Vancouver’s multi-millionaires’ row on Alberni Street is picking up steam again after a lull in the luxury West End market these last few years.
“With the immigration and tourism coming back and people coming downtown, we wanted to basically put our project into the market,” said Mr. Cheung. “We’re confident in the market, but it’s not a proven market yet. We are not in full-on recovery where everything is coming back and there’s lots of product launching. We’re not there yet. But we have so much in the pipeline in the Alberni corridor, so we need to get going.
Initially he’d planned to build two units per floor, but because of the pandemic downturn he reconfigured the floor plates to include two smaller two-bedrooms and one three-bedroom that takes up half a floor. To his surprise, the three-bedrooms have been selling fastest, with starting prices at $3.8-million. The two-bedrooms start at $1.8-million.
“I’m sure you have heard about comparisons to Rodeo Drive, where Alberni starts off at one end with luxury brand retail and a small segment of residential and it ends with Stanley Park, so it’s a very limited offering. With the heights and basically with building policy, we had to show leadership in design and sustainability, and it led to all these ‘starchitects’. That’s how it formed.”
Mr. Wong marketed Three Harbour Green more than a decade ago, and the penthouse that sold then in the $11-million range is now listed for $49-million. The market for that type of home is extremely niche, however. “There was a lot of anxiety about how people would react to downtown, so at 2 Burrard we had 239 homes and we wanted to make sure we had a good calling card for investors’ budget and appetite.
Not the supply we need, just MoarSupply we don’t deserve
Earthquake----all that glass. What could probably go wrong ! ?
Parasites gonna parasite.