A proposal for a downtown Vancouver luxury condo tower that was scheduled to go to a public hearing next week has been abruptly cancelled by the owner.
It’s a sign of what some see as a shift in Vancouver’s hot real estate market, as the demand for high-end property has weakened, construction costs are skyrocketing and city officials are demanding ever-higher community-amenity contributions (CACs), a fee intended to pay for improvements to neighbourhood services.
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A representative of the developer, Brilliant Circle Group, sent a letter to the planning department last week withdrawing the project. The letter, obtained by The Globe and Mail, explained that the decision “is due to the impact of the rapidly changing real estate market, which affects both the unit mix and the CAC evaluation.”
The developer and the architect for the project, James Cheng, declined to comment.
The project is not dead, but the company is going to re-evaluate the design and resize the units for the triangular piece of land at Georgia and Pender streets that was bought for $16-million five years ago. It is now assessed at $30-million.