
Northwynd at Columbia Shores has the most units listed and the activity in that complex seems to favor buyers. Just about everywhere else in the Vancouver urban condo market, sellers hold a slight advantage.
Kirkland continues its work on the two building complex at Block 4 on the waterfront. It appears that the emphasis is on the completion of the 8 story Indigo Hotel project rather than the 12 story condo tower. This would make sense because the Kirkland Tower condos are going to rely on the hotel for some of the HOA amenities. The Indigo Hotel is nearly done with the glass siding and they are only needing to finish up exterior trim facades before the interior gets finished out. Even with the COVID-19 delays it does appear this project will complete close to the scheduled time of late Q4 perhaps pushing into mid Q1, 2021. The condo tower may be delayed completing late Q1, or early Q2, 2021. These timelines are based on observations and not any official report from Kirkland Development. These will be the first brand new condominium units in Downtown Vancouver in many years.
The success at Kirkland Tower is very important to the rest of the Vancouver waterfront project. There are multiple condo projects in the pipeline including Gramor Development’s 14 story 80 unit proposal for Block 16. Kaiser+Path in Portland has proposed a 16 story CLT condo tower on Block 14 as well. I would imagine those two groups are waiting to see how Kirkland does with its smaller but likely more luxurious 40 unit 12 story tower.
Kirkland is also pursuing an shorter 8 story project east of the Interstate Bridge near the current Who, Song, and Larry’s restaurant. This project may include condos as well.
The Springs Living proposed a 12 story senior living tower for Block 18, offering a wide variety of amenities geared towards the needs of elderly citizens. The city seemed rather pleased with the project proposal on the pre-app submission based on comments published in VBJ and the Columbian. Senior facilities do have their hands full with COVID-19 issues so I am not sure if the timelines for this proposal will be negatively impacted.
The global slowdown due to COVID-19 could translate to some of the waterfront projects being pushed back on start dates. Although that does not seem to be the case right now it could be at least part of why Summit Development Group has not broken ground yet on the Timberhouse project for Block 2.
Hopefully we can get through this economic turbulence and return to positive growth in the second half of 2020 leading into 2021.