Dunbar Neighbourhood Welcomes First New Mixed-Use Development to Area in 8 Years, 5555 Dunbar
Vancouver’s coveted Dunbar neighbourhood welcomed a new development to the area on Saturday, 5555 Dunbar – the first mixed use building to go up in the area since 2008. Developers’ Omicron threw a neighbourhood block party to celebrate the long established area, and helped welcome new potential home owners and businesses to this true community.
A low-rise, four-storey building, 5555 Dunbar will house thirty, one, two and three bedroom homes, as well as ground floor retail space – with the intention of attracting new neighbours and businesses to the area.
Situated in close proximity to some of Canada’s most prestigious estates, downtown, local shops, services and amenities and some of the top rated schools in the province, the Dunbar community has come to comprise of multi million dollar manors, or single family homes. According to Vancouver Economic Development reports, the average detached home price in the area is $1.4 million.
As a result, it has been very difficult for entry-level buyers, downsizers or young families to buy within the Dunbar community – especially with a nearly non-existent supply of multi family residential homes. Developer Omicron hoped to answer to this demand with 5555 Dunbar.
Scott Brown, Senior VP of Colliers International Marketing for 5555 Dunbar shares, “Dunbar is a true and vibrant community and what we want to be able to provide, in addition to a multi-family development, is a neighbourhood oriented commercial offering that adds to the already thriving area. We recognize all that the Dunbar area has to offer and wanted to provide the opportunity for hard working people to enjoy this community”.
A casual, outdoor affair, Saturday’s Dunbar Block Party saw about 300 Dunbar residents and families, as well as interested buyers come through. City Councillor Kerry Jang commemorated the development with a ribbon cutting – acknowledging the fit in the Dunbar Community Vision Report and guidelines for new developments in the area, and its thoughtful dedication to add to the existing fabric of the area’s vibrant and energetic nature.
All guests were welcome to spend the afternoon enjoying a live band, an urban market, arts and crafts, and participate in the painting of a community mural to be displayed in the 5555 Dunbar lobby. A barbecue by donation was also offered courtesy of Stong’s Market, where guests raised funds to be donated to the Food Bank.
Overall, the Dunbar Block Party welcomed 5555 Dunbar as a positive addition to the community, under its mission to create great homes for great neighbours.