Friday, August 10, 2018

Kirkland Tower is Underway

After breaking ground in June and erecting a 'coffer dam' last month, Kirkland began digging a 30 foot hole in the ground this month. Over the next several weeks the crews will pour concrete into what will ultimately be a couple of levels of underground parking and other underground infrastructure for two new buildings on the Vancouver Waterfront. A tower crane should be erected shortly thereafter to aid in the construction of this exciting property.

Rendering from Kirkland website
Kirkland Tower is a 12 story residential building that will have 40 luxury condos with 1, 2, and 3 bedroom floor plans. The tower will be erected immediately adjacent to the new Indigo Hotel which will be an 8 story open atrium structure. The Kirkland condo owners will have access to some of the hotel's amenities and that is a unique arrangement here in America's Vancouver. 

Although Kirkland Tower is far from the tallest building planned at the waterfront, it is the tallest one so far under construction. The 12 story Timberhouse project has not broken ground yet. I wrote an article a few weeks back, about the potential value opportunity to buy a condo downtown as these new condo units start coming online over the next few years. Even waterfront properties further upstream such as the units in Columbia Shores may be vacated to take up residency in the new Waterfront Project.

11th Floor View, Kirkland website
Kirkland's website has renderings and other tidbits about the development including a view shot from every floor in three directions. This view is listed as the North View from the 11th floor. This viewpoint will offer a cosmopolitan view of downtown and even Mount St. Helens.

Although I don't see a glut of condos coming so long as the economy continues to chug along at a healthy clip. New jobs and higher pay will lead to real estate mobility and that leads to the move-up market enjoying success.

Rendering from Kirkland website
The waterfront properties such as Columbia Shores has always been hard to get as there are few units right on the water. The massive Vancouver USA Waterfront will add units to the list. Those looking for both an urban experience and a waterfront experience can do it all on the new waterfront. 

Although these condos at Kirkland are likely to be very expensive, other projects in this massive $1.5 billion development will be priced a little more in reach of upper middle class earners. Condos already built in developments such as Vancouver Center, may become available and some of those units are well priced especially in Vancouver Center 3 which overlooks Esther Short Park.

Things are looking up here in America's Vancouver and the real estate market is moving with a roar, particularly with these high density projects underway. 

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