Vice President of Development at Cressey Development Group, Jason Turcotte, joins Adam and Matt to discuss Chelsea – 79 carefully considered one, two and three bedroom condos and townhomes located at 30th Avenue & Cambie Street, Vancouver. Is this the most exciting project to hit the Cambie corridor?
Tell us about your project.
The Chelsea is at Cambie & 31st, right across from Queen Elizabeth park on the rise where Cambie dips down at the top of the hill. It has fabulous views to the northwest. The project has 70 units within two boutique, six-story buildings made of concrete. It is a mix of units, nothing too small, designed for living. The largest go up to two or three-beds at 1,200-1,300 square feet, on the west side with amazing views.
Why are you excited about the area?
Cambie has so many projects completed and under construction; it’s a vibrant area that’s had a lot of attention and has been adopted as part of the west side now. Many people ready to downsize come to the area. The Canada Line serves so many purposes, such as getting to the airport and its convenience to get downtown.
Who are you targeting?
Cressey has three similar projects designed for the downsizer. The Chelsea is similar: half the building is geared toward that buyer. The other half is geared toward a second buy or professionals; the appeal of transit to commuters is good.
What are the price points?
One-beds facing Cambie start in the high $600,000s, and some will go much higher into the $2 million range. The building is not priced yet.
Can you tell us more about Cressey and their history?
Cressey will be 50 years old next year. It’s a family-based business (Norm Cressey founded it, and his son runs the business). They are a large developer that operates as a boutique. This means they have the capacity to do large projects (e.g. Kings Crossing in Burnaby, consisting of three big towers, including office and retail) and small 30 or 40-unit projects, such as in North Vancouver and at Commercial Drive & Pender. The reason for this range is they like to pick unique projects that have something special and challenging to them. Cressey is not volume-based. This approach makes it fun. They will re-draw floor plans 20 times to make sure the kitchen and other elements are just so.
When is completion and when will sales begin?
They will repurpose the presentation centre at 16th & Arbutus, which should be ready for mid-June. This will dictate when product goes to market. If all goes well, they hope to break ground in the fall and the build will be about 20 months, which means completion in mid-2020.
Are there good options for investors?
Cressey’s mantra is for the end-user because someone always uses it, regardless if they’re a renter or an owner. If you can design something that appeals to a landlord, it stands to reason the renter would find it appealing.
If someone out there is on the fence, why should they buy at Chelsea?
Cambie is the most active new multi-family community, and this really is one of the prime sites. It’s the perfect mix of being in the quiet section yet so close to the Canada Line and Cambie Village, along with offering the views from Queen Elizabeth Park.