Executive Group and Argo Ventures Inc., both of Vancouver, said Thursday they plan to construct three mixed-use condominium towers on a property next to the Olympic Village.
The project, which covers the entire 100-block of West 2nd Avenue in False Creek, will house 500 boutique-style residences atop a 40,000-square-foot retail plaza.
A LEED Gold children's daycare is also being proposed.
In June, Argo transferred 50% ownership of the property to the Executive Group, which is the project's development manager. Francl Architects is designing the towers.
The firms anticipate pre-sales and leasing for phase 1 could start as early as September 2011, with phase 1 construction completed in mid-2013.
Argo acquired the property in 2009 after financing the $400 million New Westminster SkyTrain station and Azure Plaza 88 development.
The Executive Group's last residential project in Metro Vancouver was the Parc Exclusive Residences Tower.
A call to the companies was not returned by press time.
A major question about the project will be whether it experiences the same issues as its neighbour, the Olympic Village.
On December 6, Olympic Village marketer Bob Rennie confirmed that as many as 100 of the 474 unsold condos at Millennium Water may be rented at market rates to fill the development as soon as possible. (See "Olympic Village condos to be rented: marketer" – BIV Daily Edition, December 6.)