Vancouver-based SwissReal Group has chosen a small northwest city for its first residential project in northern British Columbia.
SwissReal Group, the B.C. development arm of, is building a 35-unit townhome project in Terrace, population 11,300.
The small town, small footprint development is dramatically different than another project SwissReal is also completing: the 31-storey, $310 million Exchange office tower in downtown Vancouver, being done in venture partner agreement with global real estate giant Credit Suisse Real Estate Asset Management.
Franz Gehriger, president and CEO of SwissReal Group, said choosing Terrace for a residential strata project makes sense. He cites “the vast number of existing and proposed natural resource development projects” in the northwest region for boosting local housing demand.
The McConnell Avenue townhouse project will feature three-bedroom, two-story, townhomes averaging 1,480 square feet. Prices range from $370,000 to $390,000. This is considered a premium price in Terrace, where the average detached house sells for around $302,000, according to BC Northern Real Estate Board.
“We hope to break ground in April or May,” said Jeremy Towning, vice-president of SwissReal Group. The Terrace project is slated to complete in 2016. SwissReal is working with local realtors on a pre-completion sales campaign, Towning said.
