The Executive Group of Companies has closed on an agreement with Argo Ventures Inc. to design and build a three tower mixed use project comprising the entire 100 Block section of W. 2nd Ave in the False Creek area of Vancouver, opposite the newly constructed Olympic Village. The transaction, which closed in June, 2010, transfers a fifty per cent ownership in the property to the Executive Group and names the Executive Group as development manager for this highly anticipated mixed use development. The project is being designed to house approximately 500 boutique style residences in three towers atop an approximately 40,000 square foot lifestyle oriented retail plaza. A feature of the project is anticipated to be a new ergonomically designed LEED Gold children’s daycare component set amid a landscaped green roof setting. Completion date of phase 1 of the project is anticipated to be mid 2013. The project’s design was first presented to the City of Vancouver by Francl Architects on December 1, 2010 and its construction is subject to all required regulatory land use permits and zoning requirements being obtained.
Argo Ventures Inc. initially acquired the property in 2009 after the completion of its successful project financing on the $400 million New Westminster Skytrain station / Azure Plaza 88 development. With its recent acquisition of the historic Sun Tower building near Rogers Arena and their funding participation in the Jameson House, designed by world renowned Foster & Partners Architects, Argo Ventures Inc. has over 1.2 million square feet of assets under its ownership and management.
“This unique project is sure to set a new benchmark of condominium high rise living in Greater Vancouver. These trend setting “boutique style” towers will blend many aspects from our boutique hotel collection with the contemporary styling of a glass encased residential tower,” said Salim Sayani, president of the Executive Group.
The Executive Group’s last residential offering launch in Greater Vancouver, called the Parc Exclusive Residences Tower, had over 90 per cent of the homes sell quickly. The design of this current project is anticipated to have all the same components of Executive’s serviced lifestyle concept. It is anticipated pre-sales and leasing for Phase 1 could start as early as September 2011.