As reported in the Vancouver Sun, rumours about the death of Vancouver’s high-end real estate market may be exaggerated.

Several new highrise developments are in the works for downtown. And many are high-end projects being designed by internationally renowned “starchitects.”

A rezoning application was recently posted at 1075 Nelson for a 60-storey tower designed by British architect Tom Wright.

Wright achieved fame for the Burj Al Arab in Dubai, a “striking sail-shaped building” that bills itself as “the world’s most luxurious hotel.”

Now the American architectural giant SOM has been tapped to do a 375-foot tower at 1650 Alberni St.

SOM designed the world’s tallest building — the Burj Khalifa — in Dubai. It also designed the Freedom Tower on the World Trade Center site in New York, the tallest building in North America.

The SOM building is one of four towers being planned on Alberni by Landa Global Properties.

Two buildings were designed by the famed New York architect Robert Stern, in an art deco style. The towers will be 43 and 48 storeys, and include 451 “luxury residences.”

The other Landa building, 1818 Alberni, was designed by local architect Foad Rafii and will be 21 storeys. It will be a boutique building with 36 “private residences,” restricted to two per floor.

Landa’s CEO Kevin Cheung said the Stern towers will be a “billion-dollar project,” the SOM building will be $500 million and 1818 Alberni will probably be around $250 million.

Add them up and Landa is looking at $1.75 billion in buildings for one street. But with the current downturn in the local market, Cheung isn’t sure how much they will sell for.

“That’s a great question,” he said. “The downtown luxury market, or tower market, hasn’t really been proven for quite a while now. The only project that’s currently selling is Davie and Nicola, and they’re going for around $1,900 a foot.”

Nonetheless, Landa plans to press ahead.

Keep reading in the Vancouver Sun

 

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