When is a pre-sale condo not a pre-sale condo? When sales don’t launch until after construction has completed. In a rare move, Vancouver-based Shape Properties is doing exactly that with one of their upcoming condo towers, as the developer announced earlier this month that it is holding sales until post-construction.
The project is Tower Three of their 37-acre “City of Lougheed” master-planned community, located at the intersection of Austin Avenue and North Road, on the Burnaby side of the boundary with Coquitlam and adjacent to the City of Lougheed Shopping Centre (formerly known as Lougheed Mall).
The overall site is expected to see over 10,000 homes across 20 residential towers, as well as 1.3 million sq. ft of retail space (615,000 sq. ft of which includes the existing shopping centre) and 1 million sq. ft of office space.
It’s all scheduled to unfold across several phases, with the first phase expected to be fully completed this year. Tower Four — the only rental building of the first phase — was actually the first to complete, with move-ins beginning this past September. Brenda Parris, the Vice President of Residential Marketing for Shape Properties, tells STOREYS that Tower One and Tower Two have both been 100% pre-sold and are expected to be completed this summer as well.
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