The developers of 2 Burrard Place are touting early presale numbers as a sign buyers are returning to the downtown Vancouver condo market after a lengthly absence.
Pattison Group and Reliance Properties say they’ve already sold more than 100 units in two days to early presale registrants of 2 Burrard Place, the third tower in their Burrard Place development at Burrard and Hornby.
2 Burrard Place will be 35-storeys and is adjacent to One Burrard Place, which is nearly complete, and will be the third tallest building in Vancouver at 60 storeys. An office building is also nearly complete at the corner of Burrard and Drake.
Urban Analytics market and advisory manager Dillion Sangha says the successful launch is being closely watched by other developers with condo tower sites in Downtown Vancouver.
“Downtown Vancouver felt the brunt of government housing policies and taxes introduced in 2018, resulting in zero successful condo launches in the core since,” said Dillon Sangha, market and advisory manager at Urban Analytics. “Developers tried to launch, but cancelled or delayed plans after failing to achieve sufficient sales.”
Renderings: 2 Burrard Place photos
Sangha says there hasn’t been a successful presale launch in downtown Vancouver in more than four years, and 2 Burrard Place is the only product currently available — although Amacon is preparing to launch sales of The Block Residences, their redevelopment of the former Catholic Charities building at Robson and Cambie.
The units at 2 Burrard Place are efficient and include convertible spaces — like living rooms that can convert to bedrooms in the evening — something recently seen at Reliance’s Mount Pleasant development, The Saint George, also now selling.
Unit sizes at 2 Burrard Place range from 435 to 1,800 square feet. Residents will have access to 30,000 square feet of amenities, including a full-size lap pool, yoga studio, gym, and the ability to book a personal chef, butler, or wine specialist.
The development is the largest project for Reliance and Pattison in each company’s history, and one of the largest developments currently underway in Metro Vancouver.
Reliance Properties President and CEO, Jon Stovell, says he’s confident about the continued desirability of downtown Vancouver real estate.
“Downtown will always be a great investment,” said Stovell. “It is the hub for commercial, social and cultural activity — the heart of the city.”