Maroc - STOREYS.COM - A La Une - 02/Jul 19:22

Northwest Development Selling 50 And 42-Storey Project In Surrey

While the Whalley neighbourhood of Surrey continues to be a hotbed of high-rise real estate developments, one developer has made the decision to move on from a two-tower project they had in the works.The subject site of the project is 10662 King George Boulevard and 10677 Whalley Boulevard, which is located about midway between the Expo Line SkyTrain's Gateway Station and Surrey Central Station.The property is legally owned under King Rise Development Ltd. and beneficially owned by Surrey-based Northwest Development, whose other residential projects are all low-density projects, according to the company's website.Currently vacant, the 102,531-sq. ft site was formerly used for temporary housing operated by BC Housing. BC Assessment values the property at $66,710,000. According to a City of Surrey planning report, Northwest Development first brought their proposal to the City in 2020 and was planning a total of 1,019 residential units across a 50-storey West Tower with 548 units and a 42-storey East Tower with 471 units, for a gross density of 7.8 FSR. The project was also set to include some retail space on the ground floor and a few townhouse units. The architect of the project is MCMP Architects. The two towers planned for 10662 King George Boulevard and 10677 Whalley Boulevard.(MCMP Architects / Northwest Development) A ground-level rendering of one of the two towers.(MCMP Architects / Northwest Development)Last week, 10662 King George Boulevard and 10677 Whalley Boulevard was listed for sale by Dylan Sohi, Mike Grewal, and Randy Heed of Colliers, with no asking price. According to Colliers, the City of Surrey granted the project a third reading (conditional approval) in December 2020, meaning the developer who takes over the project only needs to fulfill the outstanding conditions to receive final approval. "Receiving conditional approval at this stage demonstrates a significant level of support from City of Surrey Council and a recognition that the project’s overall form, character, and density are in line with City of Surrey's goals," notes the listing team.The developer who takes over the project will also have to pay community amenity contributions (CACs). According to the City, the project is subject to both Tier 1 CACs and Tier 2 CACs. The project is also subject to the City's Affordable Housing Contribution policy and public art policy."The area surrounding 10662 King George Blvd and 10677 Whalley Blvd in Surrey, BC, is witnessing a growing need for housing, propelled by the steady increase in immigration and newly located residents," the listing team adds. "The population is +/- 136,000, up from 111,000 in 2018, a 22% increase in 5 years. As Surrey continues to expand as one of the fastest-growing cities in British Columbia, the demand for diverse housing options intensifies."The decision to sell this project is the latest instance of a developer in Metro Vancouver opting not to proceed with a project. Numerous other projects have been sold or listed for sale in recent months, although few of those projects are as big as this one. Recently, Colliers also listed 1065 Pacific Street in Vancouver, the site of a 32-storey rental tower that was planned by Wall Financial Corporation.