Developer promises local buyers first chance at condo presales

The developer of an upcoming condo tower at 1500 West Georgia is promising local buyers first crack at presales.

Bosa Properties and Kingswood Properties are developing a 43-storey residential tower in Coal Harbour, designed by German architect Büro Ole Scheeren. Scheeren is also designing another downtown project at Barclay and Thurlow.

The tower at 1500 West Georgia will 220 market residential units over seven levels of underground parking. A small café is proposed for the ground level, overlooking the existing water feature between the tower site and the Crown Life Place office building.

In a voluntary commitment to the city as part of the rezoning process, local buyers will be given first opportunity to purchase in the development, during a 30-day period beginning after the launch of project marketing.

Local buyers will be required to sign a statutory declaration declaring that they presently live in B.C. or work in Metro Vancouver, and that they intend to occupy the unit they are purchasing.

There will also be an assignment fee for sales during the exclusive local buyer period as a disincentive for speculators.

Another upcoming downtown residential tower, The Butterfly by Westbank, also has a “Locals First” policy.

The developer of the Butterfly, Westbank, says Metro Vancouver residents and those working in Vancouver will be given first opportunity to purchase presale units.

Westbank says that if two buyers were interested in a specific home and one was a not a resident or worker or new arrival to Metro Vancouver, the local buyer would get preference and have first opportunity to purchase the home.

The City of Vancouver passed a motion in October 2017 to explore developing a policy “that would give residents who live and work in Metro Vancouver the first opportunity to purchase new presale homes.”

1500 West Georgia heads to a public hearing in January 2018, with presales not expected to begin until later next year.