Real estate prices in Vancouver and beyond have taken a hit this year, but the city is also seeing the impact of a $1.2 billion condominium project underway.
The 1,600-unit building is being built by real estate company TNE Real Estate Group, which has secured an 80 per cent stake in the $2.8 billion development that will include four floors of condos, a hotel, retail, and restaurants.TNE also plans to build a public plaza at its new site, which is located just off the B.C. coastline.
The development is being financed by BC Housing, and it will be built on a portion of the site that is currently owned by the Vancouver Port Authority.
The development has attracted attention from many in the Vancouver real estate industry.
It will include a number of amenities that are not found in Vancouver’s existing high-end condominiums.
It will also include a private outdoor courtyard, a fitness centre, a gym, and a spa, which will allow for a better fit for the larger group of people who are going to use the facilities.
The Vancouver Board of Trade, which owns the BOC, is also looking into a number options for the development.
The Board of Directors of the BOT have approved the project.
In addition to the condominium, the new development is also designed to offer residents a variety of amenities including a rooftop terrace, an indoor pool, an outdoor patio, and public gardens.
For more information on the development, visit the TNE website at www.tne.com/realestate.