New condos at Oakridge Centre development do not come cheap

Prices for Vancouver units start at more than $800,000 and soar as high as $5.7 million

By
Western Investor
December 18, 2018





Oakridge Centre's first phase, buildings 3 and 4, will be 32 and 42 storeys respectively, under the current designs. | Westbank/Henriquez Partnership Architects
These two towers, Building 3 and 4, at Oakridge will contain market condo units. | Westbank/Henriquez Partnership Architects
Aerial view looking north. | Rendering: Henriquez Partners Architects
Prices for market condos in a pair of towers being built as part of the Oakridge Centre redevelopment start at more than $800,000 and soar as high as $4.3 to $5.7 million.
 
Those are among figures listed for suites in the "Piero Lissoni x Oakridge" and "Sergio Castiglia x Oakridge" towers, according to a sales sheet posted on social media in late November. A note at the bottom of the document states that the prices do not constitute an offering of sale and all prices are subject to change.
 
The two towers, named after interior designers, will be constructed on the 41st Avenue portion of the property. Prices for units vary based on size, floor level, views, amenities and available upgrades.
 
In the Lissoni building, which will be one of the tallest residential towers on the site, three-bedroom condos on the highest floors — 32nd to 41st — range from $4.3 to $5.7 million, according to the listing. Those units, in total area (interior and exterior), measure between 1,780 and 2,237 square feet. The least expensive three-bedrooms, located on the seventh to 16th floors, are listed at between $3 and $5 million. They range in total area between 2,101 and 3,187 square feet.
 
Two-bedrooms are listed from $2 million to $4.1 million, while one-bedrooms are from $1.3 to $2 million.
 
In the Castiglia tower, three-bedroom condos on the 18th floor and above are listed at between $3.7 and $4.7 million, two-bedroom units range from $1.4 to $3.5 million, while one-bedrooms range from more than $800,000 to $1.9 million.   
 
Sales started on the first two market towers in November. Some have already sold.
 
Michael Braun of Westbank, which is the developing partner with QuadReal on the Oakridge project, told the Courier via email there has been significant interest in all units, while those in the starting range in most residential projects tend to be the first sold.
 
“We are extremely pleased with sales to date and there is certainly opportunity for interested individuals to purchase,” he wrote.
 
There will be about 2,000 market condo units in the Oakridge redevelopment project. It will also feature 290 market rental units, as well as 290 City of Vancouver-owned, below-market rental housing units in two of the mid-rise buildings.
 
The intent, according to the City of Vancouver, is that all 290 social housing units be rented at rates that are affordable to households with incomes below BC Housing’s Housing Income Limits (HILs) rates. In Vancouver, to qualify for HILs rates this year (they are updated annually), the household income can’t be more than $41,500 for a bachelor, $48,000 for a one-bedroom, $58,000 for a two-bedroom, $68,000 for a three-bedroom and $83,500 for a four-bedroom. Rents are the based on 30 per cent of the household income.
 
The City says key priorities for these units include seniors, families with children and people with disabilities. The City will also try to include a portion of these units at rents set at the shelter rate of Provincial Income Assistance. However, the extent to which shelter rate units can be delivered will depend upon the availability of funding from other sources such as provincial rent supplements.
 
The overall Oakridge project, which is envisioned as a “mini-city” and “cultural hub” by the developers, includes the redevelopment of the shopping centre, 10 towers of varying heights up to 44 storeys, midrise buildings with commercial, office and residential uses, a community centre, library, seniors’ centre, performance spaces, a daycare and a nine-acre public park.
 
Westbank is currently hosting its six-month-long “Unwritten” exhibition, which is open to the public in the former Zellers store in the mall where the sales centre is also located.
 

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